reglab/housing_qa huggingface dataset:
NE Code § 76-1715 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1715 - Escrow of deposits; surety bond.

76-1715.  Escrow of deposits; surety bond.(1) Any deposit made in connection with the purchase or reservation of a time-share interval from a developer shall be placed in escrow, in an account designated solely for that purpose, in an institution whose accounts are insured by a governmental agency or instrumentality, until (a) delivered to the developer at the expiration of the time for rescission or any later time specified in any contract or sale, (b) delivered to the developer because of the purchaser's default under a contract to purchase the time-share interval, or (c) refunded to the purchaser. The developer shall register such escrow bank account with the commission and authorize the commission to examine the account.(2) The escrow account shall be held in this state, except that the escrow account may be held in another state where the time-share project is located if (a) the account is designated solely for that purpose and is insured by a governmental agency or instrumentality, (b) the escrow agent is subject to the personal jurisdiction and venue of the district court in Nebraska located in the county of the purchaser's residence or principal office, and (c) the commission is authorized to examine the account.(3) In lieu of placing deposits in an escrow account, the commission may accept from the developer a surety bond, issued by a company authorized and licensed to do business in this state, in an amount equal to fifty thousand dollars to cover any default by the developer to refund a deposit made in connection with a purchase or reservation of a time-share interval.Source   Laws 1980, LB 945, § 15;  Laws 2001, LB 68, § 7.
NE Code § 76-1716 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1716 - Mutual right of cancellation.

76-1716.  Mutual right of cancellation.(1) 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 shall be voidable by the purchaser until he or she has received the public-offering statement and for three business days thereafter. Cancellation shall be without penalty, and all payments made by the purchaser before cancellation shall be refunded within thirty days after receipt of the notice of cancellation as provided in subsection (3) of this section.(2) Up to three business days after the receipt by the purchaser of the public-offering statement, the developer may cancel the contract of purchase without penalty to either party. The developer shall return all payments made and the purchaser shall return all materials received in good condition, reasonable wear and tear excepted. If such materials are not returned, the developer may deduct the cost of the same and return the balance to the purchaser.(3) If either party elects to cancel a contract pursuant to subsection (1) or (2) of this section, he or she may do so by hand-delivering notice thereof to the other party or by mailing notice thereof by prepaid United States mail to the other party or to his or her agent for service of process.Source   Laws 1980, LB 945, § 16;  Laws 2001, LB 68, § 8.
NE Code § 76-1717 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1717 - Other filings not required; not treated as a security.

76-1717.  Other filings not required; not treated as a security.(1) Any time-share program registered with the commission in which a public-offering statement has been prepared does not require registration under any other state statute.(2) Any time-share program that fails to restrict the price at which an owner may sell or exchange his or her time-share interval shall not by virtue of such failure cause the time-share interval to become a security under the Securities Act of Nebraska nor shall an exchange agent offering such a time-share interval for exchange be construed to be offering a security under such act.Source  Laws 1980, LB 945, § 17. Cross References  Securities Act of Nebraska, see section 8-1123.
NE Code § 76-1718 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1718 - Public-offering statement; not required; when.

76-1718.  Public-offering statement; not required; when.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) The Securities and Exchange Act of 1933;(2) The federal Interstate Land Sales Full Disclosure Act in which the time-share program is made a part of the subdivision that is being registered; or(3) Any federal act or act of the state where the time-share project is located which requires a federal or state public-offering statement or similar disclosure document to be prepared and provided to purchasers.Source   Laws 1980, LB 945, § 18;  Laws 2001, LB 68, § 9.
NE Code § 76-1719 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1719 - Public-offering statement; cases in which not required.

76-1719.  Public-offering statement; cases in which not required.A public-offering statement need not be prepared or delivered in the case of:(1) Any transfer of a time-share interval by any time-share interval owner other than the developer or his or her agent;(2) Any disposition pursuant to court order;(3) A disposition by a government or governmental agency;(4) A disposition by foreclosure or deed in lieu of foreclosure;(5) A disposition of a time-share interval in a time-share project situated wholly outside this state if all solicitations, negotiations, offerings, and contacts took place wholly outside this state and the contract was executed wholly outside this state;(6) A gratuitous transfer of a time-share interval; or(7) Group reservations made for fifteen or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, when deposits are made and held for more than three years in advance.Source   Laws 1980, LB 945, § 19;  Laws 2001, LB 68, § 10.
NE Code § 76-1720 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1720 - Public-offering statement; material change; amend or supplement.

76-1720.  Public-offering statement; material change; amend or supplement.The developer shall amend or supplement the public-offering statement to report any material change in the information required by sections 76-1713 and 76-1714. As to any exchange program, the developer shall use the current written materials that are supplied to it for distribution to the time-share interval owners as it is received.Source  Laws 1980, LB 945, § 20.
NE Code § 76-1721 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1721 - Liens.

76-1721.  Liens.(1) 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 shall provide a surety bond or insurance against the lien.(2) Unless a time-share interval owner or his or her predecessor in title agree otherwise with the lienor, if a lien other than an underlying mortgage or deed of trust becomes effective against more than one time-share interval in a time-share project, any time-share interval owner is entitled to a release of his or her time-share interval from the lien upon payment of the amount of the lien attributable to his or her time-share interval. The amount of the payment shall be proportionate to the ratio that the time-share interval owner's liability bears to the liabilities of all time-share interval owners whose interests are subject to the lien. Upon receipt of payment, the lienholder shall promptly deliver to the time-share interval owner a release of the lien covering that time-share interval. After payment, the managing entity shall not assess or have a lien against that time-share interval for any portion of the expenses incurred in connection with that lien.Source  Laws 1980, LB 945, § 21.
NE Code § 76-1722 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1722 - Effect of violation on rights of action; attorney's fees; violations; penalties; enforcement.

76-1722.  Effect of violation on rights of action; attorney's fees; violations; penalties; enforcement.(1) If a developer or any other person subject to the Nebraska Time-Share Act violates any provision thereof or any provision of the project instruments, any person or class of persons damaged or otherwise adversely affected by the violation shall have a claim for appropriate relief, which may be brought in the county where the cause of action or part of the cause of action arose. The court may render any contract entered into in this state in violation of the act void and unenforceable and any money paid under such contract, together with interest at the rate of six percent per annum, may be recovered from the date of such payment or such violation, whichever is later. The court may also award such person or class of persons reasonable attorney's fees.(2)(a) Any developer or any other person subject to the act who offers or disposes of a time-share interval without having complied with the act or who violates any provision of the act shall be guilty of a Class I misdemeanor.(b) Any person acting as a sales agent without having first obtained a real estate broker or salesperson license shall be guilty of a Class II misdemeanor.(3) Whenever, in the judgment of the commission, any person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of the act, the Attorney General may maintain an action in the name of the State of Nebraska, in the district court of the county wherein such violation or threatened violation occurred, to abate and temporarily and permanently enjoin such acts and practices and to enforce compliance with the provisions of the act. The plaintiff shall not be required to give any bond nor shall any court costs be adjudged against the plaintiff.(4) The commission by and through its director may prefer a complaint for violation of the act.Source   Laws 1980, LB 945, § 22;  Laws 2001, LB 68, § 11.
NE Code § 76-1723 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1723 - Statutes of limitations.

76-1723.  Statutes of limitations.A judicial proceeding in which the accuracy of the public-offering statement or validity of any contract of purchase is in issue or in which a rescission of the contract or damages is sought shall be commenced within four years after the date of the contract of purchase, notwithstanding that the purchaser's terms of payments may extend beyond the period of limitation except that, with respect to the enforcement of provisions in the contract of purchase which require the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period for bringing a judicial proceeding will continue for a period of four years for each breach, but the parties may agree in writing to reduce the period of limitation to not less than two years.Source  Laws 1980, LB 945, § 23.
NE Code § 76-1724 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1724 - Financial records.

76-1724.  Financial records.The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. All financial and other records shall be made reasonably available for examination by any time-share interval owner and his or her authorized agents.Source  Laws 1980, LB 945, § 24.
NE Code § 76-1725 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1725 - Commission; powers.

76-1725.  Commission; powers.(1) The commission may adopt, amend, and repeal rules and regulations and issue orders consistent with, and in furtherance of the objectives of the Nebraska Time-Share Act. The commission may prescribe forms and procedures for submitting information to the commission.(2) The commission may accept grants-in-aid from any governmental source and may contract with agencies charged with similar functions in other jurisdictions in furtherance of the objectives of the act.(3) The commission may cooperate with agencies performing similar functions in this and other jurisdictions to develop uniform filing procedures and forms, uniform disclosure standards, and uniform administrative practices, and may develop information that may be useful in the discharge of the commission's duties.(4) The commission may initiate private investigations within or outside this state.Source   Laws 1980, LB 945, § 25;  Laws 2001, LB 68, § 12.
NE Code § 76-1726 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1726 - Commission; notice of suspension; conditions; cease and desist order; revocation order.

76-1726.  Commission; notice of suspension; conditions; cease and desist order; revocation order.(1) The commission, after notice and hearing, may issue a notice of suspension if any of the following conditions exist:(a) Any representation in any document or information filed with the commission is false or misleading;(b) Any developer or agent of the developer has engaged or is engaging in any unlawful act or practice;(c) Any developer or agent of the developer has disseminated or caused to be disseminated orally or in writing any false or misleading promotional materials in connection with a time-share program;(d) Any developer or agent of the developer has concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of time-share intervals in the time-share program;(e) Any developer or agent of the developer has failed to perform any stipulation or agreement made to induce the commission to issue an order relating to the time-share program; or(f) Any developer or agent of the developer has otherwise violated any provision of the Nebraska Time-Share Act or the commission's rules and regulations or orders.(2) The commission may issue a cease and desist order if the developer has not registered the time-share program as required by the act.(3) The commission, after notice and hearing, may issue an order revoking the registration of a time-share program upon determination that a developer or agent of the developer has failed to comply with a notice of suspension issued by the commission affecting the time-share program.Source   Laws 1980, LB 945, § 26;  Laws 2001, LB 68, § 13.
NE Code § 76-1727 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1727 - Time-share interval; offer or sale; restrictions.

76-1727.  Time-share interval; offer or sale; restrictions.A developer shall not offer or dispose of a time-share interval:(1) If the time-share program is not registered with the commission and not otherwise exempted under section 76-1738, except that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable at any time at the purchaser's option. In all cases, a reservation shall require a subsequent affirmative act by the purchaser by a separate instrument to create a binding obligation;(2) While an order revoking or suspending the registration of the time-share program is in effect; or(3) If the developer has not designated a duly licensed Nebraska real estate broker who accepts responsibility for the developer's actions in this state.Source   Laws 1980, LB 945, § 27;  Laws 2001, LB 68, § 14.
NE Code § 76-1728 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1728 - Acquisition agent; register information; bond.

76-1728.  Acquisition agent; register information; bond.An acquisition agent, including the developer if it is also the acquisition agent, shall register with the commission the time-share program or programs that it is providing prospective purchasers for, its principal office address and telephone number, and designate who its responsible managing employee is. The acquisition agent shall furnish evidence that a bond of five thousand dollars has been placed with a surety company or a cash bond with the commission to cover any violations of any solicitation ordinances, zoning ordinances, building codes, or other regulations governing the use of the premise or premises in which the time-share program is promoted.Source  Laws 1980, LB 945, § 28.
NE Code § 76-1729 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1729 - Sales agent; register information; bond.

76-1729.  Sales agent; register information; bond.A sales agent, including the developer if it is also the sales agent, shall register with the commission the time-share program or programs that it is selling, its principal office address and telephone number, and designate who its responsible managing employee is and any special escrow accounts set up for the deposit and collection of purchasers' funds. The sales agent shall furnish evidence that a bond of five thousand dollars has been placed with a surety company or a cash bond with the commission to cover any defalcations of the sales agent.Source  Laws 1980, LB 945, § 29.
NE Code § 76-1730 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1730 - Managing agent; register information; bond.

76-1730.  Managing agent; register information; bond.A managing agent, including the developer if it is also the managing agent, shall register with the commission the time-share program or programs that it is managing, its principal office address and telephone number, and designate who its responsible managing employee is. The managing agent shall furnish evidence that a bond of five thousand dollars has been placed with a surety company or a cash bond with the commission to cover any default of the managing agent of his or her duties and responsibilities.Source  Laws 1980, LB 945, § 30.
NE Code § 76-1731 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1731 - Bonds; consolidation.

76-1731.  Bonds; consolidation.If the acquisition agent, sales agent, and management agent are under the control of, subsidiary of, or affiliate of the developer or any other person, the bonds required by sections 76-1728 to 76-1730 may be consolidated and reduced to ten thousand dollars if there is a disclosure of the affiliation and the disclosures required by sections 76-1728 to 76-1730.Source  Laws 1980, LB 945, § 31.
NE Code § 76-1732 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1732 - Exchange agent; file information.

76-1732.  Exchange agent; file information.An exchange agent, including the developer who is also the exchange agent, shall file a statement with the commission containing a list of time-share programs for which it is offering exchange services, its principal office address and telephone number, a designation of its responsible managing employee or person with whom any contact is to be made, and the information required in subdivisions (1) through (7) of section 76-1714. Such statement may omit any information which the exchange agent certifies in writing to the developer and which the developer includes in the public-offering statement.Source   Laws 1980, LB 945, § 32;  Laws 2001, LB 68, § 15.
NE Code § 76-1733 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1733 - Acquisition agent; sales agent; maintain records.

76-1733.  Acquisition agent; sales agent; maintain records.The acquisition agent and sales agent shall each maintain their respective records of any independent contractors employed by them, their addresses, and commissions paid for the immediately preceding two calendar years.Source  Laws 1980, LB 945, § 33.
NE Code § 76-1734 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-1734 - Application for registration; contents; fees; certificate of registration; report; investigation.

76-1734.  Application for registration; contents; fees; certificate of registration; report; investigation.(1) An application for registration shall contain the public-offering statement, a brief description of the property, copies of time-share instruments, a certified, audited financial statement fully and fairly disclosing the current financial condition of the developer, and any documents referred to therein and such other information as may be required by the commission. In lieu of a certified, audited financial statement of the developer, the commission may accept a current audited consolidated financial statement which includes the financial condition of the developer and is accompanied by a statement from the developer's parent organization, in a form approved by the commission, that guarantees the developer's performance on any obligation under the Nebraska Time-Share Act or as contracted by the developer.(2) Such application shall be accompanied by a filing fee of two hundred dollars plus five dollars for each twenty-five time-share intervals or portions thereof. If the application is approved, the commission shall issue a certificate of registration to the applicant. After issuance of a certificate, an annual fee of fifty dollars plus five dollars for each twenty-five time-share intervals or fraction thereof computed on the number of time-share intervals in the original application shall be due and payable on or before January 1 of each year. The annual fee for each time-share program shall not exceed one thousand five hundred dollars. Failure to remit annual fees when due shall automatically cancel the certificate, but otherwise such certificate shall remain in full force and effect if the commission determines from satisfactory investigation that such certificate should be renewed.(3) Before issuing the renewal certificate each year, the certificate holder shall furnish to the commission, on or before January 1 of each year, an annual report of all purchases and reservations made by the developer or its agents to any person with a residence, primary place of business, or mailing address in this state and any other information requested by the commission. The annual report shall (a) include the amount of any deposit required to be made in connection with the purchase or reservation of a time-share interval from the developer and (b) cover the twelve-month period ending October 31 immediately preceding the annual report.(4) The commission shall thoroughly investigate all matters relating to the application and may require a personal inspection of the real estate by a person or persons designated by it. All expenses incurred by the commission in investigating such real estate and the proposed sale thereof in this state shall be borne by the applicant and the commission shall require a deposit sufficient to cover such expenses prior to incurring such expenses.Source   Laws 1980, LB 945, § 34;  Laws 2001, LB 68, § 16;  Laws 2004, LB 845, § 3.