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Virgin Islands Statutes, Title 28

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 28, Property

25 chapters · 359 sections in this title.

All chapters in Title 28359 Ch 21, Actions for Partition of Real Property60 Ch 31, Landlord and Tenant34 Ch 29, Uniform Unclaimed Property Act31 Ch 33, Condominium Act27 Ch 12, Construction Liens26 Ch 36, The Virgin Islands Timeshare Act21 Ch 7B, Uniform Residential Mortgage Satisfa…17 Ch 18, Uniform Environmental Covenants Act …15 Ch 7, Recording of Instruments14 Ch 13, Actions to Recover Possession of Rea…14 Ch 25, Liens on Personal Property14 Ch 19, Condemnation of Property; Eminent Domain13 Ch 9, Virgin Islands Uniform Fraudulent Tr…12 Ch 1, Estates in Property Generally11

21 sections·Filtered byTitle 28✕Ch 36✕

28 V.I.C. § 1100 Short title
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This chapter is known and may be cited as “The Virgin Islands Timeshare Act”.
28 V.I.C. § 1101 Purpose
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(a) The purpose of this chapter is to:(1) Give statutory recognition to timesharing in the Territory;(2) Regulate timeshare plans located in the Territory, whether or not offered or sold in the Territory, and regulate the sale of timeshare plans located outside the Territory when…
28 V.I.C. § 1102 Definitions
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(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 …
28 V.I.C. § 1103 Creation of timeshare plan; partition
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(a) A timeshare plan may be created in any accommodation, unless expressly prohibited by the timeshare instruments. (b) Timeshare interests may be created in the form of a contractual interest, lease, condominium, trust, cooperative, undivided ownership interest, or any form of s…

28 V.I.C. § 1104 Escrowed deposits

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(a) For a timeshare plan located exclusively in this Territory, the developer of a timeshare plan shall:(1) Deposit with an escrow agent 100 percent of all funds and other property that are received during the seven-day cancellation period provided for in section 1106(b) of this …

28 V.I.C. § 1105 Alternative assurances

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(a) In lieu of the deposit of funds in an escrow or trust account as required by section 1104, the escrow agent may accept from the developer a surety bond, irrevocable letter of credit or other form of financial assurance, including financial assurance posted in another jurisdic…

28 V.I.C. § 1106 Cancellation of purchase contract; purchase contract disclosures

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(a) A purchaser may cancel a purchase contract before midnight of the seventh calendar day after the date the purchaser signs and receives a copy of the purchase contract or receives the required timeshare disclosure statement set forth in section 1107, whichever is later. A deve…

28 V.I.C. § 1107 Timeshare disclosure statement

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(a) Before a prospective purchaser signs any agreement to acquire a timeshare interest, the developer shall provide a disclosure statement to the prospective purchaser and shall obtain from the purchaser a written acknowledgement of receipt of the timeshare disclosure statement. …

28 V.I.C. § 1108 Exchange disclosure statement

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(a) If a prospective purchaser is also offered participation in any exchange program, at or before the time the prospective purchaser signs the agreement to acquire the timeshare interest, the developer shall deliver to the prospective purchaser the exchange disclosure statement …

28 V.I.C. § 1109 One-to-one owner to accommodation ratio

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All timeshare plans must maintain a one-to-one owner accommodation ratio, which means the ratio of the number of owners eligible to use the accommodations of a timeshare plan on a given night to the number of accommodations available for use within the timeshare plan on that nigh…

28 V.I.C. § 1110 Non-judicial foreclosure

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(a) General(1) A mortgage may confer a power of sale upon the mortgagee, trustees, or any other person to be exercised after a breach of the obligation for which that mortgage or transfer is a security.(2) A regular or special assessment under a timeshare plan and any late charge…

28 V.I.C. § 1111 Timeshare association

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(a) Each timeshare plan located exclusively in this Territory and established after the effective date of this chapter must provide a timeshare association to act exclusively as managing entity for the timeshare plan pursuant to this chapter. The developer shall act as the managi…

28 V.I.C. § 1112 Taxation

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(a) With respect to any timeshare association for a timeshare plan created after the date this chapter is enacted, the timeshare association shall collect taxes and other fees assessed and billed by the Tax Assessor as agent for all owners of timeshare interests and shall remit a…

28 V.I.C. § 1113 Securities exemption

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Any timeshare plan offered in compliance with this chapter may not be construed as a security.

28 V.I.C. § 1114 Licensing

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(a) Any seller of a timeshare plan, who acts on behalf of an owner during the ordinary course of business in exchange for a commission or other compensation strictly on a transactional basis, must be a licensed by the Department at a fee to be determined by the Department. (b) Th…

28 V.I.C. § 1115 Records required to be kept by the managing entity

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(a) During any period of time in which a timeshare association has entered into a contract with a manager or management firm to provide some or all of the management services to the timeshare plan, both the board of administration and the manager or management firm are considered…

28 V.I.C. § 1116 Department powers and duties

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(a) The Department may enforce and ensure compliance with this chapter. In performing its duties, the Department has the following powers and duties:(1) To aid in the enforcement of this chapter, or any Department regulation adopted, or order issued pursuant to this chapter, the …

28 V.I.C. § 1117 Statements or representations which are permitted or prohibited

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(a) No advertisements, materials, or representations used in the offer or sale of timeshare interests may:(1) Contain any representation as to the guaranteed resale or rental of a timeshare interest through a resale program or rental program offered by or on behalf of the develop…

28 V.I.C. § 1118 Violations of this chapter

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(1) Any of the following committed by a developer or other person or entity is a violation of this chapter:(1) Failing to provide a copy of the required timeshare disclosure statement to the purchaser prior to the time the contract is signed by the purchaser;(2) Failing to provid…

28 V.I.C. § 1119 Remedy for violations of this chapter

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(a) If a developer or any other person or entity subject to this chapter violates any provision of this chapter, any person adversely affected by the violation may bring an action to: obtain a declaratory judgment that an act or practice violates chapter; enjoin in accordance wit…

28 V.I.C. § 1120 Application of chapter

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(a) Except for sections 1102, 1104, and 1114, this chapter does not apply retroactively to timeshare plans existing prior to June 30, 2021. Notwithstanding the foregoing, any developer may adopt the provisions of section 1110 of this chapter for mortgages entered into prior to Ju…