(a) The commission at any time may require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers.
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Terms Used In Tennessee Code 66-32-124

  • Commission: means Tennessee real estate commission, which is an agency created under §. See Tennessee Code 66-32-102
  • Developer: means , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
  • Offering: means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. See Tennessee Code 66-32-102
  • Person: means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See Tennessee Code 66-32-102
  • Public offering statement: means that statement required by §. See Tennessee Code 66-32-102
  • Time-share program: means any arrangement for time-share intervals in a time-share project whereby use, occupancy or possession of real property has been made subject to either a time-share estate or time-share use whereby such use, occupancy or possession circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring annually over any period of time in excess of one (1) year. See Tennessee Code 66-32-102
(b) The public offering statement may not be used for any promotional purposes before registration and afterwards only if it is used in its entirety. No person may advertise or represent that the commission has approved or recommended the time-share program, the disclosure statement, or any of the documents contained in the application for registration.
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