(1) Unless entered into for the purpose of evading the provisions of this chapter, the following transactions are exempt from registration:

contract signature

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Terms Used In Utah Code 57-19-26

  • Association: means an organized body consisting solely of owners of timeshare interests in a timeshare development, including developers or purchasers. See Utah Code 57-19-2
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Developer: means a person that:
         (10)(a) establishes, owns, offers, sells, or operates a timeshare development or camp resort; or
         (10)(b) engages one or more other persons to establish, own, offer, sell, or operate a timeshare development or camp resort on the person's behalf. See Utah Code 57-19-2
  • Development: includes :
              (11)(b)(i) a single-site development; or
              (11)(b)(ii) a multiple-site development. See Utah Code 57-19-2
  • Director: means the director of the division. See Utah Code 57-19-2
  • Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 57-19-2
  • 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
  • Interest: includes a membership agreement, sale, lease, deed, license, or right-to-use agreement. See Utah Code 57-19-2
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Offer: means a solicitation solely intended to result in a person purchasing an interest in a development. See Utah Code 57-19-2
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Purchaser: means a person who purchases an interest in a development. See Utah Code 57-19-2
  • Registration: means :
         (20)(a) for a development, an approved application for registration described in Section 57-19-5; or
         (20)(b) for a salesperson, an approved application for registration described in Section 57-19-15. See Utah Code 57-19-2
     (1)(a) an isolated transaction by an owner of an interest in a development or by a person holding the owner’s executed power of attorney;
     (1)(b) an offer or sale by a governmental entity; and
     (1)(c) a resale of an interest that is:

          (1)(c)(i) acquired:

               (1)(c)(i)(A) by the developer who initially registered the development or by the managing association of the development; and
               (1)(c)(i)(B) through a foreclosure, quitclaim deed, deed in lieu of foreclosure, or equivalent means;
          (1)(c)(ii) not offered as part of a development that includes one or more interests that are unregistered or have been registered by a different developer or as part of a different development; and
          (1)(c)(iii) closed after the developer or managing association provides a purchaser the disclosures required by Section 57-19-11 and the right to rescind required by Section 57-19-12.
(2) After a resale by a developer or managing association that is claimed to be exempt under Subsection (1)(c), the division retains jurisdiction to:

     (2)(a) investigate a complaint regarding the resale; and
     (2)(b) if applicable, take an administrative action against the developer or managing association on the basis of unprofessional conduct, as described in Section 57-19-13.
(3)

     (3)(a) The director may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, or by order, exempt any person from any requirement of this chapter if the director finds that the offering of an interest in a development is essentially noncommercial.
     (3)(b) The offering of an interest in a development that has 10 or fewer interests is considered essentially noncommercial.
     (3)(c) A person who does not meet the requirements described in Subsection (3)(b), but believes that a proposed offering of more than 10 interests in a development is essentially noncommercial, may request an order of exemption from the director.
     (3)(d) To request an order of exemption under this section, a person shall submit to the director a request for agency action in accordance with Section 63G-4-201.
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