Title 21, Real Property

If any provision of this Chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Chapter which can be given effect without the invalid provisions or application, and to this end the…

A time-share program may be created.

Project instruments and time-share instruments creating time-share estates shall contain the following: (a) the name of the village in which the property is situation; (b) the legal description, street address and other description sufficient to identify the property; (c) identif…

The time-share instruments for a time-share estate program shall prescribe reasonable arrangements for management and operation of the time-share program and for the maintenance, repair and furnishing of units, which shall include, but need not be limited to provisions for the fo…

(a) The time-share instruments for a time-share estate program may provide for a period of time, hereafter referred to as developer control period, during which the developer or a managing agent selected by the developer may manage the time-share program and the units in the time…

time-share instruments creating time-share uses shall contain: (a) identification by name of the time-share project and street address where the time-share project is situated; (b) identification of the time periods, type of units and the units that are in the time-share program …

The time-share instruments for a time-share program shall prescribe reasonable arrangements for management and operation of the time-share program and for the maintenance, repair and furnishing of units which shall ordinarily include, but need not be limited to provisions for the…

No action for partition of a unit may be maintained except as permitted by the time- share instrument. ---------- ARTICLE 3 PROTECTION OF PURCHASERS

(a) A public offering statement shall be provided to each purchaser of a time-share interval. The statement shall fully and accurately disclose: (1) the name of the developer and the principal address of the developer and the time-share intervals offered in the statement; (2) a g…

Any deposit made in connection with the purchase or reservation of a time-share interval from a developer must be placed in escrow and held in this Territory in an account designated solely for the purpose, in an institution whose accounts are insured by a governmental agency or …

(a) Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser un…

(a) Any time-share program in which a public offering statement has been prepared does not require registration under the following: (1) the Uniform Securities Act of Guam (Title XLI of the Government Code); or (2) any other territorial law which requires the preparation of a pub…

(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: (1) Securities a…

The developer shall amend or supplement the public offering statement to report any material change in the information required by § 47301 of this Chapter. As to any exchange program, the developer shall use the current written materials that are supplied to it for distribution t…

(a) Unless the purchaser expressly agrees to take subject to or assume a lien prior to transferring a time-share interval other than by deed in lieu of foreclosure, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interval or …

Criminal Penalties. If a developer or any other person subject to the provisions of this Chapter violates any provisions thereof or any provision of the project instruments, any person or class of persons adversely affected by the violation has a claim for appropriate relief. Pun…

A judicial proceeding where the accuracy of the public offering statement or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought must be commenced within four (4) years after the date of the contract of purchase, notwithstanding …

The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. All financial and other records shall be made reasonably available for examinations by any time-share interval owner or his autho…

(a) The agency may adopt, amend and repeal rules or regulations and issue orders consistent with, and in furtherance of the objectives of this Chapter. The agency may prescribe forms and procedures for submitting information to the agency. (b) The agency may accept grants-in-aid …

(a) Unless exempted by § 47407 of this Article, a developer may not offer or dispose of a time-share interval unless the time-share program is registered with the agency; provided, however, that a developer may accept a reservation together with a deposit if the deposit is placed…

An application for registration shall contain the public offering statement, a brief description of the property, copies of time-share instruments and any documents referred to therein (other than tract maps, plats and plans), and such other information required by the agency's r…

(a) The agency, at any time, may require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers. (b) The public offering statement may not be used for any promotional purposes be…

(a) Except as hereinafter provided, the effective date of the registration, or any amendment thereto, shall be the 45th day after the filing thereof or such earlier date as the agency may determine, having due regard to the public interest and the protection of purchasers. If any…

A developer shall amend or supplement its registration to report any material change in the information required by § 47403 of this Article. COL120106

(a) No registration with the agency shall be required if the developer is registered and there has been issued a public offering statement of similar disclosure document which is provided to purchasers under the following: (1) Securities and Exchange Act of 1933; (2) Federal Inte…

In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payment made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale or other lien…

The developer whose project is subject to an underlying blanket lien or encumbrance shall protect non-defaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder a non-disturbance clause, subordination agreement or partial release of the lien as the …

The lienholder in any time-share program shall have the following rights: (a) A lienholder shall have his lien rights preserved as against any purchaser of time- share interval claiming that the time-share instrument is invalid, void or voidable, thirty (30) days after written no…