13 CRR-NY 24.6NY-CRR

OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 13. DEPARTMENT OF LAW
CHAPTER II. SECURITIES TRANSACTIONS AND PERSONNEL
SUBCHAPTER B. REAL ESTATE SYNDICATES
PART 24. TIMESHARE OFFERING PLANS
13 CRR-NY 24.6
13 CRR-NY 24.6
24.6 Advertisements.
(a) All advertising (including but not limited to circulars, flyers, cards, letters, brochures, pamphlets, lodging and vacation certificates, direct mail prize giveaways, and radio and television solicitations of interests for offering plans filed pursuant to this Part) shall contain the following statements, or substantially similar language provided such language makes specific reference to, and uses the term “timeshare sales”, in easily readable print separated from the body of the advertisement or spoken in a distinctly audible voice:
THIS ADVERTISEMENT IS BEING USED FOR THE PURPOSE OF SOLICITING TIMESHARE SALES.
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR.
(b) Any chart or diagram used in an advertisement must be consistent with the offering plan. Any room or floor plan must be to scale.
(c) No abbreviations shall be employed in advertisements unless the meaning is unmistakably clear.
(d) All advertisements in connection with an offering plan filed pursuant to this Part shall be consistent with the representations and information required to be set forth by the General Business Law and this Part. All assertions of fact in advertisements must be provably true.
(e) Anticipated maintenance charges shall be preceded by the word projected or estimated or abbreviations of those terms. In estimating maintenance charges, there shall be no subtraction or representation of specific dollar saving because of anticipated tax deductions.
(f) Advertisements of amenities or services available at a fee charged in addition to the maintenance charges or in addition to the purchase price must refer to the additional fee. Advertisements of amenities or services that will not be available at closing must state the approximate date of availability.
(g) An artist's rendering of a property in an advertisement must be marked as an artist's rendering, and must accurately and realistically depict the dimensions, height and landscaping of the property and surrounding roads, buildings and open space.
(h) Advertisements of financing offered or procured by sponsor must include the term of the financing.
(i) All advertisements must clearly and conspicuously use the term timesharing to describe the product offered for sale by the sponsor.
(j) All advertisements must disclose the price range for the interests being sold.
(k) In addition to the other requirements set forth in this section, all advertisements which offer prizes, gifts, awards or other premiums must:
(1) clearly and conspicuously state whether or not respondents will be required to submit to a sales presentation in order to receive the premium or premiums;
(2) specify the premium or premiums to be given to the respondents and the retail value of each premium;
(3) fully and accurately describe the premium or premiums;
(4) clearly and conspicuously disclose all rules, requirements and preconditions for claiming the premium or premiums, including any costs to the respondent associated with the offer;
(5) not appear to be an urgent and official notification to winners in a contest, and must not use any other means to convey a false sense of urgency or importance.
(l) Any communication by the sponsor or his agents with contract vendees which is sent to purchasers prior to closing shall contain no material information which is not contained in or is inconsistent with disclosures made in the documents submitted to and accepted for filing by the New York State Department of Law.
13 CRR-NY 24.6
Current through July 31, 2021
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