(a)  This chapter applies to all time shares created in units within this state after May 7, 1984. Sections 34-41-1.03 (Status and Taxation of Time-Share Estates), 34-41-1.08 (Supplemental General Principles of Law Applicable), 34-41-1.05 (Unconscionable Agreement or Term of Contract), 34-41-1.06 (Obligation of Good Faith), 34-41-1.07 (Remedies to be Liberally Administered), 34-41-2.04 (Partition), 34-41-3.02(a)(1) through (9) and (14) through (16) and (b) (Powers of Managing Entity), 34-41-3.07 (Tort and Contract Liability), 34-41-3.11 (Lien for Assessments), 34-41-3.13 (Authority of Trustee), 34-41-4.09 (Liens), 34-41-4.14 (Statute of Limitation for Warranties), and § 34-41-1.02 (Definitions) to the extent necessary in construing any of those sections, apply to all time shares created in units in this state before May 7, 1984, but only with respect to events and circumstances occurring after May 7, 1984. They do not affect the validity of, or rights or obligations created by, pre-existing provisions of any time-share instrument, document transferring an estate or interest in real property, or contract.

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Terms Used In Rhode Island General Laws 34-41-1.11

  • agency: means the Rhode Island department of business regulation. See Rhode Island General Laws 34-41-5.01
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(b)  The time-share instrument of any time-share property created before May 7, 1984 may be amended to accomplish any result permitted by this chapter if the amendment is adopted in conformity with applicable law and with the procedures and requirements specified by the instrument. If the amendment grants to any person any rights, powers, or privileges permitted by this chapter, all correlative obligations, liabilities, and restrictions in this chapter also apply to that person.

(c)  This chapter does not apply to time shares in units located outside this state, but the public offering statement provisions (§ 34-41-4.03 — § 34-41-4.06 and 34-41-4.08) apply to all dispositions thereof signed in this state by any party unless exempt under § 34-41-4.01(b) and the agency regulation provisions under Article V of this chapter apply to any offering thereof in this state and the purchaser of units located outside of this state shall have the option of requiring the escrow of deposits pursuant to § 34-41-4.08 or may rescind such sales contract pursuant to § 34-41-4.06.

History of Section.
P.L. 1984, ch. 141, § 2.