Purpose of article

The purposes of this article are to: (1) Give statutory recognition to real property timesharing in this state; (2) Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state; (3) Require that developers of time-share projects: (A) Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement; (B) Deposit trust funds with an escrow agent; (C) Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and (D) Comply with promotional advertising standards; (4) Establish operating standards for time-share project managing agents and exchange programs operating in this state; and (5) Provide for sanctions for violations of any provisions of this article which will permit: (A) Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and (B) A claim for appropriate relief by any person adversely affected. (Code 1981, § 44-3-161, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.) 44-3-162. Definitions.