Public-offering statement; cases in which not required.

A public-offering statement need not be prepared or delivered in the case of: (1) Any transfer of a time-share interval by any time-share interval owner other than the developer or his or her agent; (2) Any disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition of a time-share interval in a time-share project situated wholly outside this state if all solicitations, negotiations, offerings, and contacts took place wholly outside this state and the contract was executed wholly outside this state; (6) A gratuitous transfer of a time-share interval; or (7) Group reservations made for fifteen or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, when deposits are made and held for more than three years in advance.