(a)  This Article applies to all time shares subject to this chapter except as provided in subsection (b).

contract signature

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Terms Used In Rhode Island General Laws 34-41-4.01

  • agency: means the Rhode Island department of business regulation. See Rhode Island General Laws 34-41-5.01
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC

(b)  Neither a public offering statement nor the materials required by § 34-41-4.07 (Resale of Time Shares) need be prepared or delivered in the case of:

(1)  A gratuitous disposition of a time share;

(2)  A disposition pursuant to court order;

(3)  A disposition by a government or governmental agency;

(4)  A disposition by foreclosure or deed in lieu of foreclosure;

(5)  A disposition that may be canceled at any time and for any reason by the purchaser without penalty;

(6)  A disposition of a time share in a unit situated wholly outside this state pursuant to a contract executed wholly outside this state, if there has been no offering within this state;

(7)  An offering by a developer of time shares in no more than one time-share unit at any one time; or

(8)  A disposition of a time-share property or all time shares therein to one purchaser.

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