Title 10

NRS 119A.263 Payment of child support: Statement by applicant for sales agent’s license or registration as representative or manager; grounds for denial of license or registration; duty of Administrator. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law …

NRS 119A.266 Suspension of sales agent’s license or registration as representative or manager for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of suspended license or registration. [Effective until the date of the repeal of 42 U.S.C. § …

NRS 119A.268 Branch offices. 1. Every branch office must be operated under the supervision of a real estate broker or real estate broker-salesperson who is licensed pursuant to chapter 645 of NRS and who has had at least 2 years of experience as an active real estate broker or re…

NRS 119A.270 Developers: Prohibited acts. A developer shall not: 1. Offer to sell any time shares in this state unless the developer holds either a preliminary permit to sell time shares or a permit to sell time shares issued by the Administrator pursuant to the provisions of thi…

NRS 119A.280 Developers: Order to cease; hearing; agreement in lieu of order. 1. The Administrator may issue an order directing a developer to cease engaging in activities for which the developer has not received or been deemed to have received a permit under this chapter or cond…

NRS 119A.285 Developers: Inapplicability of certain provisions to offer or disposition of certain time shares. The provisions of NRS 119A.290 to 119A.470, inclusive, 119A.480 and 119A.720 do not apply to a developer who has a valid permit issued pursuant to this chapter concernin…

NRS 119A.290 Preliminary permits. 1. The Administrator shall issue a preliminary permit to sell time shares to each applicant who: (a) Submits proof satisfactory to the Administrator that all of the requirements for a permit to sell time shares will be met; (b) Applies for the pr…

NRS 119A.300 Requirements for issuance of initial permit. Except as otherwise provided in NRS 119A.310, the Administrator shall issue an initial permit to sell time shares to each applicant who: 1. Files by electronic means or in any other manner prescribed by the Administrator, …

NRS 119A.302 Abbreviated registration: Requirements; certain developers excluded from using; documents to be provided to purchasers. 1. In lieu of the statement of record required pursuant to NRS 119A.300, the Division may accept an abbreviated registration from a developer of a …

NRS 119A.304 Developer to file amended statement of record if material change to time-share plan; effectiveness; correction of deficiencies; amendment to time-share instrument required to be filed with Division; approval of amendment by Division. 1. If there is a material change …

NRS 119A.305 Terms and conditions of supporting documents: Description in public offering statement; conditions of permit. The terms and conditions of the documents and agreements submitted pursuant to NRS 119A.300 and 119A.307 which relate to the creation and management of the t…

NRS 119A.307 Filing of public offering statement; form; contents; copies of certain documents to be provided to purchaser; waiver of requirements by Administrator. 1. The developer shall file a public offering statement with the Division for approval for use as prescribed in NRS …

NRS 119A.310 Grounds for denial of permit; burden of proof. 1. The Administrator shall deny an application for a permit to sell time shares if the Administrator finds that: (a) The developer failed to comply with any of the provisions of this chapter or the regulations adopted by…

NRS 119A.320 Period for action on application. 1. The Administrator shall, within 60 days after the receipt of an initial application for a permit to sell time shares in a time-share plan containing only one component site, regardless of whether additional component sites may be …

NRS 119A.330 Hearing on denial of application, amendment to statement of record or renewal of permit; expiration of order of denial. 1. If the Administrator denies an application for a permit to sell time shares, an amendment to the statement of record or the renewal of a permit …

NRS 119A.340 Issuance of permit before completion of project. If a project has not been completed before the issuance of a permit to sell time shares, the public offering statement must state the estimated date of completion and: 1. The developer shall establish to the satisfacti…

NRS 119A.350 Investigation of applicants; expenses. 1. The Division may, before issuing any permit or license pursuant to the provisions of this chapter, fully investigate all information submitted to it as required by this chapter and, if necessary, inspect the property which is…

NRS 119A.355 Renewal of permit. 1. A permit must be renewed annually by the developer by filing an application with and paying the fee for renewal to the Administrator. The application must be filed and the fee paid not later than 30 days before the date on which the permit expir…

NRS 119A.357 Requirement to notify Division in writing of certain convictions. 1. A sales agent, representative, manager, developer, project broker, time-share resale broker or person licensed pursuant to chapter 645 of NRS and subject to the provisions of this chapter shall noti…

NRS 119A.358 Creation and maintenance of website through which licenses, permits or registrations may be renewed; fees. The Division may: 1. Create and maintain a secure website on the Internet through which each license, permit or registration issued pursuant to the provisions o…

NRS 119A.360 Fees. 1. The Division shall collect the following fees at the time of filing: For each application for the registration of a representative........................ $100 For each renewal of the registration of a representative.................................. 100 For…

NRS 119A.365 Disciplinary action for failure to pay money to Division. In addition to any other remedy or penalty, the Administrator may: 1. Refuse to issue a license, permit, certificate or registration to a person who has failed to pay money which the person owes to the Divisio…

NRS 119A.380 Requirements for time-share instruments. 1. Each time-share plan must be created by one or more time-share instruments. 2. A time-share instrument must provide: (a) A legal description and the physical address of the project; (b) The name of the time-share plan; (c) …

NRS 119A.385 Description of time share. A description of a time share is a legally sufficient description of the time share and all rights, obligations and interests appurtenant to that time share that were created by the time-share plan if the description includes, without limit…

NRS 119A.390 Reservation to purchase time share. A reservation to purchase a time share must: 1. Be on a form approved by the Division; 2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contra…

NRS 119A.400 Prospective purchasers to be provided with public offering statement, addendum and permit. 1. Before the execution of any contract for the sale of a time share, the developer or, if the developer sells time shares through his or her project broker and sales agents, t…

NRS 119A.410 Right to cancel contract of sale. 1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this righ…

NRS 119A.420 Deposits to be placed in escrow account; surety bond in lieu of escrow account. All money, negotiable instruments or other deposits pertaining to the sale of a time share which are received from a purchaser must be placed in an escrow account established to the satis…

NRS 119A.430 Requirements for closing of sale of time share. The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that: 1. The project is free and clear of any blanket encumbrance; 2. Each person wh…

NRS 119A.450 Provision in contract relieving purchaser of obligation upon foreclosure of lien against project; prohibition against sale or pledge of notes or contracts of sale by defaulting developer. 1. A contract for the sale of a time share or any other evidence of an obligati…

NRS 119A.460 Requirements for trusts. If a trust is created pursuant to subsection 3 of NRS 119A.430, the: 1. Trustee must be approved by the Administrator. 2. Trust must be irrevocable, unless otherwise provided by the Administrator. 3. Trustee must not be permitted to encumber …

NRS 119A.470 Conveyance of project to trustee before close of escrow for first sale. 1. If title to a project is conveyed to a trustee pursuant to subsection 3 of NRS 119A.430, before escrow closes for the sale of the first time share, the developer must provide the Administrator…

NRS 119A.475 Action by purchaser or Administrator for misrepresentation or other violation. 1. Where any part of the statement of record, when that part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated th…

NRS 119A.4771 Registration and licensing of person listing, advertising, transferring, assisting in transferring, soliciting or promoting sale of more than 12 previously sold time shares in 12-month period on behalf of owner other than developer; exception. 1. A person who, on be…

NRS 119A.4775 Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations. 1. If the purchaser of a previously sold time share purchases the time share through a ti…

NRS 119A.4777 Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner. 1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to rese…

NRS 119A.4779 Advance fee charged or collected by time-share resale broker; requirements for contract for advance fee listing; duties and prohibited acts; violation constitutes unfair or deceptive act or practice; civil penalty. 1. In addition to the provisions of NRS 645.322, 64…

NRS 119A.480 Requirements if developer holds leasehold interest. 1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that: (a) The lessee must give notice of termination of the lease for any defaul…

NRS 119A.485 Developer to provide to board copy of approved public offering statement and amendments thereto. The developer shall provide the board with a copy of the approved public offering statement and any amendments thereto, to be maintained by the association as part of the…

NRS 119A.495 Withdrawal of units from time-share plan; conditions of withdrawal; exceptions. 1. Except as otherwise provided in subsection 2, if a time-share instrument authorizes the developer to withdraw units from the time-share plan, any unit that is subject to withdrawal may…

NRS 119A.497 Relocation of boundaries between adjoining units. 1. Except as otherwise provided in subsection 2 and subject to the provisions of the time-share instrument and other provisions of law, a developer may, with the prior approval of the Division, relocate the boundaries…

NRS 119A.500 Partition of unit. No action for partition of a unit may be maintained except as provided in the time-share instrument. If a time share is owned by two or more persons, an action may be brought for the judicial sale of the time share. A provision for the waiver or su…

NRS 119A.510 Replacement or compensation if unit unavailable. If a unit is unavailable for a period to which the owner is entitled by schedule or by confirmed reservation, the owner is entitled to be provided by the association: 1. A comparable unit; or 2. Monetary compensation f…

NRS 119A.515 Publication of information concerning owners: Maintenance of records; consent required; exceptions. 1. A manager or, if there is no manager, the board shall maintain in the records of an association a complete list of the names and mailing addresses of all owners. Th…

NRS 119A.520 Members of association for time-share plan; incorporation of association; proxies. 1. Each owner is a member of the association for the time-share plan. The association may be incorporated. 2. The state of incorporation may be: (a) This state; (b) The state in which …

NRS 119A.522 Period of developer’s control of association; representation of owners on board. 1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person des…

NRS 119A.524 Reserved rights of developer. A developer’s reserved rights may include, without limitation, the right to: 1. Add units or real estate to, and withdraw units or real estate from, a time-share plan. 2. Create units, a common area or a limited common area within the pr…