reglab/housing_qa huggingface dataset:
CA Bus & Prof Code § 11233 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11233.

11233.  An applicant for a public report for a time-share plan in which the use and occupancy of the time-share interest purchased in the time-share plan is determined according to a point system shall include in the application the following information:(a) Whether additional points may be acquired by purchase or otherwise, in the future and the manner in which future purchases of points may be made.(b) The transferability of points to other persons, other years or other time-share plans.(c) A copy of the then-current point value use directory, along with rules and procedures for changes by the developer or the association in the manner in which point values may be used.(1) No change exceeding 10 percent per annum in the manner in which point values may be used may be made without the assent of at least 25 percent of the voting power of the association other than the developer.(2) No time-share interest owner shall be prevented from using a time-share plan as a result of changes in the manner in which point values may be used.(3) In the event point values are changed or adjusted, no time-share owner shall be prevented from using his or her home resort in the same manner as was provided for under the original purchase contract.(d) Any limitations or restrictions upon the use of point values.(e) A description of an inventory control system that will ensure compliance with Section 11250.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11236 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11236.

11236.  (a) A receipt on the form specified herein shall be taken by or on behalf of the developer from each person executing a reservation agreement under authority of a preliminary public report and each person who has made a written offer to purchase or lease a time-share interest under authority of a preliminary, conditional, or final public report.(b) The developer or his or her agent shall retain each receipt for a final public report for a period of three years from the date of the receipt and shall make the receipts available for inspection by the commissioner or his or her designated representative during regular business hours.(c) The form approved by the commissioner for the acknowledgment of receipt of a preliminary, conditional, or final public report shall be as follows:“RECEIPT FOR PUBLIC REPORT The Law and Regulations of the commissioner require that you as a prospective purchaser or lessee be afforded an opportunity to read the public report for this time-share before you execute a contract to purchase or lease a time-share interest or before any money or other consideration toward purchase or lease of a time-share interest is accepted from you. You must be afforded an opportunity to read the report before a written reservation or any deposit in connection therewith is accepted from you.DO NOT SIGN THIS RECEIPT UNTIL YOU HAVE RECEIVED A COPY OF THE REPORT AND HAVE READ IT. I have read the commissioner’s public report on ____ (File No., Tract No., or Name). I understand the report is not a recommendation or endorsement of the time-share, but is for information only. The date of the public report which I received and read is ____. Developer Is Required to Retain This Receipt for Three Years.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11237 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11237.

11237.  (a) If a purchaser of a time-share interest in a time-share plan is offered the opportunity to acquire an incidental benefit in connection with the sale of a time-share interest, the developer shall provide the purchaser with a disclosure statement containing all of the following information:(1) A general description of the incidental benefit, including the terms and conditions governing the use of the incidental benefit.(2) A statement that the continued availability of the incidental benefit is not necessary for the use and enjoyment of the purchaser’s use of any accommodation of the time-share plan.(3) A statement that the purchaser’s use of or participation in the incidental benefit is completely voluntary, and payment of any fee or other cost associated with the incidental benefit is required only upon that use or participation.(4) A listing of the fees, if any, that the purchaser will be required to pay to use the incidental benefit.(5) A statement that no costs of acquisition, operation, maintenance, or repair of the incidental benefit shall be passed on to purchasers of time-share interests in the time-share plan as a common expense of the time-share plan.(b) A developer shall include in its initial application for registration, a description of any incidental benefits which may be used by the developer. The developer may, but shall not be required to describe the incidental benefits in the public report for the time-share plan.(c) The incidental benefit disclosure is not required to be filed with the commissioner prior to the use of the disclosure. However, the commissioner may request and review the records of the developer to ensure that the incidental benefit disclosure required by this section has been given to purchasers and to ensure that the statements required to be made in the disclosure are accurate as to the operation of each incidental benefit offered by the developer. The developer shall deliver the records to the commissioner within 10 business days of the commissioner’s request.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11239 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11239.

11239.  (a) To inform a purchaser of his or her right of cancellation under Section 11238, the developer shall attach to the face page of every copy of a public report given to a prospective purchaser, the cancellation notice set forth in subdivision (b) thereof printed in conspicuous type.(b) The form and content of the notice shall be as follows:NOTICE OF CANCELLATION RIGHTS You may cancel the purchase of the time-share interest(s) in the time-share plan identified below without any penalty or obligation and are legally entitled to the return of all money and other considerations that you have given toward the purchase. If you decide to cancel your purchase, you must notify the developer in writing of your intent to cancel within seven calendar days of receipt of the public report or the date you sign the purchase contract, whichever date is later. Your notice of cancellation shall be effective upon the date sent and shall be sent to the developer at the address or facsimile number provided in your purchase contract. Any attempt to obtain a waiver of your cancellation right is void and of no effect.(c) Each notice shall also contain the following form. The form shall have all developer-related information completed by the developer and may be used by a purchaser to cancel the sale of the time-share interest:(Name of Developer) (Address of Developer)(Facsimile Number of Developer)(Name of Time-share Plan)(DRE Registration File Number)RE: ELECTION TO CANCEL THE SALE OF A TIME-SHARE INTEREST(S)I hereby elect to cancel my purchase of the time-share interest(s) in the above-name time-share plan. _____ (Date) _____ (Signature)(Print Name)(Signature)(Print Name)(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11242 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11242.

11242.  (a) In any time-share plan, the developer may undertake to pay a portion of the assessments otherwise payable by each purchaser (“buy down subsidy”). Any developer undertaking to pay a buy down subsidy shall do both of the following:(1) Enter into a contract with the association that specifies in detail the obligations of the developer and the methods to be used in valuing the goods and services furnished under the time-share plan.(2) Furnish the association with an executed copy of the subsidization contract within 10 days after closing of escrow of the first sale or lease of a time-share interest.(b) If the developer is paying a buy down subsidy, the developer shall provide an assurance for its buy down subsidy obligation in an amount acceptable to the commissioner, but not more than the aggregate amount by which annual assessments are to be reduced, for example, the number of interests to be sold in each unit type multiplied by the amount by which the annual assessment for such unit type is to be reduced, multiplied by the number of years in the term of the buy down subsidy.(c) For any buy down subsidy agreements entered into after July 1, 2005, the subsidy agreements shall provide that if there is a dispute between the developer and the association with respect to the question of satisfaction of the conditions for exoneration or release of the security, the issue shall, at the request of either party, be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association or another third-party arbitration organization selected by the parties and in accordance with Title 9 (commencing with Section 1280) of Part 3 of the Code of Civil Procedure. Any fee to initiate the arbitration shall be remitted by the developer. The cost of arbitration shall ultimately be borne as determined by the arbitrator under those rules.(Amended by Stats. 2019, Ch. 153, Sec. 2. (SB 578) Effective January 1, 2020.)
CA Bus & Prof Code § 11242.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11242.1.

11242.1.  (a) The assurance specified in Section 11241 and, if applicable, the assurance specified in Section 11242, shall be delivered to the trustee or an escrow depository acceptable to the department along with an executed copy of the subsidization contract and instructions to the escrow depository signed by the developer and on behalf of the association. The instructions shall provide for both of the following:(1) The escrow agent shall not release or exonerate the security device until it has received written notice from the association that the developer has faithfully performed all of the developer’s obligations under the subsidization contract, if applicable, and the escrow agent has received the written notices specified in paragraph (1) of subdivision (c) of Section 11241.(2) If there is a dispute between the developer and the association with respect to the questions of satisfaction of the conditions for exoneration or release of the security, the issue or issues shall, at the request of either party, be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association or another third-party arbitration organization selected by the parties and in accordance with Title 9 (commencing with Section 1280) of Part 3 of the Code of Civil Procedure.(b) Any fee to initiate arbitration shall be submitted by the developer. The costs of arbitration shall be borne by the party as determined by the arbitrator.(c) The agreement for the deficit subsidy, described in subdivision (a) of Section 11241, and the agreement for the buy down subsidy, described in subdivision (a) of Section 11242 may, at the option of the developer, be contained in one instrument.(Amended by Stats. 2019, Ch. 153, Sec. 3. (SB 578) Effective January 1, 2020.)
CA Bus & Prof Code § 11245.1 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11245.1.

11245.1.  Notwithstanding paragraph (3) of subdivision (f) of Section 17537.2, a person subject to this chapter may offer as an incentive to a prospective purchaser of a time-share interest temporary accommodations that are located beyond a 20-mile radius of the property on which the time-share interest offered for sale is located, if all of the following conditions are met:(a) The offeror has provided the prospective purchaser with prior written notice of the location of the temporary accommodations being offered as an incentive, including, but not limited to, (1) information identifying the distance of the temporary accommodations from the property on which the time-share interest offered for sale is located and (2) an estimated travel time from the temporary accommodation to the property on which the time-share interest offered for sale is located.(b) The prospective purchaser has acknowledged their consent to the location of the temporary accommodations in writing or electronically.(c) The offeror has complied with Section 11245.(d) This section shall remain in effect only until January 1, 2023, and as of that date is repealed.(Added by Stats. 2019, Ch. 153, Sec. 4. (SB 578) Effective January 1, 2020. Repealed as of January 1, 2023, by its own provisions.)
CA Bus & Prof Code § 11246 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 2 - Registration, Sale Requirements, and Fees|Section 11246.

11246.  With each application for an amendment or renewal of a public report, and with the initial submittal of an application for a time-share plan in which sales have occurred prior to obtaining a California public report, the developer shall submit to the commissioner a certification by an independent third party acceptable to the commissioner and dated not more than three months prior to the submittal of the application, stating that the inventory control system, described in paragraph (6) of subdivision (c) of Section 11226 functions in accordance with the description set forth in that section. The certification shall be based on a random sampling of transactions performed within the six months preceding the date of the application. Inventory control systems that cover time-share estates for which the developer offers, and the title insurance company agrees to provide title insurance, shall not require certification. Independent title insurance companies licensed to do business as such in this state and independent certified public accountants shall be deemed acceptable third parties in accordance with this section.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11250 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 3 - Time-Share Plan Requirements|Section 11250.

11250.  A time-share plan may be created in any accommodation unless otherwise prohibited. All time-share plans shall maintain a one-to-one purchaser to accommodation ratio, which means the ratio of the number of purchasers eligible to use the accommodations of a time-share plan on a given night to the number of accommodations available for use within the plan on that night, such that the total number of purchasers eligible to use the accommodations of the time-share plan during a given calendar year never exceeds the total number of accommodations available for use in the time-share plan during that year. For purposes of the calculation under this section, each purchaser must be counted at least once, and no individual accommodation may be counted more than 365 times per calendar year or more than 366 times per leap year. A purchaser who is delinquent in the payment of time-share plan assessments shall continue to be considered eligible to use the accommodations of the time-share plan for purposes of calculating the one-to-one purchaser to accommodation ratio.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11252 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 3 - Time-Share Plan Requirements|Section 11252.

11252.  In a time-share plan offering time-share use interests, the developer shall not encumber the accommodations of the time-share plan in a manner that could materially and adversely affect the use rights of the purchasers of the accommodations without the written assent of not less than 51 percent of the time-share interest owners other than the developer. This section shall not prevent the developer from encumbering the purchaser’s use rights so long as the developer has sufficient protection as permitted by Section 11244.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11253 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 3 - Time-Share Plan Requirements|Section 11253.

11253.  For single site time-share plans and component sites of multisite time-share plans located in this state, the time-share instrument shall require that the following insurance be at all times maintained in force to protect time-share interest owners in the time-share plan:(a) Insurance against property damage as a result of fire and other hazards commonly insured against, covering all real and personal property comprising the time-share plan in an amount not less than 80 percent of the full replacement value of the time-share property.(1) In a time-share use offering, the trustee shall be a named coinsured, and if for any reason, title to the accommodation is not held in trust, the association shall be named as a coinsured as the agent for each of the time-share interest owners.(2) In a time-share estate offering, the association shall be named as a coinsured if it has title to the property or as a coinsured as agent for each of the time-share interests owners if title is held by the owners as tenants in common.(3) If, after control of the governing body of the association has passed to the owners other than the developer, and the association amends the time-share instrument to reduce the percentage below 80 percent, the failure of the association to maintain coverage at 80 percent of replacement value shall not be grounds for denial of a public report.(b) Liability insurance against death, bodily injury, and property damage arising out of or in connection with the use, ownership, or maintenance of the accommodations of the time-share plan.(1) The amounts of the insurance shall be determined by the association, but shall not be less than five hundred thousand dollars ($500,000) to one million dollars ($1,000,000) for personal injury and one hundred thousand dollars ($100,000) for property damage.(2) The liability insurance policy shall provide for all of the following:(A) All time-share interest owners as a class are named as additional insureds in a policy issued to the association.(B) The waiver by the insurer of its right to subrogation under the policy against any time-share interest owner or member of his or her household.(C) No act or omission by a time-share interest owner, unless acting within the scope of his or her authority on behalf of the association, shall void the policy or operate as a condition to recovery under the policy by any other person.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
CA Bus & Prof Code § 11254 (2021)
2021 California Code|Business and Professions Code - BPC|DIVISION 4 - REAL ESTATE|PART 2 - REGULATION OF TRANSACTIONS|CHAPTER 2 - The Vacation Ownership and Time-Share Act of 004|ARTICLE 3 - Time-Share Plan Requirements|Section 11254.

11254.  (a) In a time-share plan in which the fee or a long-term leasehold interest in all or some of the accommodations and in appurtenant real and personal property is to be transferred to the association or to a corporate trustee under a trust agreement, the conveyance shall be made prior to the closing of the escrow for the first sale of a time-share interest in the accommodation.(b) The developer may reserve easements in the real property conveyed for purposes reasonably related to the conduct of commercial activities in the time-share property, if the developer covenants to use the easements in a manner that will minimize any adverse impact on the use and enjoyment of the accommodation by any time-share interest owner occupying it.(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)