If a time–share project is not renewed by the date set by the commission by rule promulgated pursuant to chapter 1-26 the registration for such project is forfeited. A forfeited registration may be restored within ninety days upon payment of a registration fee set by the commission by rule promulgated pursuant to chapter 1-26 not to exceed twenty–five dollars per unit. The total fee may not exceed two hundred fifty dollars per time–share project.

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Source: SL 1986, ch 302, § 100.