(a) As used in this chapter, unless the context clearly requires otherwise:(a) “Accommodation” means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or any other private or commercial structure that: is affixes to real property; is designed for occupancy or use by one or more individuals; and is part of a timeshare plan. An accommodation in which a door or doors connecting two or more separate rooms are capable of being locked to create two or more private dwellings constitutes only one accommodation unless the timeshare instrument provides that timeshare interests may be separately conveyed in such locked-off portions.(b) (1) “Advertisement” means:(A) Any promotional brochure, pamphlet, advertisement, or other material to be disseminated to the public in connection with the sale of a timeshare plan;(B) Any radio or television advertisement;(C) Any lodging or vacation certificate;(D) Any standard oral sales presentation;(E) Any billboard or other sign posted on or off the premises;(F) Any photograph, drawing, or artist’s representation of accommodations or amenities of a timeshare plan which exists, or which will or may exist;(G) Any paid publication relating to a timeshare plan which exists, or which will or may exist; and(H) Any other promotional device used, or statement related to a timeshare plan, including any prize and gift promotional offer.(2) The term “advertisement” does not include:(A) Any stockholder communication, such as an annual report or interim financial report, proxy material, registration statement, securities prospectus, registration, property report, or other material required to be delivered to a prospective purchaser by an agency of any other state or territory or the Federal Government;(B) Any communication addressed to and relating to the account of any person who has previously executed a contract for the sale and purchase of a timeshare interest in the timeshare plan to which the communication relates, except when directed to the sale of timeshare interest in a different timeshare plan or in a different component site if a multisite timeshare plan;(C) Any audio, written, or visual publication or material relating to an exchange company or exchange program;(D) Any audio, written or visual publication or material relating to the promotion of the availability of any accommodations or amenities, or both, for transient rental, so long as a mandatory tour of a timeshare property or attendance at a mandatory sales presentation is not a term or condition of the availability of such accommodations or amenities, or both, and so long as the failure of any transient renter to take a tour of a timeshare property or attend a sales presentation does not result in the transient renter’s receiving less than what was promised to the transient renter in such materials;(E) Any oral or written statement disseminated by a developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property, including possible accommodations or amenities of a timeshare property or possible component sites of a multisite timeshare plan pursuant to section 1117 of this chapter; however, any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a developer in any manner, or any distribution of copies of newspaper or magazine articles, press releases, or any other dissemination of such written statements to a prospective purchaser by a developer in any manner, constitutes advertising material;(F) Any materials delivered to a purchaser after the purchase contract is executed that are not delivered for soliciting the sale of a timeshare interest in a different timeshare plan or a different component site in a multisite timeshare plan, if such materials do not contain any statements that would be in violation of section 1117 of this chapter; and(G) Any material exclusively shown, displayed, or presented in a sales center or during a sales presentation, if such material do not contain any statements that would be in violation of section 11176 of this chapter and that any description of any amenity that is not required to be built or that has not been completed conspicuously labeled as “NEED NOT BE BUILT,” “PROPOSED,” or “UNDER CONSTRUCTION.”(c) “Amenities” mean all recreational amenities made available to owners of a timeshare plan.(d) “Assessment” means the amount assessed against or collected from an owner by the timeshare association or its managing entity in a fiscal year to cover expenditures, charges, reserves, or liabilities related to the operation of a timeshare plan, or timeshare properties managed by the same managing entity.(e) “Closing” means:(1) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or the Recorder of Deeds for recording or conveyance of equitable title to a timeshare estate as evidence by the irretrievable delivery of an agreement for deed to the Recorder of Deeds for recording.(2) For any plan selling timeshare licenses or personal property timeshare interest, the final execution and delivery by all parties of the last document necessary for vesting in the purchaser the full rights available under the plan.(f) “Common expense” means those expenses, fees, or charges properly incurred for the maintenance, operation, and repair of the accommodations or facilities or both constituting the timeshare plan, or any other expenses, fees or charges designated as common expenses in a timeshare instrument.(g) “Component site” means a specific geographic location where accommodations that are part of a multisite timeshare plan are located. Separate phases of a single timeshare property in a specific geographic location and under common management are deemed a single component site.(h) “Conspicuous type” means any typeface:(1) (A) in upper-and lower-case letters two-point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than ten-point type, or(B) where the use of ten-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print that is conspicuous under the circumstances; and(2) separated on all sides from other type and print where conspicuous type is required separated on all sides from other type and print; conspicuous type may be utilized in contract for purchase of public offering statements only where required by law or as authorized by the Department.(i) “Department” means the Virgin Islands Department of Licensing and Consumer Affairs.(j) “Developer” means:(1) (A) any person, excluding a sales agent, who creates a timeshare plan, is in the business of selling timeshare interests or employs a sales agent to sell timeshare interest; or(B) any person who succeeds in the developer’s interest by sale, lease, assignment, mortgage or other transfer if such person (i) offers not less than twelve timeshare interests in a particular timeshare plan, and (ii) is in the business of selling timeshare interest or employs a sales agent to sell timeshare interests.(2) The term “developer” does not include a timeshare association that sells timeshare interest acquired by the timeshare association through foreclosure, non-judicial foreclosure, or deed in lieu of foreclosure.(k) “Dispose or disposition” means a voluntary transfer of any legal or equitable timeshare interest, but does not include the transfer or release of a real estate lien or of a security interest.(l) “Electronic” means relating to technology having electrical, digital magnetic, wireless, optical, electromagnetic, or similar capabilities.(m) “Escrow account” means an account established solely for the purposes set forth in this chapter.(n) “Escrow agent” means a bonded escrow company, a financial institution whose accounts are insured by a governmental agency or instrumentality, a licensed title agent, a licensed real estate broker or a licensed attorney who is responsible for the receipt and disbursement of funds in accordance with section 1104 of this chapter. The escrow agent is independent of the developer. For a timeshare plan located exclusively in the Territory, the escrow agent shall have an office in and be licensed in the Territory.(o) “Exchange company” means any person or entity who owns or operated an exchange program.(p) “Exchange discloser” statement means a written statement that includes the information required by section 1108 of this chapter.(q) “Exchange program” means any method, arrangement or procedure for the voluntary exchange of timeshare interest among owners.(r) “Facility” means any permanent amenity, including any structure furnishing, fixture, equipment, service, improvement, or real or personal property, improved or unimproved, other than an accommodation of the timeshare plan, which is made available to the purchasers of a timeshare plan. The term does not include an incidental benefit as defined in this section.(s) “Independent” for purposes of determining the eligibility of an escrow agent means that: the escrow agent is not a relative of the developer as defined in 28 V.I.C. § 171(11), or an employee of the developer or managing entity, or of any officer, director, affiliate or subsidiary thereof; there is no financial relationship, other than the payment of fiduciary fees, between the escrow agent and the developer, or managing entity, or any officer, director affiliate or subsidiary thereof; and compensation paid by the developer to an escrow agent for services rendered is not paid from funds in the escrow account unless the developer is otherwise entitled to receive the disbursement of such funds from the escrow account in accordance with this chapter.(t) “Managing entity” means the timeshare association or person who operates or maintains the timeshare plan.(u) “Multisite timeshare plan” means a plan in which an owner has:(1) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or(2) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system plan, but which does not include a right to use and occupy a particular accommodation.(v) “Notice” means delivery by hand, the United States Postal Service, courier service, telefax, or electronic mail, provided in each instance that receipt of delivery is obtained.(w) “offering” or “offer” means any advertisement intended to result in a person purchasing and interest in a timeshare plan.(x) “One-to-one owner to accommodation ratio” has the meaning set forth in section 1109 of this chapter.(y) “Owner” means any person, other than a developer, who has acquired a timeshare interest.(z) “Promotion” means any program, activity or contest, or any gift, prize or other item of value, used to induce any person, to attend a timeshare sales presentation.(aa) “Purchaser” means any person, other than a developer, who acquires a legal or equitable interest in a timeshare plan by means of a voluntary transfer other than as a security for an obligation.(bb) “Regulated party” means any developer, exchange company, seller, managing entity, timeshare association, timeshare association director, timeshare association officer, manager, management firm, escrow agent, trustee, any prospective assignees or agents, or any other person having duties or obligations pursuant to this chapter.(cc) “Reservation system” means the method, arrangement or procedure by which an owner, in order to preserve the use and occupancy of an accommodation of a multisite timeshare plan for one or more timeshare periods, is required to compete with other owners in the same multisite timeshare plan regardless of whether the reservation system is operated and maintained by the multisite timeshare plan, a managing entity, exchange company or any other person. If an owner is required to use an exchange program as the owner’s principal means of obtaining the right to use and occupy the accommodation and amenities of the plan, such arrangement is considered a reservation system. If the exchange company uses a mechanism to exchange timeshare periods among members of the exchange program, the use of the mechanism is not considered a reservation system of a multisite timeshare plan.(dd) “Sale or sell” means the transfer of an interest in a timeshare plan for value. The term does not include administrative or closing costs associated with the sale of the timeshare interest.(ee) “Sales agent” means a person who, directly or through the person’s employees, agent or independent contractors sells or offers to sell timeshare interest in a timeshare plan to any individual located in this Territory and is licensed by the Department of Licensing and Consumer Affairs.(ff) “Single-site timeshare plan” means a timeshare plan in which an owner’s right to use and occupy accommodations is limited to a single timeshare property.(gg) “Timeshare association” means an association composed of all owner of a timeshare interest created pursuant to section 1111 of this chapter.(hh) “Timeshare disclosure statement” means the statements and information required by section 1107 of this chapter.(ii) “Timeshare estate” means an arrangement under which the owner receives a right to occupy a timeshare property and a real estate interest in the timeshare property.(jj) “Timeshare interest” means a timeshare estate or timeshare use.(kk) “Timeshare instrument” means any document creating or regulating a timeshare plan and the use of the timeshare interests.(ll) “Timeshare period” means the period of time within which the owner of a timeshare interest is entitled to the exclusive possession, occupancy and use of an accommodation.(mm) “Timeshare plan” means any arrangement, plan, scheme or similar method, excluding an exchange program, but including a membership agreement, sale, lease, deed, license or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations on a recurring basis for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance. The term does not include any arrangement, plan, scheme or similar method wherein the contractually specified maximum total financial obligation on the purchaser’s part is $3,000 or less during the entire term of the plan, or the term is for a period of three years or less, regardless of the purchaser’s contractually specified maximum total financial obligation, if any. For purposes of determining the term of such use and occupancy rights, the period of any automatic renewals which a purchaser, in the purchaser’s sole discretion, may elect to exercise, whether or not for additional consideration, are not included. For purposes of determining the term of such use and occupancy rights, the period of any automatic renewals are included unless a purchaser has the right to terminate the membership at any time and receive a pro rata refund or the purchaser receives a notice no less than 30 days and no more than 60 days prior to the date of renewal informing the purchaser of the right to terminate at any time prior to the date of automatic renewal.(nn) “Timeshare property” means one or more accommodations and any related amenities subject to the same timeshare instrument and any other property or property rights appurtenant to such accommodations and amenities.(oo) “Timeshare use” means any arrangement under which the purchaser receives a right to occupy a timeshare property, but under which the purchaser does not receives a real estate interest in the timeshare property.
(a) “Accommodation” means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or any other private or commercial structure that: is affixes to real property; is designed for occupancy or use by one or more individuals; and is part of a timeshare plan. An accommodation in which a door or doors connecting two or more separate rooms are capable of being locked to create two or more private dwellings constitutes only one accommodation unless the timeshare instrument provides that timeshare interests may be separately conveyed in such locked-off portions.
(b) (1) “Advertisement” means:(A) Any promotional brochure, pamphlet, advertisement, or other material to be disseminated to the public in connection with the sale of a timeshare plan;(B) Any radio or television advertisement;(C) Any lodging or vacation certificate;(D) Any standard oral sales presentation;(E) Any billboard or other sign posted on or off the premises;(F) Any photograph, drawing, or artist’s representation of accommodations or amenities of a timeshare plan which exists, or which will or may exist;(G) Any paid publication relating to a timeshare plan which exists, or which will or may exist; and(H) Any other promotional device used, or statement related to a timeshare plan, including any prize and gift promotional offer.(2) The term “advertisement” does not include:(A) Any stockholder communication, such as an annual report or interim financial report, proxy material, registration statement, securities prospectus, registration, property report, or other material required to be delivered to a prospective purchaser by an agency of any other state or territory or the Federal Government;(B) Any communication addressed to and relating to the account of any person who has previously executed a contract for the sale and purchase of a timeshare interest in the timeshare plan to which the communication relates, except when directed to the sale of timeshare interest in a different timeshare plan or in a different component site if a multisite timeshare plan;(C) Any audio, written, or visual publication or material relating to an exchange company or exchange program;(D) Any audio, written or visual publication or material relating to the promotion of the availability of any accommodations or amenities, or both, for transient rental, so long as a mandatory tour of a timeshare property or attendance at a mandatory sales presentation is not a term or condition of the availability of such accommodations or amenities, or both, and so long as the failure of any transient renter to take a tour of a timeshare property or attend a sales presentation does not result in the transient renter’s receiving less than what was promised to the transient renter in such materials;(E) Any oral or written statement disseminated by a developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property, including possible accommodations or amenities of a timeshare property or possible component sites of a multisite timeshare plan pursuant to section 1117 of this chapter; however, any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a developer in any manner, or any distribution of copies of newspaper or magazine articles, press releases, or any other dissemination of such written statements to a prospective purchaser by a developer in any manner, constitutes advertising material;(F) Any materials delivered to a purchaser after the purchase contract is executed that are not delivered for soliciting the sale of a timeshare interest in a different timeshare plan or a different component site in a multisite timeshare plan, if such materials do not contain any statements that would be in violation of section 1117 of this chapter; and(G) Any material exclusively shown, displayed, or presented in a sales center or during a sales presentation, if such material do not contain any statements that would be in violation of section 11176 of this chapter and that any description of any amenity that is not required to be built or that has not been completed conspicuously labeled as “NEED NOT BE BUILT,” “PROPOSED,” or “UNDER CONSTRUCTION.”
(1) “Advertisement” means:(A) Any promotional brochure, pamphlet, advertisement, or other material to be disseminated to the public in connection with the sale of a timeshare plan;(B) Any radio or television advertisement;(C) Any lodging or vacation certificate;(D) Any standard oral sales presentation;(E) Any billboard or other sign posted on or off the premises;(F) Any photograph, drawing, or artist’s representation of accommodations or amenities of a timeshare plan which exists, or which will or may exist;(G) Any paid publication relating to a timeshare plan which exists, or which will or may exist; and(H) Any other promotional device used, or statement related to a timeshare plan, including any prize and gift promotional offer.
(A) Any promotional brochure, pamphlet, advertisement, or other material to be disseminated to the public in connection with the sale of a timeshare plan;
(B) Any radio or television advertisement;
(C) Any lodging or vacation certificate;
(D) Any standard oral sales presentation;
(E) Any billboard or other sign posted on or off the premises;
(F) Any photograph, drawing, or artist’s representation of accommodations or amenities of a timeshare plan which exists, or which will or may exist;
(G) Any paid publication relating to a timeshare plan which exists, or which will or may exist; and
(H) Any other promotional device used, or statement related to a timeshare plan, including any prize and gift promotional offer.
(2) The term “advertisement” does not include:(A) Any stockholder communication, such as an annual report or interim financial report, proxy material, registration statement, securities prospectus, registration, property report, or other material required to be delivered to a prospective purchaser by an agency of any other state or territory or the Federal Government;(B) Any communication addressed to and relating to the account of any person who has previously executed a contract for the sale and purchase of a timeshare interest in the timeshare plan to which the communication relates, except when directed to the sale of timeshare interest in a different timeshare plan or in a different component site if a multisite timeshare plan;(C) Any audio, written, or visual publication or material relating to an exchange company or exchange program;(D) Any audio, written or visual publication or material relating to the promotion of the availability of any accommodations or amenities, or both, for transient rental, so long as a mandatory tour of a timeshare property or attendance at a mandatory sales presentation is not a term or condition of the availability of such accommodations or amenities, or both, and so long as the failure of any transient renter to take a tour of a timeshare property or attend a sales presentation does not result in the transient renter’s receiving less than what was promised to the transient renter in such materials;(E) Any oral or written statement disseminated by a developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property, including possible accommodations or amenities of a timeshare property or possible component sites of a multisite timeshare plan pursuant to section 1117 of this chapter; however, any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a developer in any manner, or any distribution of copies of newspaper or magazine articles, press releases, or any other dissemination of such written statements to a prospective purchaser by a developer in any manner, constitutes advertising material;(F) Any materials delivered to a purchaser after the purchase contract is executed that are not delivered for soliciting the sale of a timeshare interest in a different timeshare plan or a different component site in a multisite timeshare plan, if such materials do not contain any statements that would be in violation of section 1117 of this chapter; and(G) Any material exclusively shown, displayed, or presented in a sales center or during a sales presentation, if such material do not contain any statements that would be in violation of section 11176 of this chapter and that any description of any amenity that is not required to be built or that has not been completed conspicuously labeled as “NEED NOT BE BUILT,” “PROPOSED,” or “UNDER CONSTRUCTION.”
(A) Any stockholder communication, such as an annual report or interim financial report, proxy material, registration statement, securities prospectus, registration, property report, or other material required to be delivered to a prospective purchaser by an agency of any other state or territory or the Federal Government;
(B) Any communication addressed to and relating to the account of any person who has previously executed a contract for the sale and purchase of a timeshare interest in the timeshare plan to which the communication relates, except when directed to the sale of timeshare interest in a different timeshare plan or in a different component site if a multisite timeshare plan;
(C) Any audio, written, or visual publication or material relating to an exchange company or exchange program;
(D) Any audio, written or visual publication or material relating to the promotion of the availability of any accommodations or amenities, or both, for transient rental, so long as a mandatory tour of a timeshare property or attendance at a mandatory sales presentation is not a term or condition of the availability of such accommodations or amenities, or both, and so long as the failure of any transient renter to take a tour of a timeshare property or attend a sales presentation does not result in the transient renter’s receiving less than what was promised to the transient renter in such materials;
(E) Any oral or written statement disseminated by a developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property, including possible accommodations or amenities of a timeshare property or possible component sites of a multisite timeshare plan pursuant to section 1117 of this chapter; however, any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a developer in any manner, or any distribution of copies of newspaper or magazine articles, press releases, or any other dissemination of such written statements to a prospective purchaser by a developer in any manner, constitutes advertising material;
(F) Any materials delivered to a purchaser after the purchase contract is executed that are not delivered for soliciting the sale of a timeshare interest in a different timeshare plan or a different component site in a multisite timeshare plan, if such materials do not contain any statements that would be in violation of section 1117 of this chapter; and
(G) Any material exclusively shown, displayed, or presented in a sales center or during a sales presentation, if such material do not contain any statements that would be in violation of section 11176 of this chapter and that any description of any amenity that is not required to be built or that has not been completed conspicuously labeled as “NEED NOT BE BUILT,” “PROPOSED,” or “UNDER CONSTRUCTION.”
(c) “Amenities” mean all recreational amenities made available to owners of a timeshare plan.
(d) “Assessment” means the amount assessed against or collected from an owner by the timeshare association or its managing entity in a fiscal year to cover expenditures, charges, reserves, or liabilities related to the operation of a timeshare plan, or timeshare properties managed by the same managing entity.
(e) “Closing” means:(1) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or the Recorder of Deeds for recording or conveyance of equitable title to a timeshare estate as evidence by the irretrievable delivery of an agreement for deed to the Recorder of Deeds for recording.(2) For any plan selling timeshare licenses or personal property timeshare interest, the final execution and delivery by all parties of the last document necessary for vesting in the purchaser the full rights available under the plan.
(1) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or the Recorder of Deeds for recording or conveyance of equitable title to a timeshare estate as evidence by the irretrievable delivery of an agreement for deed to the Recorder of Deeds for recording.
(2) For any plan selling timeshare licenses or personal property timeshare interest, the final execution and delivery by all parties of the last document necessary for vesting in the purchaser the full rights available under the plan.
(f) “Common expense” means those expenses, fees, or charges properly incurred for the maintenance, operation, and repair of the accommodations or facilities or both constituting the timeshare plan, or any other expenses, fees or charges designated as common expenses in a timeshare instrument.
(g) “Component site” means a specific geographic location where accommodations that are part of a multisite timeshare plan are located. Separate phases of a single timeshare property in a specific geographic location and under common management are deemed a single component site.
(h) “Conspicuous type” means any typeface:(1) (A) in upper-and lower-case letters two-point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than ten-point type, or(B) where the use of ten-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print that is conspicuous under the circumstances; and(2) separated on all sides from other type and print where conspicuous type is required separated on all sides from other type and print; conspicuous type may be utilized in contract for purchase of public offering statements only where required by law or as authorized by the Department.
(1) (A) in upper-and lower-case letters two-point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than ten-point type, or(B) where the use of ten-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print that is conspicuous under the circumstances; and
(A) in upper-and lower-case letters two-point sizes larger than the largest non-conspicuous type, exclusive of headings, on the page on which it appears, but not less than ten-point type, or
(B) where the use of ten-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print that is conspicuous under the circumstances; and
(2) separated on all sides from other type and print where conspicuous type is required separated on all sides from other type and print; conspicuous type may be utilized in contract for purchase of public offering statements only where required by law or as authorized by the Department.
(i) “Department” means the Virgin Islands Department of Licensing and Consumer Affairs.
(j) “Developer” means:(1) (A) any person, excluding a sales agent, who creates a timeshare plan, is in the business of selling timeshare interests or employs a sales agent to sell timeshare interest; or(B) any person who succeeds in the developer’s interest by sale, lease, assignment, mortgage or other transfer if such person (i) offers not less than twelve timeshare interests in a particular timeshare plan, and (ii) is in the business of selling timeshare interest or employs a sales agent to sell timeshare interests.(2) The term “developer” does not include a timeshare association that sells timeshare interest acquired by the timeshare association through foreclosure, non-judicial foreclosure, or deed in lieu of foreclosure.
(1) (A) any person, excluding a sales agent, who creates a timeshare plan, is in the business of selling timeshare interests or employs a sales agent to sell timeshare interest; or(B) any person who succeeds in the developer’s interest by sale, lease, assignment, mortgage or other transfer if such person (i) offers not less than twelve timeshare interests in a particular timeshare plan, and (ii) is in the business of selling timeshare interest or employs a sales agent to sell timeshare interests.
(A) any person, excluding a sales agent, who creates a timeshare plan, is in the business of selling timeshare interests or employs a sales agent to sell timeshare interest; or
(B) any person who succeeds in the developer’s interest by sale, lease, assignment, mortgage or other transfer if such person (i) offers not less than twelve timeshare interests in a particular timeshare plan, and (ii) is in the business of selling timeshare interest or employs a sales agent to sell timeshare interests.
(2) The term “developer” does not include a timeshare association that sells timeshare interest acquired by the timeshare association through foreclosure, non-judicial foreclosure, or deed in lieu of foreclosure.
(k) “Dispose or disposition” means a voluntary transfer of any legal or equitable timeshare interest, but does not include the transfer or release of a real estate lien or of a security interest.
(l) “Electronic” means relating to technology having electrical, digital magnetic, wireless, optical, electromagnetic, or similar capabilities.
(m) “Escrow account” means an account established solely for the purposes set forth in this chapter.
(n) “Escrow agent” means a bonded escrow company, a financial institution whose accounts are insured by a governmental agency or instrumentality, a licensed title agent, a licensed real estate broker or a licensed attorney who is responsible for the receipt and disbursement of funds in accordance with section 1104 of this chapter. The escrow agent is independent of the developer. For a timeshare plan located exclusively in the Territory, the escrow agent shall have an office in and be licensed in the Territory.
(o) “Exchange company” means any person or entity who owns or operated an exchange program.
(p) “Exchange discloser” statement means a written statement that includes the information required by section 1108 of this chapter.
(q) “Exchange program” means any method, arrangement or procedure for the voluntary exchange of timeshare interest among owners.
(r) “Facility” means any permanent amenity, including any structure furnishing, fixture, equipment, service, improvement, or real or personal property, improved or unimproved, other than an accommodation of the timeshare plan, which is made available to the purchasers of a timeshare plan. The term does not include an incidental benefit as defined in this section.
(s) “Independent” for purposes of determining the eligibility of an escrow agent means that: the escrow agent is not a relative of the developer as defined in 28 V.I.C. § 171(11), or an employee of the developer or managing entity, or of any officer, director, affiliate or subsidiary thereof; there is no financial relationship, other than the payment of fiduciary fees, between the escrow agent and the developer, or managing entity, or any officer, director affiliate or subsidiary thereof; and compensation paid by the developer to an escrow agent for services rendered is not paid from funds in the escrow account unless the developer is otherwise entitled to receive the disbursement of such funds from the escrow account in accordance with this chapter.
(t) “Managing entity” means the timeshare association or person who operates or maintains the timeshare plan.
(u) “Multisite timeshare plan” means a plan in which an owner has:(1) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or(2) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system plan, but which does not include a right to use and occupy a particular accommodation.
(1) a specific timeshare interest, which is the right to use and occupy accommodations at a specific timeshare property and the right to use and occupy accommodations at one or more other component sites created by or acquired solely through the reservation system of the timeshare plan; or
(2) a nonspecific timeshare interest, which is the right to use and occupy accommodations at more than one component site created by or acquired solely through the reservation system plan, but which does not include a right to use and occupy a particular accommodation.
(v) “Notice” means delivery by hand, the United States Postal Service, courier service, telefax, or electronic mail, provided in each instance that receipt of delivery is obtained.
(w) “offering” or “offer” means any advertisement intended to result in a person purchasing and interest in a timeshare plan.
(x) “One-to-one owner to accommodation ratio” has the meaning set forth in section 1109 of this chapter.
(y) “Owner” means any person, other than a developer, who has acquired a timeshare interest.
(z) “Promotion” means any program, activity or contest, or any gift, prize or other item of value, used to induce any person, to attend a timeshare sales presentation.
(aa) “Purchaser” means any person, other than a developer, who acquires a legal or equitable interest in a timeshare plan by means of a voluntary transfer other than as a security for an obligation.
(bb) “Regulated party” means any developer, exchange company, seller, managing entity, timeshare association, timeshare association director, timeshare association officer, manager, management firm, escrow agent, trustee, any prospective assignees or agents, or any other person having duties or obligations pursuant to this chapter.
(cc) “Reservation system” means the method, arrangement or procedure by which an owner, in order to preserve the use and occupancy of an accommodation of a multisite timeshare plan for one or more timeshare periods, is required to compete with other owners in the same multisite timeshare plan regardless of whether the reservation system is operated and maintained by the multisite timeshare plan, a managing entity, exchange company or any other person. If an owner is required to use an exchange program as the owner’s principal means of obtaining the right to use and occupy the accommodation and amenities of the plan, such arrangement is considered a reservation system. If the exchange company uses a mechanism to exchange timeshare periods among members of the exchange program, the use of the mechanism is not considered a reservation system of a multisite timeshare plan.
(dd) “Sale or sell” means the transfer of an interest in a timeshare plan for value. The term does not include administrative or closing costs associated with the sale of the timeshare interest.
(ee) “Sales agent” means a person who, directly or through the person’s employees, agent or independent contractors sells or offers to sell timeshare interest in a timeshare plan to any individual located in this Territory and is licensed by the Department of Licensing and Consumer Affairs.
(ff) “Single-site timeshare plan” means a timeshare plan in which an owner’s right to use and occupy accommodations is limited to a single timeshare property.
(gg) “Timeshare association” means an association composed of all owner of a timeshare interest created pursuant to section 1111 of this chapter.
(hh) “Timeshare disclosure statement” means the statements and information required by section 1107 of this chapter.
(ii) “Timeshare estate” means an arrangement under which the owner receives a right to occupy a timeshare property and a real estate interest in the timeshare property.
(jj) “Timeshare interest” means a timeshare estate or timeshare use.
(kk) “Timeshare instrument” means any document creating or regulating a timeshare plan and the use of the timeshare interests.
(ll) “Timeshare period” means the period of time within which the owner of a timeshare interest is entitled to the exclusive possession, occupancy and use of an accommodation.
(mm) “Timeshare plan” means any arrangement, plan, scheme or similar method, excluding an exchange program, but including a membership agreement, sale, lease, deed, license or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations on a recurring basis for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance. The term does not include any arrangement, plan, scheme or similar method wherein the contractually specified maximum total financial obligation on the purchaser’s part is $3,000 or less during the entire term of the plan, or the term is for a period of three years or less, regardless of the purchaser’s contractually specified maximum total financial obligation, if any. For purposes of determining the term of such use and occupancy rights, the period of any automatic renewals which a purchaser, in the purchaser’s sole discretion, may elect to exercise, whether or not for additional consideration, are not included. For purposes of determining the term of such use and occupancy rights, the period of any automatic renewals are included unless a purchaser has the right to terminate the membership at any time and receive a pro rata refund or the purchaser receives a notice no less than 30 days and no more than 60 days prior to the date of renewal informing the purchaser of the right to terminate at any time prior to the date of automatic renewal.
(nn) “Timeshare property” means one or more accommodations and any related amenities subject to the same timeshare instrument and any other property or property rights appurtenant to such accommodations and amenities.
(oo) “Timeshare use” means any arrangement under which the purchaser receives a right to occupy a timeshare property, but under which the purchaser does not receives a real estate interest in the timeshare property.