An application for a final public report for nonspecific time-share interest multi-site time-share plan is “properly completed” within the meaning of Section 11231 of the Code if it contains the documents and information enumerated below:
(a) For every nonspecific time-share interest multi-site time-share plan:
(1) The developer's legal name, any assumed names used by the developer, principal office street address, mailing address, primary contact person, and telephone number.
(2) The name of the developer's authorized or registered agent in the state upon whom claims can be served or service of process be had, the agent's street address in California, and telephone number.
(3) The name, street address, mailing address, and telephone number of any managing entity of the multi-site time-share plan.
(4) Consent to service of process upon the Bureau of Real Estate if applicant is a nonresident of California.
(5) A description of the inventory control system that will ensure compliance with Section 11250 of the Code.
(6) Evidence that the accommodation is presently suitable for human occupancy or that financial arrangements have been made to complete construction or renovation of the accommodation to make it suitable for human occupancy on or before the first date for occupancy by a time-share interest owner.
(7) Evidence that the accommodations are owned or leased by the developer of the time-share plan or is the subject of an enforceable option or contract under which the developer will build, purchase, or lease the accommodations.
(8) If an accommodation in a time-share plan is located within a local governmental jurisdiction or subdivision of real property in which the dedication of accommodations to time-sharing is expressly prohibited by ordinance or recorded restriction, either absolutely or without a permit or other entitlement from the governing body, the applicant for a public report shall present evidence of a permit or other entitlement by the appropriate authority for the local government or the subdivision.
(9) A description of the type of interest and usage rights the purchaser will receive.
(10) A description of the duration and operation of the time-share plan.
(11) A description of the type of insurance coverage provided for each component site.
(12) An explanation of who holds title to the accommodations of each component site.
(13) A description of each component site, including the name and address of each component site.
(14) The number of accommodations and time-share interests, expressed in periods of seven-day use availability or other time increments applicable to the multi-site time-share plan for each component site committed to the multi-site time-share plan and available for use by purchasers and a representation about the percentage of useable time authorized for sale, and if that percentage is 100%, then a statement describing how adequate periods of time for maintenance and repair will be provided.
(15) A description of each type of accommodation in terms of the number of bedrooms, bathrooms, and sleeping capacity, and a statement of whether or not the accommodation contains a full kitchen. For purposes of this description, a “full kitchen” means a kitchen having a minimum of a dishwasher, range, sink, oven, and refrigerator.
(16) A description of amenities available for use by the purchaser at each component site.
(17) A description of any incomplete amenities at any of the component sites along with a statement as to any assurance for completion pursuant to Section 11230 and the estimated date the amenities will be available.
(18) The historical occupancy of each component site for the prior 12-month period, if the component site was part of the multi-site time-share plan during such 12-month time period, as well as any periodic adjustment or amendment to the reservation system that may be needed in order to respond to actual purchaser use patterns and changes in purchaser use demand for the accommodations existing at that time within the multi-site time-share plan.
(19) A description of any right to make any additions, substitutions, or deletions of accommodations, amenities, or component sites, and a description of the basis upon which accommodations, amenities, or component sites may be added to, substituted in, or deleted from the multi-site time-share plan.
(20) A description of the reservation system that shall include all of the following:
(A) The entity responsible for operating the reservation system, its relationship to the developer, and the duration of any agreement for operation of the reservation system.
(B) A summary of the rules and regulations governing access to and use of the reservation system.
(C) The existence of and an explanation regarding any priority reservation features that affect a purchaser's ability to make reservations for the use of a given accommodation on a first-come, first-served basis.
(21) A description of any liens, defects, or encumbrances that materially affect the purchaser's use rights.
(22) A description of the relationship between a multi-site time-share plan managing entity and the managing entity of the component sites of a multi-site time-share plan, if different from the multi-site time-share plan managing entity.
(23) Copy of the budget meeting the requirements of Section 11240, along with the budget certification or request that the budget be certified by the Budget Review Section of the Bureau of Real Estate and a description of the method for calculating and apportioning the assessments among purchasers.
(24) Any current fees or charges to be paid by time-share purchasers for the use of any amenities related to the time-share plan and a statement that the fees or charges are subject to change.
(25) Any initial or special fee due from the purchaser at closing with a description of the purpose and the method of calculating the fee.
(26) A description of any financing offered by or available through the developer.
(27) A description of any bankruptcies, pending civil or criminal suits, adjudications, or disciplinary actions of which the developer has knowledge, which would have a material effect on the developer's ability to perform its obligations.
(28) A statement disclosing any right of first refusal or other restraint on the transfer of all or any portion of a time-share interest.
(29) A copy of instructions to escrow depository for compliance with Section 11241 including the following:
(A) Name and address of escrow depository.
(B) A description of the nature of the transaction.
(C) Conditions that must be satisfied before escrow can be closed.
(D) Provision for the return to a prospective purchaser of funds deposited toward the purchase of a time-share interest if the escrow for the transaction has not closed on or before a given date.
(30) Evidence of financial arrangements to assure fulfillment of developer obligation to pay assessments for unsold time-share interests pursuant to Section 11241.
(31) Copy of the contract utilized between the exchange company and a purchaser of a time-share interest and all promotional and informational material delivered to purchasers pertaining to any offered exchange program.
(32) Filing fee including fee for preliminary public report if applicable.
(33) Certificate of qualification from Secretary of State if applicant is a foreign corporation.
(34) Preliminary title report for all accommodations comprising the time-share plan, dated not more than 90 days prior to the date of submission of the application or, if the preliminary title report is dated more than 90 days earlier, with an accompanying letter from the title officer, dated not more than 90 days prior to submission of the application, indicating that state of title has not changed from that set forth in the submitted preliminary title report.
(35) If the offering is a security subject to the jurisdiction of the Department of Business Oversight, a Department of Business Oversight permit or interpretive opinion or copy of application for permit or request for interpretive opinion submitted to Department of Business Oversight.
(36) State or local assessment and improvement bond information if applicable to accommodations in the project.
(37) Copies of all contracts, deeds, fact sheets and other instruments to be used in marketing, financing and conveyancing of time-share interests.
(38) Copy of the covenants for component sites of the multi-site time-share plan in accordance with Section 11251 of the Code.
(39) Copy of trust agreement for the multi-site time-share plan if applicable.
(40) Copy of proposed or existing agreements for management of the multi-site time-share plan.
(41) Format of fidelity insurance or bond to be obtained for the managing agent of the multi-site time-share plan and other employees who will have custody or control of funds of the multi-site time-share plan association.
(42) Copy of letter or other evidence giving notice of the proposed dedication of the timeshare project to local governments in which accommodations of the multi-site time-share plan will be located. For time-share projects located outside this state, evidence of approval or compliance of the time-share project in the state in which the time-share project is located is sufficient to satisfy this requirement.
(43) Completed documents for reservations and reservation deposits if a preliminary public report is requested.
(44) Evidence of financial arrangements for any repurchase guarantee included in the offering.
(45) Description of the furnishings and other personal property to be included in the time-share offering.
(46) In a time-share plan which comprises less than all of the accommodations in a hotel, motel or similar commercial lodging establishment and in which the accommodations not part of the time-share plan are concurrently used for transient accommodations, a copy of the proposed contract for the following:
(A) Arrangements for temporary use for transient occupancy of accommodations comprising the time-share plan and temporary use by the time-share plan of accommodations regularly used for transient occupancy.
(B) Apportionment of the costs of operation of the hotel/motel that are for the joint benefit of accommodations in the time-share plan and accommodations for transient occupancy.
(47) Agreement of developer to subsidize maintenance and operation of the multi-site time-share plan where applicable.
(48) Description of each incidental benefit pursuant to Section 11237(b).
(49) If applicable, information as required by Section 11233.
(50) If applicable, a certification meeting requirements of Section 11246.
(51) Audited financial statements of the multi-site time-share plan association, if applicable.
(52) For every component involving newly-built or as yet unbuilt accommodations, or accommodations which will be renovated or reconstructed prior to occupancy, evidence of availability of domestic utilities and services to the component site.
(53) If the time-share plan is located outside this state, a public report or other disclosure document meeting the requirements of Section 11226(c)(5).
(54) A draft public report.
(b) For the sole purpose of determining the effect on the time-share plan, for every multi-site time-share plan with accommodations in a condominium development or other common-interest subdivision:
(1) Proposed or existing governing instruments for the common-interest subdivision.
(2) Copies of all contracts or proposed contracts obligating the owners' association of the common-interest subdivision if the subdivision is one for which a public report has not been issued.
(3) If included in the subdivision offering, a copy of agreement of developer to subsidize maintenance and operations of the common interest subdivision if a public report has not been issued for the subdivision.
(4) Financial arrangements to assure performance of the subsidization agreement referred to in (3) above if applicable.
(5) Latest balance sheet and annual operating statement for the owners' association for the common interest subdivision.
(6) Pro-forma budget reflecting estimated ownership, maintenance and operational expenses and reserves for the subdivision.
(7) Financial arrangements to assure fulfillment of developer's obligation to pay assessments for unsold time-share interests if public report has not been issued for the subdivision.
(8) Copy of letters by which the developer has given notice of the proposed dedication of an accommodation to a time-share project to the owners' association of each common-interest subdivision in which an accommodation of the time-share project is located.
(9) Evidence of financial arrangements for completion of any promised and not yet completed amenities in the subdivision.
Credits
Note: Authority cited: Section 11281, Business and Professions Code. Reference: Sections 11226, 11231 and 11234, Business and Professions Code.
2. Amendment of subsections (a), (a)(3), (a)(14), (a)(18), (a)(22), (a)(38)-(42), (a)(47) and (a)(51), new subsection (a)(54) and amendment of subsection (b) filed 8-29-2007; operative 9-28-2007 (Register 2007, No. 35).
3. Change without regulatory effect amending subsections (a)(4), (a)(23) and (a)(35) filed 6-30-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
