reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-112 - Ownership and valuation of separate units and common elements

(a)
(1)
An apartment owner shall have the exclusive ownership of his or her apartment and shall have a common right to a share, with the other co-owners, in the common elements of the property.
(2)
(A)
This share is equivalent to the percentage representing the value of the individual apartment with relation to the value of the whole property.
(B)
This percentage shall be computed by taking as a basis the value of the individual apartment in relation to the value of the property as a whole.
(b)
The percentage shall be expressed at the time the horizontal property regime is constituted, shall have a permanent character, and shall not be altered without the acquiescence of the co-owners representing all the apartments of the building.
(c)
The basic value, which shall be fixed for the sole purpose of this chapter and irrespective of the actual value, shall not prevent each co-owner from fixing a different circumstantial value to his or her apartment in all types of acts and contracts.
Acts 1961 (1st Ex. Sess.), No. 60, § 6; A.S.A. 1947, § 50-1006.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-113 - Types of joint ownership

Any apartment may be held and owned by more than one (1) person as joint tenants, as tenants in common, as tenants by the entirety, or in any other real estate tenancy relationship recognized under the laws of this state.
Acts 1961 (1st Ex. Sess.), No. 60, § 5; A.S.A. 1947, § 50-1005.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-114 - Common elements

(a)
The common elements, both general and limited, shall remain undivided and shall not be the object of an action for partition or division of the co-ownership. Any covenant to the contrary shall be void.
(b)
Each co-owner may use the elements held in common in accordance with the purpose for which they are intended, without hindering or encroaching upon the lawful rights of the other co-owners.
Acts 1961 (1st Ex. Sess.), No. 60, §§ 7, 8; A.S.A. 1947, §§ 50-1007, 50-1008.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-115 - Conveyances

(a)
Any conveyance or other instrument affecting title to an apartment which describes the apartment by using the plan letter or number followed by the words "in ............... Horizontal Property Regime" shall be deemed to contain a good and sufficient description for all purposes.
(b)
Any conveyance of an individual apartment shall be deemed to also convey the undivided interest of the owner in the common elements, both general and limited, appertaining to the apartment without specifically or particularly referring to it.
Acts 1961 (1st Ex. Sess.), No. 60, § 11; A.S.A. 1947, § 50-1011.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-116 - Liability for expenses and assessments

(a)
(1)
The co-owners of the apartments are bound to contribute pro rata, in the percentages computed according to §
18-13-112
, toward the expenses of administration and of maintenance and repair of the general common elements and, in the proper case, of the limited common elements of the building, and toward any other expense lawfully agreed upon.
(2)
(A)
However, the administrator, board of administration, or other form of administration of a horizontal property regime may establish additional assessments to be collected from any co-owner who makes his or her apartment available for rent or lease either directly or through an agent.
(B)
Such additional assessments shall not exceed the amount reasonably calculated to cover expenses for additional security, wear and tear on buildings, additional trash pickup, and other additional costs occasioned by such units being available for rent or lease.
(b)
No co-owner may exempt himself or herself from contributing toward such expenses by waiver of the use or enjoyment of the common elements or by abandonment of the apartment belonging to him or her.
(c)
Upon the sale or conveyance of an apartment, all unpaid assessments against a co-owner for his or her pro rata share in the expenses to which subsection (a) of this section refers shall first be paid out of the sales price or by the acquirer in preference over any other assessments or charges of whatever nature except the following:
(1)
Assessments, liens, and charges for taxes past due and unpaid on the apartment; and
(2)
Payments due under mortgage instruments of encumbrance duly recorded.
(d)
The purchaser of an apartment shall be jointly and severally liable with the seller for the amounts owing by the latter under subsection (a) of this section up to the time of the conveyance, without prejudice to the purchaser's right to recover from the other party the amounts paid by him or her as the joint debtor.
Acts 1961 (1st Ex. Sess.), No. 60, §§ 17-19; A.S.A. 1947, §§ 50-1017 -- 50-1019; Acts 1993, No. 434, § 1.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-117 - Insurance generally

The co-owners may, upon resolution of a majority, insure the building against risk, without prejudice to the right of each co-owner to insure his or her apartment on his or her own account and for his or her own benefit.
Acts 1961 (1st Ex. Sess.), No. 60, § 20; A.S.A. 1947, § 50-1020.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-118 - Application of insurance proceeds to reconstruction

(a)
In case of fire or any other disaster, the insurance indemnity shall, except as provided in subsection (b) of this section, be applied to reconstruct the building.
(b)
Reconstruction shall not be compulsory when it comprises the whole or more than two-thirds (2/3) of the building. In such case, and unless otherwise unanimously agreed upon by the co-owners, the indemnity shall be delivered pro rata to the co-owners entitled to it in accordance with provision made in the bylaws or in accordance with a decision of three-fourths (¾) of the co-owners if there is no bylaw provision.
(c)
Should it be proper to proceed with the reconstruction, the provisions for such eventuality made in the bylaws shall be observed, or in lieu thereof the decision of the council of co-owners shall prevail.
Acts 1961 (1st Ex. Sess.), No. 60, § 21; A.S.A. 1947, § 50-1021.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-119 - Sharing of reconstruction costs when building not insured or indemnity insufficient

(a)
When the building is not insured or when the insurance indemnity is insufficient to cover the cost of reconstruction, the new building costs shall be paid by all the co-owners directly affected by the damage in proportion to the value of their respective apartments, or as may be provided by the bylaws.
(b)
If any one (1) or more of those composing the minority shall refuse to make such payment, the majority may proceed with the reconstruction at the expense of all the co-owners benefited thereby, upon proper resolution setting forth the circumstances of the case and the cost of the works, with the intervention of the council of co-owners.
(c)
The provisions of this section may be changed by unanimous resolution of the parties concerned adopted subsequent to the date on which the fire or other disaster occurred.
Acts 1961 (1st Ex. Sess.), No. 60, § 22; A.S.A. 1947, § 50-1022.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 13 - HORIZONTAL PROPERTY ACT (§§ 18-13-101 — 18-13-120) › Section 18-13-120 - Taxation

(a)
(1)
Taxes, assessments, and other charges of this state, of any political subdivision, of any special improvement district, or of any other taxing or assessing authority shall be assessed against and collected on each individual apartment.
(2)
Each tax, assessment, or other charge on the apartment shall be carried on the tax books as a separate and distinct entity for that purpose and not on the building or property as a whole.
(b)
No forfeiture or sale of the building or property as a whole for delinquent taxes, assessments, or charges shall ever divest or in any way affect the title to an individual apartment so long as taxes, assessments, and charges on the individual apartment are currently paid.
Acts 1961 (1st Ex. Sess.), No. 60, § 23; A.S.A. 1947, § 50-1023.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 1 - GENERAL PROVISIONS (§§ 18-14-101 — 18-14-105) › Section 18-14-101 - Title

This chapter shall be known and may be cited as the "Arkansas Time-Share Act".
Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013.
Acts 1983, No. 294, Art. 1, § 1-101; A.S.A. 1947, § 50-1301.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 1 - GENERAL PROVISIONS (§§ 18-14-101 — 18-14-105) › Section 18-14-103 - Applicability

(a)
This chapter applies to a time-share plan established after February 25, 1983, under §
18-14-201
et seq., §
18-14-401
et seq., and §
18-14-501
et seq.
(b)
This chapter does not apply to the offer or sale of a time-share interest if the use extends over a period of three (3) years or less, whether or not the accommodation is located in this state.
Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013.
Acts 1983, No. 294, Art. 1, § 1-102; 1983, No. 765, § 1; A.S.A. 1947, § 50-1302.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 1 - GENERAL PROVISIONS (§§ 18-14-101 — 18-14-105) › Section 18-14-104 - Legal status of time-share estates

(a)
(1)
A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold.
(2)
This section supersedes any contrary rule at common law.
(b)
A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest.
(c)
For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes.
Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013.
Acts 1983, No. 294, Art. 1, §§ 1-104, 1-105; A.S.A. 1947, §§ 50-1304, 50-1305.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 1 - GENERAL PROVISIONS (§§ 18-14-101 — 18-14-105) › Section 18-14-105 - Regulatory discrimination prohibited

A zoning, subdivision, or other ordinance or regulation shall not discriminate against the establishment of time-share interests or impose a requirement upon a time-share plan that it would not impose upon a similar development under a different form of ownership.
Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013.
Acts 1983, No. 294, Art. 1, § 1-106; A.S.A. 1947, § 50-1306.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-201 - Powers and duties of the Arkansas Real Estate Commission

(a)
The Arkansas Real Estate Commission may:
(1)
Set fees;
(2)
Adopt, amend, and repeal rules;
(3)
Issue orders consistent with this chapter;
(4)
Prescribe forms and procedures for submitting information to the commission;
(5)
Accept grants-in-aid from any governmental source;
(6)
Contract with agencies charged with similar functions in this or other jurisdictions;
(7)
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;
(8)
Develop information that may be useful in the discharge of the duties of the commission;
(9)
Initiate private investigations within or without this state;
(10)
After notice and a hearing under this chapter and the Arkansas Administrative Procedure Act, §
25-15-201
et seq.:
(A)
Issue a notice of suspension;
(B)
Impose a civil penalty of no more than five thousand dollars ($5,000) per occurrence; and
(C)
Assess costs against the person if:
(i)
A representation in any document or information filed with the commission is false or misleading;
(ii)
A developer or agent of a developer has engaged or is engaging in any unlawful act or practice;
(iii)
A developer or agent of a developer has distributed, caused to be distributed, or is distributing, orally or in writing, false or misleading promotional materials concerning a time-share plan;
(iv)
A developer or agent of a developer has concealed, diverted, or disposed of any funds or assets of a person in a way that impairs rights of purchasers of time-share interests in the time-share plan;
(v)
A developer or agent of a developer has failed to perform a stipulation or agreement made to induce the commission to issue an order relating to that time-share plan; or
(vi)
A developer or agent of a developer has otherwise violated this chapter or the rules or orders of the commission;
(11)
Issue a cease and desist order if the developer has not registered the time-share plan under this chapter; and
(12)
After notice and hearing, issue an order revoking the registration of a time-share plan upon a determination that a developer or agent of a developer has failed to comply with a notice of suspension issued by the commission, which order affects the time-share plan.
(b)
In addition to the civil penalties under subdivision (a)(10) of this section, the commission may require the person found to have violated this chapter or the rules or orders of the commission to reimburse any compensation, fees, or other remuneration collected during the activity that resulted in the violation.
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-101; A.S.A. 1947, § 50-1325.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-203 - Abbreviated registration - Exemptions

(a)
An abbreviated registration with the Arkansas Real Estate Commission may be accepted if the developer is registered and has issued a public offering statement or similar disclosure document that is provided to purchasers under any of the following:
(1)
Securities Act of 1933,
15 U.S.C. § 77a
et seq.;
(2)
Arkansas Securities Act, §
23-42-101
et seq.;
(3)
Federal Interstate Land Sales Full Disclosure Act,
15 U.S.C. § 1701
et seq., if the time-share plan is made a part of the subdivision that is being registered; and
(4)
Any federal or state act that requires a federal or state agency to review a public offering statement or similar disclosure document that must be distributed to purchasers if the commission determines that the federal or state public offering statement is substantially equivalent to that required by this chapter.
(b)
Annually or when a public offering statement is amended, the public offering statement shall be submitted to the commission for recertification.
(c)
An applicant filing an abbreviated registration shall pay:
(1)
A filing fee not to exceed five hundred dollars ($500);
(2)
Any necessary investigation expenses as stated in §
18-14-204(d)
; and
(3)
A fee not to exceed three hundred dollars ($300) for each request for recertification under subsection (b) of this section.
(d)
A registration with the commission is not required in the case of:
(1)
A transfer of a time-share interest by any time-share interest owner other than the developer or its agent unless the transfer is made to evade this chapter;
(2)
Any disposition under a court order;
(3)
A disposition by a government or governmental agency;
(4)
A disposition by foreclosure or deed in lieu of foreclosure;
(5)
A developer's offer of additional time-share interests in a time-share plan located outside this state to owners that have previously purchased from the developer or a developer under common ownership or control with the developer, if the developer has had a registration or amendment approved by the commission within the preceding seven (7) years;
(6)
A gratuitous transfer of a time-share interest;
(7)
A time-share property that consists of a single accommodation and related amenities for which the developer or a person under the control of, a subsidiary of, or affiliate of the developer operates as the acquisition agent, broker, or exchange agent; or
(8)
A disposition of a time-share interest owned by an owners' association of which the time-share interest is a part.
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-107; 1983, No. 765, § 5; A.S.A. 1947, § 50-1331.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-204 - Application for registration

(a)
An application for registration of a time-share plan shall contain:
(1)
The public offering statement;
(2)
A brief description of the time-share property;
(3)
Copies of time-share instruments;
(4)
Financial statements prepared according to generally accepted accounting principles and fully and fairly disclosing the current financial condition of the developer;
(5)
Any other documents referred to in the registration application; and
(6)
Other information as required by the Arkansas Real Estate Commission.
(b)
(1)
If the accommodation in the time-share plan is in a condominium development or other common-interest subdivision, the application for registration shall contain evidence that the use of the accommodation for time-share purposes is not prohibited by the project instruments.
(2)
If the project instruments do not expressly authorize time-sharing, the application for registration shall contain evidence that purchasers in the condominium development or other common-interest subdivision were given written notice at least sixty (60) days before the application for registration was submitted that the accommodation would be used for time-share purposes.
(3)
If the project instruments contain a prohibition against time-sharing, the board of directors of the association shall certify that the amendment procedures in the project instruments were followed and that the project instruments have been amended to permit time-sharing.
(c)
The application shall be accompanied by a filing fee not to exceed one thousand dollars ($1,000).
(d)
(1)
The commission shall thoroughly investigate matters relating to the application and may require a personal inspection of the time-share property by a person designated by it.
(2)
All direct expenses incurred by the commission in inspecting the time-share property are paid by the applicant, and the commission may require a deposit sufficient to cover the direct expenses before incurring them.
(e)
An application for registration shall be renewed, annually, and the renewal filing fee shall not exceed five hundred dollars ($500).
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-103; 1983, No. 765, § 3; A.S.A. 1947, § 50-1327.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-205 - Material changes

(a)
A developer shall amend or supplement its registration to report a material change in the information required by §
18-14-204
.
(b)
(1)
If there is a material change in a registration document, the developer shall file an amendment with the Arkansas Real Estate Commission to report the material change no later than forty-five (45) days after the developer knows or reasonably should have known of the change.
(2)
The developer may continue to offer and dispose of time-share interests under the existing registration pending review of the amendments by the commission if the developer discloses the material change to prospective purchasers.
(3)
The commission may charge a fee not to exceed three hundred dollars ($300) to process an amendment.
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-106; A.S.A. 1947, § 50-1330.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-206 - Effectiveness of registration or amendment

(a)
(1)
Except as otherwise provided, the effective date of the registration or any amendment is forty-five (45) days after its filing or such earlier date as the Arkansas Real Estate Commission may determine, having regard for the public interest and the protection of purchasers.
(2)
If an amendment to a registration is filed before the effective date, the registration is considered to have been filed when the amendment was filed.
(b)
(1)
If it appears to the commission that the application for registration or an amendment to the registration is on its face incomplete or inaccurate in any material respect, the commission shall so advise the developer by listing each deficiency in writing before the date the registration would otherwise be effective.
(2)
The notification of the deficiency serves to suspend the effective date of the filing until ten (10) days after the developer files the additional information as required by the commission.
(3)
(A)
Any developer, upon receipt of the notice of deficiencies, may request a hearing.
(B)
The hearing shall be held within thirty (30) days of receipt of the request.
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-105; 1983, No. 765, § 4; A.S.A. 1947, § 50-1329.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 2 - ADMINISTRATION AND REGISTRATION (§§ 18-14-201 — 18-14-207) › Section 18-14-207 - Regulation and use of public offering statement

(a)
(1)
The Arkansas Real Estate Commission may require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers.
(2)
The commission may require that certain disclosures contained in the public offering statement be in boldface type to protect the purchaser.
(b)
(1)
The public offering statement shall not be used for promotional purposes before registration and may be used afterwards only in its entirety.
(2)
A person shall not advertise that the commission has approved or recommended the time-share plan, the disclosure statement, or any of the documents contained in the application for registration.
Amended by Act 2013, No. 710,§ 2, eff. 8/16/2013.
Acts 1983, No. 294, Art. 4, § 4-104; A.S.A. 1947, § 50-1328.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-301 - Time-share plans permitted

A time-share plan may be established in any accommodation unless expressly prohibited by the project instruments.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-101; A.S.A. 1947, § 50-1308.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-302 - Contents of instruments establishing time-share estates

A project and time-share instrument that establishes a time-share estate located or offered in this state shall contain:
(1)
The name of the county in which the property is situated;
(2)
The legal description, street address, or other description sufficient to identify the property;
(3)
Identification of time periods by letter, name, number, or combination thereof;
(4)
Identification of time-share estates and, when applicable, the method by which additional time-share estates may be established;
(5)
The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share estate and, when applicable, to each accommodation in a project that is not subject to the time-share plan;
(6)
Restrictions on the use, occupancy, alteration, or alienation of time-share interests;
(7)
The ownership interest, if any, in personal property and for care and replacement;
(8)
Any other matters the developer considers appropriate; and
(9)
(A)
Provisions concerning the establishment of a lien against an owner's time-share interest in favor of the association of time-share estate owners to secure payment of common expenses.
(B)
This lien when provided for in the time-share instrument is enforceable and foreclosable in the way other statutory liens are enforceable and foreclosable under the laws of this state.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-102; A.S.A. 1947, § 50-1309.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-303 - Provisions for management and operation of time-share estate plans

The time-share instruments for a time-share estate plan offered in this state shall prescribe reasonable arrangements for management and operation of the time-share plan or time-share property and for the maintenance, repair, and furnishing of accommodations including:
(1)
Establishment of an association of time-share estate owners;
(2)
Adoption of bylaws for organizing and operating the association;
(3)
Payment of costs and expenses of operating the time-share plan or time-share property and owning and maintaining the accommodations;
(4)
Employment and termination of employment of the managing agent for the association;
(5)
Preparation and dissemination to owners of information concerning the time-share plan or property, including:
(A)
An annual budget;
(B)
Operating statements; and
(C)
Other financial information;
(6)
Procedures for establishing the rights of owners for the use of accommodations by prearrangement or under a first-reserved, first-served system;
(7)
Adoption of standards and rules of conduct for the use and occupancy of accommodations by owners;
(8)
Collection of assessments from owners to defray the expenses of management of the time-share plan or time-share property and maintenance of the accommodation and amenities of the time-share plan or time-share property;
(9)
Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of the accommodations by owners, their guests, and other users;
(10)
Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedule or by confirmed reservation; and
(11)
(A)
Procedures for imposing a monetary penalty or suspension of an owner's rights and privileges in the time-share plan for failure of the owner to comply with the time-share instruments or the rules of the association concerning the use of the accommodations and amenities.
(B)
Under these procedures an owner shall be given notice and the opportunity to refute or explain the charges against him or her in person or in writing to the governing body of the association before a decision to impose discipline is rendered.
(C)
A monetary penalty may be secured by the lien in §
18-14-302
.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-103; A.S.A. 1947, § 50-1310.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-304 - Developer control period

(a)
The time-share instruments for a time-share estate plan may provide for a length of time, known as the "developer control period", during which the developer, or a managing agent selected by the developer, may manage the time-share plan and the accommodations in the time-share plan.
(b)
If the time-share instruments for a time-share estate plan provide for the establishment of a developer control period, the procedure shall ordinarily include:
(1)
Termination of the developer control period by action of the association or by operation of the time-share instruments;
(2)
Termination of contracts for goods and services for the time-share plan or for accommodations in the time-share plan during the developer control period; and
(3)
A regular accounting by the developer to the association concerning matters that significantly affect the interests of owners in the time-share plan.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-104; A.S.A. 1947, § 50-1311.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-305 - Instruments establishing time-share uses

A project instrument or time-share instrument that establishes time-share uses containing accommodations located or offered in this state shall contain:
(1)
Identification by name of the time-share plan and street address where the time-share plan is situated;
(2)
Identification of the time periods, type of accommodations, the accommodations that are in the time-share plan and the length of time that the accommodations are committed to the time-share plan;
(3)
In case of a time-share plan, identification of which accommodations are in the time-share plan and the method for adding, deleting, or substituting other accommodations; and
(4)
Any other matters that the developer considers appropriate.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-105; A.S.A. 1947, § 50-1312.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-306 - Provisions for management and operation of time-share use plans

The time-share instruments for a time-share use plan containing accommodations offered in this state shall prescribe reasonable arrangements for the management and operation of the time-share plan and for the maintenance, repair, and furnishing of accommodations including:
(1)
Standards and procedures for upkeep, repair, and interior furnishing of accommodations and for maid, cleaning, linen, and similar services to the accommodations during use periods;
(2)
Adoption of standards and rules of conduct governing the use and occupancy of accommodations by owners;
(3)
Payment of the costs and expenses of operating the time-share plan and owning and maintaining the accommodations;
(4)
Selection of a managing agent;
(5)
Preparation and dissemination to owners of an annual budget, operating statements, and other financial information concerning the time-share plan or time-share property;
(6)
Procedures for establishing the rights of owners to the use of accommodations by prearrangement or under a first-reserved, first-served priority system;
(7)
Organization of a management advisory board consisting of time-share use owners, including an enumeration of rights and responsibilities of the board;
(8)
Procedures for imposing and collecting assessments or use fees from time-share use owners as necessary to defray costs of management of the time-share plan and providing materials and services to the accommodations;
(9)
Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of accommodations by time-share use owners, their guests, and other users;
(10)
Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedule or by a confirmed reservation; and
(11)
(A)
Procedures for imposing a monetary penalty or suspension of an owner's rights and privileges in the time-share plan for failure of the owner to comply with the time-share instruments or the rules established by the developer concerning the use of the accommodations.
(B)
The owner shall be given notice and the opportunity to refute or explain the charges, in person or in writing, to the management advisory board before a decision to impose discipline is rendered.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-106; A.S.A. 1947, § 50-1313.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-307 - Partition of accommodations

An action for partition of an accommodation shall not be maintained unless permitted by the time-share instrument.
Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Acts 1983, No. 294, Art. 2, § 2-107; A.S.A. 1947, § 50-1314.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-308 - Records

(a)
The association or managing agent shall maintain among its records a list of the names and post office addresses of the owners of time-share interests in the time-share plan.
(b)
The list shall:
(1)
Be updated every six (6) months; and
(2)
Not be published or provided to owners or a third person to use or sell the list for commercial purposes.
(c)
(1)
If an owner of a time-share interest in the time-share plan provides a written request to the association to communicate with its membership, the association shall determine within thirty (30) days of the date of the request whether the communication advances legitimate association business and if so, provide a method to grant the request without disclosing the association membership list to the requesting owner.
(2)
(A)
The association shall notify the requesting owner of the costs to make the communication before the communication is made to the owners.
(B)
The requesting owner shall pay the costs to the association before the association makes the communication.
(3)
An alternative method that accomplishes the original purpose of the request made under subdivision (c)(1) of this section is a reasonable alternative.
(4)
(A)
If the association determines that a communication does not advance legitimate association business, the association shall notify the requesting owner in writing within thirty (30) days of the reasons for the rejection.
(B)
An owner that is denied a request for information under subdivision (c)(4)(A) of this section may appeal the denial to the court in whose jurisdiction the association lies.
(C)
If the court determines that the communication does advance legitimate association business, the court may order the association to pay the requesting owner's costs, including attorney's fees reasonably incurred to enforce the requesting owner's rights.
Added by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-309 - Supervisory authority

(a)
Notwithstanding the obligations imposed on other persons by this chapter, the developer shall supervise, manage, and control the aspects of the offering of a time-share plan, including the promotion, advertising, contracting, and closing.
(b)
A violation of this section during the offering is a violation by the developer and the person that committed the violation.
Added by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 3 - CREATION, TERMINATION, AND MANAGEMENT (§§ 18-14-301 — 18-14-310) › Section 18-14-310 - Out-of-state time-share plan

(a)
A single site time-share plan and component sites of a multisite time-share plan that are located outside the state are to be established and governed by the applicable laws of the state in which the time-share property or component site is located.
(b)
If there is a conflict between the affirmative standards stated in the laws of the state or jurisdiction that governs an out-of-state time-share plan and this subchapter, the law of the state or jurisdiction in which the time-share property is located controls.
(c)
If the association and the time-share instruments provide for the matters contained in §§
18-14-302
-
18-14-306
, as applicable, the developer or association is considered to be in compliance with these sections and is not required to revise the time-share instruments to comply with this subchapter.
Added by Act 2013, No. 710,§ 3, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-401 - Penalties

A developer or any other person subject to this chapter that offers or disposes of a time-share interest without complying with this chapter or that violates this chapter is guilty of a misdemeanor punishable by a fine not to exceed five thousand dollars ($5,000) per occurrence or by imprisonment not to exceed one (1) year, or both.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-108; A.S.A. 1947, § 50-1322.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-402 - Civil remedies

(a)
(1)
If a developer or any other person subject to this chapter violates this chapter or a project instrument, a person or class of persons adversely affected by the violation has a claim for appropriate relief.
(2)
Punitive damages or attorney's fees, or both, may be awarded for willful violation of this chapter.
(b)
Section
17-42-401
et seq. does not apply to any claims arising from or damages caused by a violation of this chapter, the Real Estate License Law, §
17-42-101
et seq., or rules by a licensee while engaged in a time-share activity.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-108; A.S.A. 1947, § 50-1322; Acts 1989, No. 45, § 2; 1991, No. 786, § 27.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-403 - Statute of limitations

(a)
A judicial proceeding in which the accuracy of the public offering statement or validity of a contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced not later than four (4) years after the date of the contract of purchase, notwithstanding that the purchaser's terms of payment may extend beyond the period of limitation.
(b)
If the enforcement of provisions in the contract of purchase requires the continued furnishing of services and the reciprocal payments to be made by the purchaser, the period of bringing a judicial proceeding will continue for a period of four (4) years for each breach, but the parties may agree to reduce the period of limitation to not less than two (2) years.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-109; A.S.A. 1947, § 50-1323.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-405 - Material changes

(a)
The developer shall amend or supplement the public offering statement to report any material change in the information required by §
18-14-404
.
(b)
The developer shall use the written materials that are supplied to it by an exchange program for distribution to the time-share interest owners as the materials are received.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-106; A.S.A. 1947, § 50-1320.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-406 - Other statutes not applicable

(a)
A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following:
(1)
Arkansas Securities Act, §
23-42-101
et seq.; or
(2)
Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers.
(b)
(1)
A time-share plan that fails to restrict the price at which an owner may sell or exchange his or her time-share interest does not by that failure cause the time-share interest to become a security under the Arkansas Securities Act, §
23-42-101
et seq.
(2)
An exchange agent offering a time-share interest for exchange is not considered to be offering a security under the Arkansas Securities Act, §
23-42-101
et seq.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-105; A.S.A. 1947, § 50-1319.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-407 - Escrow accounts - Other financial assurances

(a)
Any deposit made with the purchase or reservation of a time-share interest from a developer shall be placed in a noninterest-bearing escrow account and held in this state, or other jurisdiction that is acceptable to the Arkansas Real Estate Commission, in a designated account by an independent bonded escrow company or in an institution whose accounts are insured by a governmental agency or instrumentality until:
(1)
Delivered to the developer at the end of the time for rescission or a later time specified in a contract or sale;
(2)
Delivered to the developer because of the purchaser's default under a contract to purchase the time-share interest; or
(3)
Refunded to the purchaser.
(b)
(1)
In lieu of any escrows required by this section, the commission has the discretion to accept other financial assurances, including a surety bond, or a cash deposit in an amount equal to the escrow requirements of this section.
(2)
Interest earned on a surety bond or other deposit while deposited with, or for the benefit of, the commission becomes the property of the commission and is deposited into the Real Estate Recovery Fund in §
17-42-403
.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-102; A.S.A. 1947, § 50-1316; Acts 1989, No. 44, § 2.
Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 2 - REAL PROPERTY (§§ 18-11-101 — 18-17-913) › Chapter 14 - ARKANSAS TIME-SHARE ACT (§§ 18-14-101 — 18-14-703) › Subchapter 4 - PROTECTION OF PURCHASERS (§§ 18-14-401 — 18-14-412) › Section 18-14-409 - Mutual rights of cancellation

(a)
(1)
Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement.
(2)
The contract is voidable by the purchaser until he or she has received the public offering statement.
(3)
The contract is voidable by the purchaser for five (5) days after execution of the contract of sale.
(4)
Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded within a reasonable time after receipt of the notice of cancellation under subsection (c) of this section.
(b)
Up to five (5) days after execution of the contract of sale, the developer may cancel the contract of purchase without penalty to either party and shall return all payments made within a reasonable time.
(c)
If either party elects to cancel a contract under subsection (a) or subsection (b) of this section, he or she may do so by hand-delivering the notice to the other party or by mailing the notice by regular mail to the other party or to his or her agent for service of process, which notice is considered given when deposited in the mail.
Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.
Acts 1983, No. 294, Art. 3, § 3-104; A.S.A. 1947, § 50-1318.