Title 66, Property

A time-share program may be created in any unit, unless expressly prohibited by the project instruments or local governing laws.

(1) Project instruments and time-share instruments creating time-share estates must contain the following:(1) The name of the county in which the property is situated;(2) The legal description, street address or other description sufficient to identify the property;(3) Identifica…

(1) 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 ordinarily include, but need not be limited to, provi…

(a) The time-share instruments for a time-share estate program may provide for a “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-share program. (b) If the time-share i…

(1) Project instruments and time-share instruments creating time-share uses must contain the following:(1) Identification by name of the time-share project and street address where the time-share project is situated;(2) Identification of the time periods, type of units and the un…

(1) The time-share instruments for a time-share use 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, provision…

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

(1) A public offering statement must be provided to each purchaser of a time-share interval and must contain or 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 gener…

(a) (1) A developer of a time-share program shall deposit into an escrow account established and held in this state, in an account designated solely for the purpose, by an independent bonded escrow company, or in an institution whose accounts are insured, 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) 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 Ac…

The developer shall amend or supplement the public offering statement to report any material change in the information required by § 66-32-112. As to any exchange program, the developer shall use the current written materials that are supplied to it for distribution to the time-s…

(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…

(a) If a developer or any other person subject to this part violates any provision 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. Punitive damages may be awarded for a wil…

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 …

(a) The person or entity responsible for making and/or collecting common expenses, assessments or maintenance assessments shall keep detailed financial records. (b) All financial and other records shall be made reasonably available for examination by any time-share interval owner…

(a) The commission may adopt, amend, and repeal rules, regulations and issue orders consistent with, and in furtherance of the objectives of this part. (b) The commission may prescribe forms and procedures for submitting information to the commission. (c) The commission may accep…

(a) Unless exempted by § 66-32-126, a developer may not offer or dispose of a time-share interval unless the time-share program is registered with the commission; provided, that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow acc…

(a) An application for registration must 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, plans, and such other information required by the commission's…

(a) The commission 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 …

(a) Except as otherwise provided in this section, the effective date of the registration, or any amendment thereto, shall be the forty-fifth day after the filing thereof or such earlier date as the commission may determine, having due regard to the public interest and the protect…

(1) No registration with the commission shall be required in the case of:(1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or the developer's agent;(2) Any disposition pursuant to court order;(3) A disposition by a government …

(a) 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 payments made to any person or entity which is the owner of an underlying blanket mortgage, deed of trust, contract of sale or other …

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

(1) The lienholder in any time-share program shall have the following rights:(1) A lienholder's lien rights shall be preserved as against any purchaser of time-share interval claiming that the time-share is invalid, void or voidable, thirty (30) days after written notice by certi…

Notwithstanding any other provisions of this part, a “premiere tourist resort city” defined as a municipality having a population of three thousand (3,000) or more persons, according to the federal census of 1980 or any subsequent federal census in which at least forty percent (4…

It is unlawful for any person with intent directly or indirectly to offer for sale or sell time-share intervals in this state to authorize, use, direct or aid in the publication, distribution or circulation of any advertisement, radio broadcast or telecast concerning the time-sha…

(1) No advertising for the offer or sale of time-share intervals shall:(1) Contain any representation as to the availability of a resale program or rental program offered by or on behalf of the developer or its affiliate unless the resale program and/or rental program has been ma…

(1) The following unfair acts or practices undertaken by, or omissions of, any person in the operation of any prize or gift promotional offer, by any means, including, but not limited to, by mail, by telephone, by advertisement or in person, for a time-share project are prohibite…

Whenever the commission determines from evidence available to it that a person is violating or failing to comply with the requirements of §§ 66-32-131 — 66-32-133, the commission may order the person to cease and desist from such violations and may take enforcement action under §…

Sections 66-32-131 — 66-32-133 shall be in addition to those provisions in the Tennessee Consumer Protection Act, compiled in title 47, chapter 18; provided, that to the extent that any provisions of the Tennessee Consumer Protection Act are in conflict with §§ 66-32-131 — 66-32-…

(a) Any advertising material relating to the solicitation of an agreement engaging the services of a time-share resale broker in connection with the resale of a time-share interval pursuant to § 66-32-137(b) is subject to §§ 66-32-131 — 66-32-135. (b) “Advertising material” inclu…

(a) It is a violation of this part for any time-share resale broker to:(1) Enter into any agreement with any person engaging the services of the time-share resale broker in connection with the resale of a time-share interval unless a written agreement complying in all respects wi…

Notwithstanding any other law to the contrary, all documentation and fees which are a prerequisite to the renewal of a license or registration shall be delivered to the commission no later than sixty (60) days prior to the expiration date of the license or registration.

(a) All acquisition agents and their representatives, as defined in § 66-32-102, shall register with the commission and furnish such information as provided by commission regulation. The application for registration shall be accompanied by a twenty-five dollar ($25.00) registrati…

This part shall be known and may be cited as the “Tennessee Vacation Club Act of 1995.”

The purpose of this part is to recognize that the sale and promotion of vacation clubs is an emerging, dynamic segment of the international tourism industry; that this segment of the tourism industry continues to grow, both in volume of sales and in complexity and variety of prod…

(1) This part applies only to sellers of vacation club interests who offer for disposition vacation club interests to the general public in Tennessee. For purposes of this section, an offer shall be considered to be made in this state only if the offer:(1) Originates from this st…

(1) This part does not apply to any of the following:(1) An offer or disposition other than in the ordinary course of business by any holder of a purchase money lien, including any assignee thereof, who acquires a vacation club interest as a result of an owner's default with resp…

(1) “Vacation club interest” means and includes the following interests in a vacation club:(1) A “specific time-share interest,” which is a right to use a specific accommodation or accommodations, and facilities at one (1) component site of a vacation club, for the remaining term…

(a) A vacation club's reservation system shall be subject to the requirements for subordination or other financial assurances set forth in this part. Prior to offering vacation club interests, a developer shall create or provide a reservation system, including all appropriate com…

(a) A developer of a vacation club interest shall in all respects be subject to the authority of the commission and any rules and regulations promulgated by the commission. (b) Unless specifically exempted, a developer of a vacation club interest may not offer or dispose of a vac…

This part shall be known and may be cited as the “Membership Camping Act.”

(1) As used in this part, unless the context otherwise requires:(1) “Advertisement” means any written, printed, verbal, or visual offer;(2) “Blanket encumbrance” means any mortgage, deed of trust, option to purchase, vendor's lien or interest under a contract or agreement of sale…

(1) A membership camping operator shall disclose the following information to a purchaser before the purchaser signs a membership camping contract or gives any money or thing of value for the purchase of a membership camping contract. The disclosures shall be delivered to the pur…

(a) Any membership camping contract may be cancelled at the option of the purchaser by personally delivering or sending written notice of the cancellation to the membership camping operator at the address shown in the contract. The notice must be posted not later than twelve o'cl…