reglab/housing_qa huggingface dataset:
NV Rev Stat § 119A.304 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.304 - Developer to file amended statement of record if material change to time-share plan; effectiveness; correction of deficiencies; amendment to time-share instrument required to be filed with Division; approval of amendment by Division.

  1. If there is a material change to the time-share plan, the developer shall file an amended statement of record, and such amended statement of record is effective on the 60th day after the filing or, in the event that units are added to the time-share plan which are in a component site which has not previously been registered with the Division, on the 120th day after the filing, unless the Administrator:  (a) Issues a denial of the amended statement of record pursuant to NRS 119A.654 in a notice of deficiency describing the reasons for the denial in sufficient detail to allow the developer to correct the deficiencies in the amended statement of record; or  (b) Approves the amended statement of record on an earlier date.  2. The developer may submit evidence that the deficiencies in the amended statement of record described in the notice of deficiency issued pursuant to paragraph (a) of subsection 1 have been corrected within 90 days after the developer receives the notice of deficiency or within such extended time period as approved by the Division in writing.  3. The Administrator shall, within 30 days after receiving evidence that the deficiencies in the amended statement of record are corrected, approve the amended statement of record or issue a denial of the amended statement of record pursuant to NRS 119A.654 in a notice of deficiency describing the reasons for denial. If the Division fails to take any of the actions described in this subsection within the 30-day period, the amended statement of record shall be deemed approved by the Division.  4. If the developer fails to correct all the deficiencies in the amended statement of record after receipt of a second notice of deficiency pursuant to subsection 3, the Administrator may deny the amended statement of record and require the developer to pay a filing fee equal to one-half of the filing fee for an amendment to a statement of record as set forth in subsection 1 of NRS 119A.360.  5. Any amendment proposed by the developer to the provisions of a time-share instrument must be filed with the Division. Unless the Division notifies the developer of its disapproval within 15 days after the developer files the proposed amendment to the time-share instrument, the amendment shall be deemed to be approved by the Division.  (Added to NRS by 2013, 3507)
NV Rev Stat § 119A.305 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.305 - Terms and conditions of supporting documents: Description in public offering statement; conditions of permit.

The terms and conditions of the documents and agreements submitted pursuant to NRS 119A.300 and 119A.307 which relate to the creation and management of the time-share plan and to the sale of time shares and to which the applicant or an affiliate of the applicant is a party must be described in the public offering statement and constitute the terms and conditions of the applicant’s permit to sell time shares.  (Added to NRS by 1987, 1079; A 1991, 97; 2001, 2503; 2013, 1584, 3516)
NV Rev Stat § 119A.310 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.310 - Grounds for denial of permit; burden of proof.

  1. The Administrator shall deny an application for a permit to sell time shares if the Administrator finds that:  (a) The developer failed to comply with any of the provisions of this chapter or the regulations adopted by the Division; or  (b) The developer, any affiliate of the developer or any officer of the developer or an affiliate of the developer, has:  (1) Been convicted of or pleaded nolo contendere to forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or other crime involving moral turpitude;  (2) Been the subject of a judgment in any civil or administrative action, including a proceeding to revoke or suspend a license, involving fraud or dishonesty;  (3) Been permanently enjoined by a court of competent jurisdiction from selling real estate, time shares or securities in an unlawful manner;  (4) Had a registration as a broker-dealer in securities or a license to act as a real estate broker or salesperson, project broker or sales agent revoked;  (5) Been convicted of or pleaded nolo contendere to selling time shares without a license; or  (6) Had a permit to sell time shares, securities or real estate revoked.  2. The Administrator may deny an application for a permit to sell time shares if the Administrator finds that the developer has failed to offer satisfactory proof that it has a good reputation for honesty, trustworthiness, integrity and competence to transact the business of a developer in a manner which safeguards the interests of the public.  3. The burden of proof is on the developer to establish to the satisfaction of the Administrator that the developer is competent to transact the business of the developer in a manner which safeguards the interests of the public.  4. If a developer has substantially complied with the provisions of this chapter in good faith, a nonmaterial error or omission is not sufficient grounds to deny a permit.  (Added to NRS by 1983, 980; A 1985, 1141; 1991, 97; 2001, 2503; 2013, 3516)
NV Rev Stat § 119A.320 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.320 - Period for action on application.

  1. The Administrator shall, within 60 days after the receipt of an initial application for a permit to sell time shares in a time-share plan containing only one component site, regardless of whether additional component sites may be added later by an amendment to the filing, notify the applicant of his or her decision to:  (a) Issue a permit to sell time shares;  (b) Issue a preliminary permit to sell time shares, including a list of all deficiencies, if any, which must be corrected before a permit is issued; or  (c) Deny the application and in a notice of deficiency list all the reasons for denial in sufficient detail to allow the developer to correct the deficiencies.  2. The Administrator shall, within 120 days after the receipt of an initial application for a permit to sell time shares in a time-share plan containing more than one component site, notify the applicant of his or her decision to:  (a) Issue a permit to sell time shares;  (b) Issue a preliminary permit to sell time shares, including a list of all deficiencies, if any, which must be corrected before a permit is issued; or  (c) Deny the application and in a notice of deficiency list all the reasons for denial in sufficient detail to allow the developer to correct the deficiencies.  3. The developer may submit evidence that the deficiencies in the application described in the notice of deficiency issued pursuant to paragraph (c) of subsection 1 or paragraph (c) of subsection 2, as applicable, have been corrected within 90 days after the developer receives the notice of deficiency or within such extended time period as approved by the Division in writing.  4. The Administrator shall, within 30 days after:  (a) The receipt of evidence that the deficiencies in the application for a permit to sell time shares are corrected, issue a permit to sell time shares or deny the application and list the specific reasons for denial; or  (b) The issuance of a preliminary permit and receipt of evidence that all the requirements for the issuance of a permit to sell time shares have been met, issue the permit to sell time shares.  5. If it is in the public interest that the Administrator issue a second notice regarding the inadequate correction of any deficiencies in the application for a permit to sell time shares, then the Administrator shall issue such a second notice within 30 days after the developer submits evidence to correct the deficiencies identified pursuant to paragraph (c) of subsection 1, paragraph (c) of subsection 2 or subsection 3, as applicable.  6. If the developer fails to correct all the deficiencies after a second notice of deficiency is issued pursuant to subsection 5, the Administrator may deny the application and require the developer to pay a filing fee equal to one-half of the filing fee for an initial permit set forth in subsection 1 of NRS 119A.360.  (Added to NRS by 1983, 981; A 2013, 1584, 3517)
NV Rev Stat § 119A.330 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.330 - Hearing on denial of application, amendment to statement of record or renewal of permit; expiration of order of denial.

  1. If the Administrator denies an application for a permit to sell time shares, an amendment to the statement of record or the renewal of a permit to sell time shares, the applicant may, within 30 days, file a written request for a hearing. The Administrator shall set the matter for hearing to be conducted within 90 days after receipt of the applicant’s request, unless the applicant requests a postponement of the hearing at least 3 working days before the date set for hearing. If such a request is made by the applicant, the date of the hearing must be agreed upon between the Division and the applicant.  2. If the Division fails to:  (a) Hold the hearing within 90 days or within the extended time if a postponement is requested;  (b) Render its decision within 60 days after the hearing; or  (c) Notify the applicant in writing, by its order, within 15 days after its decision was made,  the order of denial expires and the Division shall issue, within 15 days, a permit to sell time shares to the developer.  (Added to NRS by 1983, 981; A 2013, 3518)
NV Rev Stat § 119A.340 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.340 - Issuance of permit before completion of project.

If a project has not been completed before the issuance of a permit to sell time shares, the public offering statement must state the estimated date of completion and:  1. The developer shall establish to the satisfaction of the Administrator that a bond has been issued in an amount necessary to assure completion of the project free of any liens, which remains in effect until the project is completed free of all liens;  2. A cash deposit to cover the estimated costs of completing the project must be deposited with an escrow agent under an agreement which is approved by the Administrator; or  3. The developer shall make any other arrangement which is approved by the Administrator and necessary to safeguard the interests of the public.  (Added to NRS by 1983, 981; A 2001, 2504; 2013, 3518)
NV Rev Stat § 119A.350 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.350 - Investigation of applicants; expenses.

  1. The Division may, before issuing any permit or license pursuant to the provisions of this chapter, fully investigate all information submitted to it as required by this chapter and, if necessary, inspect the property which is the subject of any application. All reasonable expenses incurred by the Division in carrying out the investigation or inspection must be paid by the applicant and no license or permit may be issued until those expenses have been paid.  2. Payments received by the Division pursuant to this section must be deposited in the State Treasury for credit to the Real Estate Investigative Account. The Administrator shall use the money in the Account to pay the expenses of agents and employees of the Division making the investigations pursuant to this section. The Administrator may advance money to them for those expenses when appropriate.  (Added to NRS by 1983, 980; A 1991, 1753; 2013, 3518)
NV Rev Stat § 119A.355 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.355 - Renewal of permit.

  1. A permit must be renewed annually by the developer by filing an application with and paying the fee for renewal to the Administrator. The application must be filed and the fee paid not later than 30 days before the date on which the permit expires. The application must include the budget of the association and any material change that has occurred in the information previously provided to the Administrator or in a public offering statement provided to a prospective purchaser pursuant to the provisions of NRS 119A.400.  2. The renewal of a permit with no material changes to the public offering statement is effective on the 30th day after the filing of the application unless the Administrator:  (a) Issues a written denial of the renewal pursuant to NRS 119A.654 describing the reasons for denial in sufficient detail to allow the developer to correct the deficiencies; or  (b) Approves the renewal on an earlier date.  3. The Division shall, within 30 days after the receipt of evidence that the deficiencies in the application for renewal of a permit to sell time shares are corrected, renew the permit to sell time shares or deny the renewal and list the specific reasons for denial.  4. If the Administrator fails to take any action described in subsection 3, the renewal of the permit to sell time shares shall be deemed issued by the Division.  (Added to NRS by 1987, 1080; A 2001, 530, 2504; 2013, 1584, 3519)
NV Rev Stat § 119A.357 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.357 - Requirement to notify Division in writing of certain convictions.

  1. A sales agent, representative, manager, developer, project broker, time-share resale broker or person licensed pursuant to chapter 645 of NRS and subject to the provisions of this chapter shall notify the Division in writing if he or she is convicted of, or enters a plea of guilty, guilty but mentally ill or nolo contendere to, a felony or any crime involving moral turpitude.  2. A sales agent, representative, manager, developer, project broker, time-share resale broker or person licensed pursuant to chapter 645 of NRS and subject to the provisions of this chapter shall submit the notification required by subsection 1:  (a) Not more than 10 days after the conviction or entry of the plea of guilty, guilty but mentally ill or nolo contendere; and  (b) When submitting an application to renew a license, registration or permit issued pursuant to this chapter.  (Added to NRS by 2007, 1548; A 2013, 1585)
NV Rev Stat § 119A.358 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.358 - Creation and maintenance of website through which licenses, permits or registrations may be renewed; fees.

The Division may:  1. Create and maintain a secure website on the Internet through which each license, permit or registration issued pursuant to the provisions of this chapter may be renewed; and  2. For each license, permit or registration renewed through the use of a website created and maintained pursuant to subsection 1, charge a fee in addition to any other fee provided for pursuant to this chapter which must not exceed the actual cost to the Division for providing that service.  (Added to NRS by 2007, 587)
NV Rev Stat § 119A.365 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.365 - Disciplinary action for failure to pay money to Division.

In addition to any other remedy or penalty, the Administrator may:  1. Refuse to issue a license, permit, certificate or registration to a person who has failed to pay money which the person owes to the Division.  2. Refuse to renew, or suspend or revoke, the license, permit, certificate or registration of a person who has failed to pay money which the person owes to the Division.  (Added to NRS by 2003, 1307)
NV Rev Stat § 119A.380 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.380 - Requirements for time-share instruments.

  1. Each time-share plan must be created by one or more time-share instruments.  2. A time-share instrument must provide:  (a) A legal description and the physical address of the project;  (b) The name of the time-share plan;  (c) A system for establishing and identifying the time shares in the time-share plan;  (d) For assessment of the expenses of the time-share plan and an allocation of those expenses among the time shares;  (e) The voting rights which are assigned to each time share;  (f) If applicable, the procedure to add units and other real estate to, and to withdraw units and other real estate from, the time-share plan, and the method of reallocating expenses among the time shares after any such addition or withdrawal;  (g) The maximum number of time shares that may be created under the time-share plan;  (h) For selection of the trustee for insurance which is required to be maintained by the association or the developer;  (i) For maintenance of the units;  (j) For management of the time-share plan;  (k) A procedure to amend the time-share instrument; and  (l) The rights of the purchaser relating to the occupancy of the unit.  3. A time-share instrument may provide for:  (a) The developer’s reserved rights;  (b) Cumulative voting, but only for the purpose of electing the members of the board; and  (c) The establishment of:  (1) Separate voting classes based on the size or type of unit to which the votes are allocated; and  (2) A separate voting class for the developer during the period in which the developer is in control.  4. The provisions of a time-share instrument are severable.  5. The rule against perpetuities and NRS 111.103 to 111.1039, inclusive, do not apply to defeat any provisions of a time-share instrument.  6. With respect to time-share plans governed by the law of another state or component sites of a time-share plan located outside of this State, the instrument creating and governing the time-share plans or such component sites must be in compliance with the applicable laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites are located. If the laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites of such time-share plan are located conflict with the requirements of this chapter, the laws of the other state or jurisdiction control. If the time-share instrument provides for the matters set forth in subsections 1 and 2, the association and the developer shall be deemed to be in compliance with the requirements of this section and are not required to revise a time-share instrument to comply with this chapter.  (Added to NRS by 1983, 978; A 2001, 2505; 2013, 3521)
NV Rev Stat § 119A.385 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.385 - Description of time share.

A description of a time share is a legally sufficient description of the time share and all rights, obligations and interests appurtenant to that time share that were created by the time-share plan if the description includes, without limitation:  1. The name under which the time-share plan is registered with the Division;  2. The county in which the project is located;  3. Information which indicates where the time-share instruments are recorded; and  4. The permanent identifying number of the time share as set forth in the time-share instruments.  (Added to NRS by 2001, 2495)
NV Rev Stat § 119A.390 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.390 - Reservation to purchase time share.

A reservation to purchase a time share must:  1. Be on a form approved by the Division;  2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit;  3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320;  4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and  5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.  (Added to NRS by 1983, 979; A 2013, 1585)
NV Rev Stat § 119A.400 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.400 - Prospective purchasers to be provided with public offering statement, addendum and permit.

  1. Before the execution of any contract for the sale of a time share, the developer or, if the developer sells time shares through his or her project broker and sales agents, the project broker and sales agent, shall provide each prospective purchaser with:  (a) A copy of the developer’s public offering statement which was approved by the Division pursuant to NRS 119A.307 and which must contain the date the developer’s permit was originally issued and the effective date of the permit; and  (b) An addendum to the public offering statement summarizing any pending amendments to the public offering statement that have been submitted to the Division but have not yet been approved, along with a statement to the purchaser that the amendment has been submitted to the Division for approval.  2. The project broker or sales agent shall review the public offering statement with each prospective purchaser before the execution of any contract for the sale of a time share and obtain a receipt signed by the purchaser for a copy of the public offering statement. A prospective purchaser may request to receive the public offering statement in electronic format or paper format. If the prospective purchaser requests the public offering statement in electronic format, the developer shall provide to the purchaser the statement of the right of cancellation pursuant to NRS 119A.410 in a single separate document.  3. If a contract is signed by the purchaser, the signed receipt for a copy of the public offering statement must be kept by the project broker for 3 years and is subject to such inspections and audits as may be prescribed by regulations adopted by the Division.  (Added to NRS by 1983, 981; A 2013, 1585, 3522)
NV Rev Stat § 119A.410 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.410 - Right to cancel contract of sale.

  1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right.  2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.  3. The notice of cancellation may be delivered personally to the developer, sent by certified mail, return receipt requested, or sent by express, priority or recognized overnight delivery service, with proof of service, to the business address of the developer.  4. The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.  (Added to NRS by 1983, 982; A 1985, 1141; 1987, 894; 2003, 984; 2007, 1549; 2013, 1586)
NV Rev Stat § 119A.420 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.420 - Deposits to be placed in escrow account; surety bond in lieu of escrow account.

All money, negotiable instruments or other deposits pertaining to the sale of a time share which are received from a purchaser must be placed in an escrow account established to the satisfaction of the Division and held until such time as the right to cancel the contract of sale pursuant to NRS 119A.410 has expired and the purchaser has failed to cancel the contract of sale. In lieu of placing such deposits in an escrow account, the developer or project broker may establish to the satisfaction of the Division that a surety bond has been posted for the benefit of purchasers in the project in the amount of:  1. Twenty-five thousand dollars; or  2. The highest monthly total amount of deposits received by a project broker,  whichever is greater.  (Added to NRS by 1983, 982; A 2013, 3522)