Title 42 — Title 42: Business, Selling, Trading and Collection Practices

Sec. 42-103aaa. Books and records. (a) A developer or managing entity, on written request by an owner, shall make available for examination at its registered office or principal place of business and at any reasonable time or times the relevant books and records relating to the c…

Sec. 42-103bbb. Time share resale broker requirements. Rebuttable presumption. Exclusions. (a) A time share resale broker who acts on behalf of a time share owner other than a developer or its affiliate, shall, prior to offering in this state: (1) Be licensed as a real estate bro…

Sec. 42-103cc. Short title: Time Share Act. Sections 42-103cc to 42-103ddd, inclusive, shall be known and may be cited as the “Time Share Act”. (P.A. 09-156, S. 1.) History: P.A. 09-156 effective January 1, 2010.

Sec. 42-103ccc. Time share resale disclosure requirements. Before a purchaser signs any contract to purchase a time share resale, the person who is reselling the time share shall disclose in conspicuous type in the contract to purchase the time share resale the following informat…

Sec. 42-103dd. Definitions. As used in sections 42-103cc to 42-103ddd, inclusive: (1) “Accommodation” means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or any other private or commercial structure that: (A) Is affixed to real property; (B) i…

Sec. 42-103ddd. Time share resale agreement requirements. Exceptions. (a) An agreement for a time share resale entered into by a time share owner and a time share resale broker who offers to resell such owner's time share interest shall: (1) Be in writing; and (2) Contain disclos…

Sec. 42-103ee. Application of Time Share Act and exemptions. Use of “vacation ownership” in advertisement and disclosures. (a) Sections 42-103cc to 42-103ddd, inclusive, shall apply to the following: (1) Time share plans with accommodations or amenities in this state; (2) Time sh…

Sec. 42-103ff. Exempt communications. The following communications are exempt from sections 42-103cc to 42-103ddd, inclusive, if they are delivered to a person who has previously executed a contract for the purchase of, or is an owner of, a time share interest in a time share pla…

Sec. 42-103gg. Recordation of time share instrument. Declaration. Licensure of sales agents. Exceptions. (a) The developer of a time share plan any part of which is located in this state shall properly record the time share instrument in the land records of all towns where an acc…

Sec. 42-103hh. Ownership and conveyance of time share interest. (a) Once a property is established as a time share plan, each time share interest may be individually conveyed or encumbered and shall be entirely independent of all other time share interests in the same time share …

Sec. 42-103ii. Registration of time share plan. Presales authorization. Application fee. Developer requirements after approval by commissioner. (a) Except as provided by sections 42-103cc to 42-103ddd, inclusive, a developer may not offer or dispose of a time share interest unles…

Sec. 42-103jj. Time share plan registration application. Abbreviated application. Statement in lieu of abbreviated application. Exclusion. Application investigation and inspection of property. Costs. Amendments to registration. Fee. (a) An application for registration filed under…

Sec. 42-103kk. Regulations. Penalties. Hearings. Enforcement. Compliance with other statutes. Developer registration. Fees. (a) The commissioner may adopt regulations, in accordance with chapter 54, and prescribe and publish forms necessary to carry out the provisions of sections…

Sec. 42-103ll. Advertisements and promotions. Prohibitions. Disclosures. (a) An advertisement shall not materially misrepresent: (1) Facts or create false or misleading impressions regarding the time share plan; (2) The size, nature, extent, qualities or characteristics of the ac…

Sec. 42-103mm. Time share disclosure statement. Written acknowledgment of receipt. (a) Before a prospective purchaser signs any agreement to acquire a time share interest, the developer shall provide a time share disclosure statement to the prospective purchaser and shall obtain …

Sec. 42-103nn. Exchange disclosure statement. Filing with department. Amendments. Fees. (a) Before the signing of any agreement to purchase a time share interest in which a prospective purchaser is also offered participation in any exchange program, the developer shall deliver to…

Sec. 42-103oo. Duty and liability of developer. Notwithstanding obligations placed upon any other persons pursuant to sections 42-103cc to 42-103ddd, inclusive, the developer shall supervise, manage and control all aspects of the offering of a time share interest, including, but …

Sec. 42-103pp. Cancellation of purchase contract. (a) A purchaser may cancel a purchase contract before midnight of the fifth calendar day after the date the purchaser signs and receives a copy of the purchase contract or receives the required time share disclosure statement, whi…

Sec. 42-103qq. Purchase contract statements. (a) Each purchase contract shall contain the following language, in conspicuous type, or similar language or type if required by the jurisdiction in which the time share property or properties are located, with the developer's name and…

Sec. 42-103rr. Exchange company. Liability exceptions. (a) An exchange company may employ seasonal demand and unit occupancy restrictions in the operation of its exchange program. (b) A developer shall not incur any liability arising out of the use, delivery or publication to a p…

Sec. 42-103ss. Deposit of funds. Release of funds. Closing agent and developer agreement. Disputes relating to funds. Financial assurance in lieu of funds. (a) A developer or closing agent of a time share plan shall deposit in an escrow or trust account in a federally insured dep…

Sec. 42-103tt. Unfair trade practices. Use rights compliance. Nonmaterial error or omission. (a) Any of the following committed by a developer or other person shall be deemed an unfair trade practice under chapter 735a: (1) Failing to disclose the information required to be discl…

Sec. 42-103uu. Insurance. (a) Notwithstanding any provision contained in the time share instrument or in sections 42-103cc to 42-103ddd, inclusive, the managing entity shall use due diligence to obtain the following insurance coverage as a common expense of the time share plan: (…

Sec. 42-103vv. Developer prohibitions. Penalty. (a) Except as provided in sections 42-103cc to 42-103ddd, inclusive, no developer shall (1) offer or dispose of a time share interest in a time share property that has not been registered with the Department of Consumer Protection, …

Secs. 42-103w to 42-103bb. Application of chapter. Definitions. Contract; information required; right to cancel. Advertising and promotional devices. Unfair trade practices. Disclosure of information concerning prizes in advertisements and promotional materials. Sections 42-103w …

Sec. 42-103ww. Annual statement of time share plan or time share property provided by managing entity upon request. Audits. Unfair trade practice. Posting in registration area of accommodation. Extension. Enforcement. (a) Notwithstanding any provision of the required time share d…

Sec. 42-103xx. Treatment of assessments collected by managing entity. Disclosures. Fiduciary duty of managing entity. (a) A managing entity that manages two or more single-site time share plans shall not commingle the assessments collected from purchasers of one time share plan w…

Sec. 42-103yy. Assessments. Lien on time share interest. Foreclosure. (a) The managing entity may levy and enforce assessments on any time share interests in accordance with the time share instrument, and any such assessment shall constitute a debt of the owner of the interest at…

Sec. 42-103zz. Costs of delinquent assessment collection. Notice to purchaser. Notwithstanding any provision of section 42-103yy or 36a-805, any costs of collection, including reasonable collection agency fees and reasonable attorney's fees incurred in the collection of a delinqu…