Title 45, Title 45: PROFESSIONS AND OCCUPATIONS

45:15-16.37. Information available to public The information contained in any statement of record and any additions or corrections required by section 10 of this act shall be made available to the public under regulations promulgated by the commission pursuant to this act and cop…

45:15-16.38. Public offering statement; not to be used for promotional purposes; amendments to; right to cancel a. A public offering statement shall disclose fully and accurately the physical characteristics of the subdivided lands offered and shall make known to prospective purc…

45:15-16.39. Consolidated filing A subdivider may register additional subdivided lands pursuant to the same common promotional plan as those previously registered by submitting an additional filing providing the additional information necessary to register the additional lots, pa…

45:15-16.40. Report by subdivider a. Within 30 days after each annual anniversary date of an order registering the subdivided lands, or on or before a date set by the commission, and while the subdivider retains any interest therein, the subdivider of these lands shall file a rep…

45:15-16.41. Powers of commission The commission may: a. Accept registrations filed in this State, in other states or with the federal government; b. Contract with similar agencies in this State or other jurisdictions to perform investigative functions; c. Accept grants in aid fr…

45:15-16.42. Commission empowered to issue cease and desist orders a. If the commission determines after notice and hearing that a person has: (1) Violated any provision of this act; (2) Directly or through an agent or employee engaged in any false, deceptive, or misleading adver…

45:15-16.43. Conditions for revocation of registration a. A registration may be revoked after notice and hearing upon a written finding of fact that the subdivider has: (1) Failed to comply with the terms of a cease and desist order issued pursuant to subsection a. of section 16 …

45:15-16.44. Commission empowered to bring action in Superior Court; intervene in suits a. If it appears that a person has engaged, or is about to engage, in an act or practice constituting a violation of a provision of this act, the commission, with or without prior administrati…

45:15-16.45. Submission of applicant to the courts; methods of service a. For purposes of this act, an applicant for registration submitted to the commission shall be deemed as submission, by the applicant, to the jurisdiction of the Courts of the State of New Jersey. b. In addit…

45:15-16.46. Violations by brokers, salespeople; fines, penalties a. Any broker or salesperson who violates any of the provisions of this act shall, in addition to the penalties set forth herein, be subject to the penalties as set forth in R.S.45:15-17. b. Any person who violates…

45:15-16.47. Actions, counterclaims permitted against non-compliers a. Any person who suffers any ascertainable loss of moneys as a result of the failure of another to comply fully with the provisions of this act may bring an action or assert a counterclaim in any court of compet…

45:15-16.48. Existing registrations deemed in force and effect Any registration of a subdivision or amendment thereto, or consolidation, or renewal thereof approved by the commission prior to August 2, 1989, under the "Land Sales Full Disclosure Act," P.L.1975, c.235 (C.45:15-16.…

45:15-16.49. Rules and regulations The commission shall, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate rules and regulations necessary to effectuate the provisions of this act. The rules may include, but shall n…

45:15-16.50 Short title. 1. Sections 1 through 36 of this act shall be known and may be cited as the "New Jersey Real Estate Timeshare Act." L.2006, c.63, s.1.

45:15-16.51 Definitions relative to timeshares. 2. As used in sections 1 through 36 of this act: "Accommodation" means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure containing toilet facilities therein …

45:15-16.52 Applicability of act. 4. a. This act shall not apply to any of the following: (1) Timeshare plans, whether or not an accommodation or component site is located in the State, consisting of 10 or fewer timeshare interests; (2) Timeshare plans, whether or not an accommod…

45:15-16.54 Administration by Real Estate Commission. 5. This act shall be administered by the New Jersey Real Estate Commission in the Department of Banking and Insurance. L.2006, c.63, s.5.

45:15-16.55 Nonpreemption of local codes; supersedure of other regulation of timeshares. 6. Except as provided in this section, no provision of this act shall invalidate or modify any provision of any zoning, subdivision, or building code, law, ordinance or regulation. In case of…

45:15-16.56 Creation of timeshare plan. 7. A timeshare plan may be created in any accommodation unless otherwise prohibited. A timeshare plan shall maintain a one-to-one purchaser-to-accommodation ratio, which means the ratio of the number of purchasers eligible to use the accomm…

45:15-16.57 Requirements for developers of timeshares; application, registration. 8. a. A developer who sells, offers to sell, or attempts to solicit prospective purchasers in this State to purchase a timeshare interest, or any person who creates a timeshare plan with an accommod…

45:15-16.58 Responsibilities of timeshare developer for offering, marketing violations. 9. The developer shall have responsibility for each timeshare plan registered with the commission and for the actions of any sales agent, managing entity or marketing entity utilized by the de…

45:15-16.59 Public offering, disclosure statements; requirements. 10. a. A developer shall: (1) prepare a public offering statement; (2) provide the statement to each purchaser of a timeshare interest in any timeshare plan at the time of purchase; and (3) fully and accurately dis…

45:15-16.60 Filing of annual reports by developer of timeshare. 11. a. Within 30 days after each annual anniversary date of an order registering the timeshare, or on or before a date set by the commission, and while the developer continues to offer any timeshare interests in the …

45:15-16.61 Issuance of notice of filing of registration. 12. Upon receipt of a substantially complete application for registration, in proper form and accompanied by the appropriate filing fees, the commission shall, within 10 business days of receipt of the registration, issue …

45:15-16.62 Review of registration; orders, schedule. 13. Every registration required to be filed with the commission under this act shall be reviewed by the commission and the commission shall issue an order of registration in accordance with the following schedule: a. As to com…

45:15-16.63 Deficiency notice, appeal. 14. a. If the commission determines upon inquiry and examination that any of the requirements of this act have not been met, the commission shall notify the applicant that the application for registration shall be corrected as specified in w…

45:15-16.64 Fee for initial registration. 15. a. The fee for an initial registration shall be $1,000 plus $50 per timeshare interest, which fee shall not exceed $7,500, unless otherwise provided by the commission pursuant to regulation to defray the cost of rendering the services…

45:15-16.65 Registrations required for sale. 16. Unless otherwise provided by regulation, a developer, or any of its agents, shall not sell, offer, or dispose of a timeshare interest in this State unless all necessary registrations are filed and approved by the commission, or whi…

45:15-16.66 Creation of provision for managing entity, duties. 17. a. Before the first sale of a timeshare interest, the developer shall create or provide for a managing entity, which shall be either the developer, a separate manager or management firm, the board of directors of …

45:15-16.67 Voidability of purchase contract. 18. Any purchase contract entered into by a purchaser of a timeshare interest under this act shall be voidable by the purchaser, without penalty, within seven calendar days after the receipt of the public offering statement or the exe…

45:15-16.68 Conditions for release of escrow funds to the developer. 19. Excluding any encumbrance placed against the purchaser's timeshare interest securing the purchaser's payment of purchase money financing for the purchase, the developer shall not be entitled to the release o…

45:15-16.70 Prohibitions relative to developers of timeshares. 21. a. A developer or other person offering a timeshare plan shall not: (1) Misrepresent a fact material to a purchaser's decision to buy a timeshare interest; (2) Predict any increase in the value of a timeshare inte…

45:15-16.71 Detailed financial records. 22. The managing entity shall keep detailed financial records directly related to the operation of the time share plan. All financial and other records shall be made reasonably available for examination by any purchaser, or the authorized a…

45:15-16.72 Maintenance of employee records. 23. Every developer shall maintain, for a period of two years, records of any real estate brokers, broker-salespersons or salespersons licensed in the State and employed by the developer, as well as all other managerial employees locat…

45:15-16.73 Permitted action for partition. 24. No action for partition of a timeshare interest may be initiated except as permitted by the timeshare instrument. L.2006, c.63, s.24.

45:15-16.74 Refusal to issue, renew, revoke, suspension of registration, penalties. 25. The commission may refuse to issue or renew any registration, or revoke or suspend any registration or place on probation or administrative supervision, or reprimand any registrant, or impose …

45:15-16.75 Powers of commission. 26. The commission may: a. Accept registrations filed in this State, in other states, or with the federal government; b. Contract with similar agencies in this State or other jurisdictions to perform investigative functions; c. Accept grants-in-a…

45:15-16.76 Determinations by commission; cease and desist order. 27. a. If the commission determines after notice and hearing that a person has: (1) Violated any provision of this act; (2) Directly or through an agent or employee engaged in any false, deceptive, or misleading ad…

45:15-16.77 Violations. 28. a. If it appears that a person has engaged, or is about to engage, in an act or practice constituting a violation of a provision of this act, the commission, with or without prior administrative proceedings, may bring an action in the Superior Court to…

45:15-16.78 Application for registration deemed submission to jurisdiction of courts. 29. a. For purposes of this act, an application for registration submitted to the commission shall be deemed a submission, by the applicant, to the jurisdiction of the courts of the State of New…

45:15-16.79 Additional penalties. 30. a. Any broker, broker-salesperson or salesperson who violates the provisions of this act shall, in addition to the penalties set forth herein, be subject to the penalties as set forth in R.S.45:15-17. b. Any person who violates any provision …

45:15-16.80 Actions, counterclaims, remedies. 31. a. Any person who suffers any ascertainable loss of moneys as a result of the failure of another to comply fully with the provisions of this act may bring an action or assert a counterclaim in any court of competent jurisdiction. …

45:15-16.81 Valid registration required for action. 32. a. An action shall not be maintained by any developer in any court in this State with respect to any agreement, contract, or services for which registration is required by this act, or to recover the agreed price or any cons…

45:15-16.82 Rules. 33. The commission shall adopt rules for the implementation and enforcement of this act in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). L.2006, c.63, s.33.

45:15-16.83 Forms, procedures. 34. The commission may prescribe forms and procedures for submitting information to the commission. L.2006, c.63, s.34.

45:15-16.84 Investigation of matters relative to application for registration. 35. The commission shall thoroughly investigate all matters relating to an application for registration under this act and may require a personal inspection of any timeshare plan, accommodation, and an…