Transfer of developer’s entire interest

The developer shall not sell, lease, assign, or otherwise transfer the entire interest of the developer, other than as a transfer of a time-share interval in the normal course of marketing, in the time-share program or the accommodations or facilities to a third party when such a sale, lease, assignment, or other transfer substantially affects the rights of other owners of the time-share units, unless: (1) The third party agrees in writing to honor fully the rights of purchasers of the time-share intervals to occupy and use the accommodations or facilities or agrees in writing to purchase the interval in an amount equal to the amount actually paid by the purchaser toward the purchase price of the time-share interval; (2) The third party agrees in writing to honor fully the rights of purchasers of the time-share intervals to cancel their sales agreement and receive any refunds due; (3) The third party agrees in writing to comply with the provisions of this article for as long as the third party continues to sell the time-share project or for as long as purchasers of the time-share project are entitled to occupy the accommodations or use the facilities, whichever is longer in time; and (4) Written notice is given to the association and notice shall be sent by certified mail or statutory overnight delivery within 30 days of the sale, lease, assignment, or other transfer. (Code 1981, § 44-3-181, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1; Ga. L. 2000, p. 1589, § 3.) 300 Editor’s notes. — Ga. L. 2000, p. 1589, § 16, not codified by the General Assembly, provides that the amendment to this Code 44-3-182 section is applicable with respect to notices delivered on or after July 1, 2000. 44-3-182. Financial and other records of time-share project association or managing agent. The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records and shall keep said funds in a designated trust account. All financial and other records shall be made reasonably available for examination by any time-share interval owner in the program, by the time-share program’s association, or by the authorized agent of such owner or association upon reasonable request. (1) The developer of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program’s association, or by the authorized agent of such owner or association upon reasonable request: (A) A copy of the escrow agreement for each time-share interval sold or, if alternative arrangements are made, a copy of the documents relating to those arrangements; (B) Copies of lien releases, surety bonds, or other financial assurances executed by the developer to protect purchasers against any claims against the time-share program; (C) Copies of management agreements entered into with managing agents for the management of the time-share program; (D) Copies of agreements entered into with exchange programs for the inclusion of the time-share project in the exchange program’s available facilities; and (E) For multilocation developers, copies of certified public accountants’ reports required by subparagraph (a)(3)(F) of Code Section 44-3-172. (2) The managing agent of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program’s association, or by the authorized agent of such owner or association upon reasonable request: (A) Copies of management agreements entered into with developers for the management of time-share programs; and (B) Copies of budgets and statements sent to developers and time-share interval owners accounting for common expense and maintenance assessments. 301 44-3-184 (3) Exchange programs shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program’s association, or by the authorized agent of such owner or association upon reasonable request: (A) Copies of agreements with developers for the inclusion of their projects in the exchange program’s available facilities; (B) Copies of agreements with time-share interval owners for their membership in the exchange program; and (C) Copies of certified public accountants’ reports as required by subparagraph (a)(2)(Q) of Code Section 44-3-172. (Code 1981, § 44-3-182, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.) 44-3-183. Remedy for violation of article; punitive damages; attorney’s fees. If a developer or any other person subject to this article violates any provision of this article or any provision of the project instruments, any person or class of persons adversely affected by the violation has a claim for appropriate relief. Punitive damages may be awarded for a willful violation of this article. The court may also award reasonable attorney’s fees. (Code 1981, § 44-3-183, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.) 44-3-184. Limitation of actions.