reglab/statecodes huggingface dataset:
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.430 - Requirements for closing of sale of time share.

The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that:
1. The project is free and clear of any blanket encumbrance;
2. Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser;
3. Title to the project has been conveyed to a trustee;
4. All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act;
5. The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that:
(a) Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and
(b) Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or
6. Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.
(Added to NRS by 1983, 982; A 1985, 1141; 2001, 2506; 2013, 3523)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.450 - Provision in contract relieving purchaser of obligation upon foreclosure of lien against project; prohibition against sale or pledge of notes or contracts of sale by defaulting developer.

1. A contract for the sale of a time share or any other evidence of an obligation to purchase a time share must provide in 12-point bold type that the purchaser is relieved of all obligations under the contract if his or her interests are defeated because of the foreclosure of liens against the project. The provisions of this subsection do not apply to any project which meets any one of the requirements of subsections 1 to 5, inclusive, of NRS 119A.430.
2. If a developer or owner is in default on a blanket encumbrance, he or she may not sell or pledge any of the notes or contracts of sale given in payment of the time shares purchased from the developer or owner.
(Added to NRS by 1983, 983; A 1985, 1142; 1991, 98; 2001, 2507)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.460 - Requirements for trusts.

If a trust is created pursuant to subsection 3 of NRS 119A.430, the:
1. Trustee must be approved by the Administrator.
2. Trust must be irrevocable, unless otherwise provided by the Administrator.
3. Trustee must not be permitted to encumber the property unless permission to do so has been given by the Administrator.
4. Association or each owner must be made a third-party beneficiary.
5. Trustee must be required to give at least 30 days’ notice in writing of his or her intention to resign to the association, if it has been formed, and to the Administrator, and the Administrator must approve a substitute trustee before the resignation of the trustee may be accepted.
(Added to NRS by 1983, 983; A 2001, 2507; 2013, 3523)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.470 - Conveyance of project to trustee before close of escrow for first sale.

1. If title to a project is conveyed to a trustee pursuant to subsection 3 of NRS 119A.430, before escrow closes for the sale of the first time share, the developer must provide the Administrator with satisfactory evidence that:
(a) Title to the project has been conveyed to the trustee.
(b) All proceeds received by the developer from the sales of time shares are being delivered to the trustee and deposited in a fund which has been established to provide for the payment of any taxes, costs of insurance or the discharge of any lien recorded against the project.
2. The trustee shall pay the charges against the trust in the following order:
(a) Trustee’s fees and costs.
(b) Payment of taxes.
(c) Payments due any holder of a lien recorded against the project.
(d) Any other payments authorized by the document creating the trust.
3. The Administrator may inspect the records relating to the trust at any reasonable time.
(Added to NRS by 1983, 983; A 1985, 1142; 2001, 2507; 2013, 3523)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.475 - Action by purchaser or Administrator for misrepresentation or other violation.

1. Where any part of the statement of record, when that part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein, the Administrator or any person acquiring a time share from the developer or his or her agent during the period the public offering statement remained uncorrected (unless it is proved that at the time of the acquisition the Administrator or purchaser knew of the untruth or omission) may sue the developer in any court of competent jurisdiction.
2. Any developer or agent who sells a time share:
(a) In violation of this chapter; or
(b) By means of a public offering statement which contained an untrue statement of a material fact required to be stated therein,
may be sued by the Administrator or purchaser of the time share.
3. If a suit authorized under subsection 1 or 2 is brought by the purchaser, the purchaser is entitled to recover such damages as represent the difference between the amount paid for the time share and the reasonable cost of any permanent improvements thereto, and the lesser of:
(a) The value thereof as of the time the suit was brought;
(b) The price at which the time share has been disposed of in a bona fide market transaction before suit; or
(c) The price at which the time share has been disposed of after suit in a bona fide market transaction but before judgment,
or to rescission of the contract of sale and the refund of any consideration paid by the purchaser.
4. If a suit authorized under subsection 1 or 2 is brought by the Administrator, the Administrator may seek a declaration of the court that any person entitled to sue the developer or his or her agent under this section is entitled to the right of rescission and the refund of any consideration paid by him or her.
5. Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment.
6. Reasonable attorney’s fees may be awarded to the prevailing party in any action brought under this section. Any action to rescind a contract of sale under this section must be brought within 1 year after the date of purchase or within 1 year after the date of the discovery of the misrepresentation giving rise to the action for rescission.
7. The provisions of this section are in addition to and not a substitute for any other right of a person to bring an action in any court for any act involved in the offering or sale of time shares or the right of the state to punish any person for any violation of any law.
(Added to NRS by 1987, 1078; A 2013, 3524)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.4771 - Registration and licensing of person listing, advertising, transferring, assisting in transferring, soliciting or promoting sale of more than 12 previously sold time shares in 12-month period on behalf of owner other than developer; exception.

1. A person who, on behalf of an owner other than a developer and for compensation, undertakes to list, advertise, transfer, assist in transferring or promote for resale, or solicit prospective purchasers of, more than 12 time shares in any 12-month period that were previously sold must:
(a) Be licensed as a real estate broker pursuant to the provisions of chapter 645 of NRS;
(b) Register as a time-share resale broker with the Division by completing a form for registration provided by the Division; and
(c) Pay any applicable fees.
2. A time-share resale broker shall renew his or her registration with the Division annually on a form provided by the Division and pay any applicable fees.
3. Unless the method of resales of time shares is made to evade the provisions of this chapter, a person is not required to register pursuant to this section or to be licensed under chapter 645 of NRS as a time-share resale broker if the person:
(a) Is a purchaser who acquires time shares for his or her own use and occupancy and who later offers to resell 12 or fewer of those time shares in any one calendar year;
(b) Is a project broker who resells or offers to resell a time share in a project as an agent for a developer who holds a permit for the project; or
(c) Is an owner, operator or publisher of a newspaper, periodical or Internet website, unless the owner, operator or publisher, alone or in combination with its affiliate, parent, subsidiary or agent, derives more than 10 percent of its gross revenue from providing advance fee listings. For the purposes of this paragraph, the calculation of gross revenue derived from providing advance fee listings includes the revenue of any affiliate, parent, agent and subsidiary of the owner, operator or publisher of the newspaper, periodical or Internet website. As used in this paragraph, "advance fee listings" has the meaning ascribed to it in NRS 645.004.
(Added to NRS by 1999, 2687; A 2001, 2507; 2013, 3525)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.4775 - Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations.

1. If the purchaser of a previously sold time share purchases the time share through a time-share resale broker, the contract of sale must provide, in not less than 12-point boldface type, that the purchaser may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract.
2. Regardless of whether a time-share resale broker charges or collects an advance fee, before a purchaser signs any contract to purchase a time share that is offered for resale through a time-share resale broker, the time-share resale broker, other than a developer, shall disclose in the contract to purchase the time share:
(a) The period during which the purchaser may use the time share;
(b) A legal description of the interest in the time share;
(c) The earliest date that the prospective purchaser may use the time share;
(d) The name, address and telephone number of the agent managing the time-share plan and the project;
(e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained;
(f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any;
(g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment;
(h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory;
(i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 4; and
(j) The right to cancel the contract in subsection 1.
3. The purchaser must be provided, in either paper or electronic form, at the time the contract to purchase the previously sold time share is signed, copies of the time-share instruments governing the time-share plan.
4. The Administrator shall adopt regulations prescribing the form and contents of the disclosures described in this section.
(Added to NRS by 1999, 2687; A 2001, 2508; 2013, 3525)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.4777 - Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner.

1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to resell that time share must:
(a) Be in writing;
(b) Contain a provision in not less than 12-point boldface type that the owner may cancel, by written notice, the agreement with the time-share resale broker until midnight of the fifth calendar day after the date of execution of the agreement; and
(c) Contain a written disclosure that sets forth:
(1) Whether any person other than the purchaser may use the time share during the period before the time share is resold;
(2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold;
(3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold;
(4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share; and
(5) The right to cancel the agreement provided pursuant to paragraph (b).
2. The time-share resale broker who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement.
3. The time-share resale broker who resells a time share shall make the disclosures required pursuant to paragraph (c) of subsection 1 before accepting anything of value from the owner.
(Added to NRS by 1999, 2686; A 2013, 3526)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.480 - Requirements if developer holds leasehold interest.

1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that:
(a) The lessee must give notice of termination of the lease for any default by the lessor to the association.
(b) The lessor, upon any default of the lessee including bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as the lease with the developer.
2. The Administrator may require the developer to execute a bond or other type of security for the payment of the rental obligation.
(Added to NRS by 1983, 991; A 1985, 1143; 2013, 3527)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.495 - Withdrawal of units from time-share plan; conditions of withdrawal; exceptions.

1. Except as otherwise provided in subsection 2, if a time-share instrument authorizes the developer to withdraw units from the time-share plan, any unit that is subject to withdrawal may not be withdrawn if a time share attributable to that unit is owned by a purchaser.
2. Any legally created units or parcels within a project may be withdrawn from the time-share plan by the developer if:
(a) All remaining owners having an interest in the unit or parcel, if there are any such remaining owners, give written consent to the withdrawal;
(b) The developer amends the time-share instrument which established the time-share plan to reduce the number of units or parcels included in the time-share plan by the number of units or parcels withdrawn pursuant to this subsection;
(c) Any existing cost-sharing agreement between the developer and the association covering shared common areas or amenities is amended to reflect the reduction in the number of units or parcels included in the time-share plan as the result of the withdrawal of units or parcels pursuant to this subsection; and
(d) A new cost-sharing agreement which covers any common areas or amenities that are shared by the remaining units or parcels within the time-share plan and the units or parcels withdrawn pursuant to this subsection and which allocates the shared costs proportionately between the developer and the association according to the number and size of the units withdrawn pursuant to this subsection is entered into between the developer and the association.
(Added to NRS by 2001, 2495; A 2009, 1602)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.497 - Relocation of boundaries between adjoining units.

1. Except as otherwise provided in subsection 2 and subject to the provisions of the time-share instrument and other provisions of law, a developer may, with the prior approval of the Division, relocate the boundaries between adjoining units by amending the provisions of the time-share instrument and any recorded map or plat relating thereto.
2. A developer may relocate the boundaries between adjoining units without the prior approval of the Division if:
(a) The relocation is necessary to comply with the law; or
(b) No time share attributable to either of the adjoining units is owned by a purchaser.
(Added to NRS by 2001, 2495)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.500 - Partition of unit.

No action for partition of a unit may be maintained except as provided in the time-share instrument. If a time share is owned by two or more persons, an action may be brought for the judicial sale of the time share. A provision for the waiver or subordination of the right of partition or any other right characteristic of a tenancy in common is valid.
(Added to NRS by 1983, 995; A 2001, 2509)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.510 - Replacement or compensation if unit unavailable.

If a unit is unavailable for a period to which the owner is entitled by schedule or by confirmed reservation, the owner is entitled to be provided by the association:
1. A comparable unit; or
2. Monetary compensation for the loss of such use.
(Added to NRS by 1983, 990; A 1985, 1143; 1991, 98; 2001, 2509)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.515 - Publication of information concerning owners: Maintenance of records; consent required; exceptions.

1. A manager or, if there is no manager, the board shall maintain in the records of an association a complete list of the names and mailing addresses of all owners. The list must be updated not less frequently than quarterly.
2. If a time-share plan is part of a common-interest community governed by chapter 116 of NRS, the names and addresses of delegates or representatives who are elected pursuant to NRS 116.31105 or, if there are none, the name and address of the association must appear on the list of owners of an association organized under NRS 116.3101 in lieu of the names, addresses and other personal information of the individual owners.
3. Notwithstanding any provision of the declaration or bylaws of a time-share plan to the contrary, a manager or a board may not, except as otherwise authorized or required by law, publish or furnish any information about any owner to any other owner or any other person without the prior written consent of the owner whose information is requested.
4. Before obtaining the written consent of an owner pursuant to subsection 3, a manager or a board shall provide the owner with:
(a) The option to limit the information about the owner that may be published or furnished to any other owner or any other person:
(1) To exclusively the owner’s name and mailing address; and
(2) For use only in legitimate matters of business of the association.
(b) The following written disclosure:
BY GIVING YOUR CONSENT TO PUBLISH OR FURNISH INFORMATION ABOUT YOU FOR PURPOSES OTHER THAN LEGITIMATE MATTERS OF BUSINESS OF THE ASSOCIATION, THE INFORMATION COULD BE USED FOR COMMERCIAL OR OTHER PURPOSES.
5. The provisions of this section:
(a) Do not restrict the use by a manager or a board of information about an owner in the performance of their respective duties under the declaration of a time share plan or as otherwise required by law.
(b) Supersede any provisions of chapter 82 of NRS to the contrary.
(Added to NRS by 2011, 3533)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.520 - Members of association for time-share plan; incorporation of association; proxies.

1. Each owner is a member of the association for the time-share plan. The association may be incorporated.
2. The state of incorporation may be:
(a) This state;
(b) The state in which the project is located; or
(c) Any state where the developer has obtained a permit to sell time shares under statutes which govern the sale of time shares.
3. The association may adopt and amend bylaws, rules and regulations.
4. Except as otherwise provided in NRS 82.321, any proxy which is executed by an owner to an association is valid for an indefinite period if the owner may revoke his or her proxy, by written notice to the association, to vote at a particular meeting.
(Added to NRS by 1983, 989; A 1985, 1143; 1993, 2378; 2001, 2509)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.522 - Period of developer’s control of association; representation of owners on board.

1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person designated by the developer, may appoint and remove the officers of the association and the members of the board. Regardless of the period provided in the time-share instrument, the period of the developer’s control of the association terminates no later than:
(a) One hundred and twenty days after conveyance of 80 percent of the time shares that may be created by the time-share instrument to owners other than the developer;
(b) Five years after the developer has ceased to offer time shares for sale in the ordinary course of business; or
(c) Five years after any right to add new time shares was last exercised,
whichever occurs earlier.
2. A developer may voluntarily surrender the right to appoint and remove officers and members of the board before the end of the period provided for in subsection 1 by executing and recording with the time-share instrument a written instrument declaring the surrender. If such an instrument is recorded, the developer may require that, for the duration of the period of the developer’s control, specified actions of the association or board, as described in the recorded instrument, be approved by the developer before they become effective.
3. Not later than 60 days after conveyance of 25 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, at least one member and not less than 25 percent of the members of the board must be elected by owners other than the developer. Not later than 60 days after conveyance of 50 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, not less than 33 1/3 percent of the members of the board must be elected by owners other than the developer.
(Added to NRS by 2001, 2496)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.524 - Reserved rights of developer.

A developer’s reserved rights may include, without limitation, the right to:
1. Add units or real estate to, and withdraw units or real estate from, a time-share plan.
2. Create units, a common area or a limited common area within the project.
3. Subdivide units or convert units into a common area.
4. Make and complete improvements to the project.
5. Maintain sales offices, management offices and signs for advertising the time-share plan, project and models.
6. Enter into a subsidy agreement with the association in lieu of paying the assessments allocated to the time shares owned by the developer.
7. Provide for the establishment of a master association, as defined in NRS 116.063.
8. Merge or consolidate a time-share plan with another time-share plan which has the same form of ownership.
9. Relocate boundaries between adjoining units in accordance with the provisions of this chapter.
(Added to NRS by 2001, 2497)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.526 - Quorum.

1. Unless the bylaws of an association specify a larger percentage, a quorum is present throughout any meeting of the association if persons entitled to cast 10 percent of the votes that may be cast are present in person or by proxy at the beginning of the meeting.
2. Unless the bylaws of an association provide otherwise, a quorum shall be deemed to be present throughout a meeting of the board if persons entitled to cast a majority of the votes on that board are present at the beginning of the meeting.
(Added to NRS by 2001, 2497)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.528 - Removal of member of board; indemnification and defense of member of board.

1. Notwithstanding any provision of a time-share instrument or the bylaws of an association to the contrary, the owners, by a two-thirds vote of all persons present, in person or by proxy, who are entitled to vote at any meeting of the owners at which a quorum is present, may remove any member of the board, with or without cause, other than a member appointed by the developer.
2. If a member of the board is sued for liability for actions undertaken in his or her role as a member of the board, the association shall indemnify the member for his or her losses or claims, and undertake all costs of defense, unless it is proven that the member acted with willful or wanton misfeasance or with gross negligence. After such proof, the association is no longer liable for the costs of defense, and may recover from the member of the board who so acted, costs already expended. Members of the board are not personally liable to the victims of crimes occurring on the project. Punitive damages may not be recovered against the association, but may be recovered from persons whose activity gave rise to the damages.
(Added to NRS by 2001, 2496)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.529 - Solicitation of votes and proxies by owner; requirements for mailing by managers and boards.

1. A manager or, if there is no manager, the board shall:
(a) Establish reasonable procedures by which owners may:
(1) Solicit votes or proxies from other owners; and
(2) Provide information to other owners with respect to legitimate matters of business of the association.
(b) Mail to all persons included in the list of owners materials provided by an owner upon the request of that owner if the purpose of the mailing is to advance legitimate matters of business of the association, including, without limitation, a solicitation of a proxy for any purpose, provided that the owner who requests the mailing:
(1) Provides to the manager or board a separate copy of the materials for each of the owners on the list or, if the mailing is to be transmitted electronically, a single copy of the materials in an electronic format; and
(2) Pays the association the actual costs of the mailing before the mailing.
2. The board is responsible for determining whether a mailing requested pursuant to this section advances legitimate matters of business of the association.
3. The manager or board, as applicable, may determine the manner in which a mailing may be accomplished.
4. For the purposes of this section, "mail" and "mailing" include, without limitation, a distribution made by electronic or similar means, such as the transmission of electronic mail as defined in NRS 41.715.
(Added to NRS by 2011, 3533)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.533 - Renewal of registration of managers: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

1. In addition to any other requirements set forth in this chapter, an applicant for the renewal of registration with the Division to engage in the business of, act in the capacity of, advertise or assume to act as a manager must indicate in the application submitted to the Division whether the applicant has a state business license. If the applicant has a state business license, the applicant must include in the application the business identification number assigned by the Secretary of State upon compliance with the provisions of chapter 76 of NRS.
2. Registration to engage in the business of, act in the capacity of, advertise or assume to act as a manager may not be renewed by the Division if:
(a) The applicant fails to submit the information required by subsection 1; or
(b) The State Controller has informed the Division pursuant to subsection 5 of NRS 353C.1965 that the applicant owes a debt to an agency that has been assigned to the State Controller for collection and the applicant has not:
(1) Satisfied the debt;
(2) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130; or
(3) Demonstrated that the debt is not valid.
3. As used in this section:
(a) "Agency" has the meaning ascribed to it in NRS 353C.020.
(b) "Debt" has the meaning ascribed to it in NRS 353C.040.
(Added to NRS by 2013, 2724)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.534 - Disclosure statement to be submitted by certain managers; regulations.

1. A manager of a project located in this State who enters into or renews an agreement that must comply with the provisions of subsection 3 of NRS 119A.530 shall submit to the association and to the Division a disclosure statement that contains a description of any arrangement made by the manager or an affiliate of the manager relating to:
(a) The resale of time shares on behalf of the association or its members;
(b) Actions taken for the collection of assessments and the foreclosure of liens on behalf of the association or its members;
(c) The exchange or rental of time shares owned by the association or its members; and
(d) The use of the names of the members of the association for purposes unrelated to the duties of the association as set forth in the time-share instrument and this chapter.
2. The disclosure statement must be:
(a) Submitted annually at a time designated by the Administrator and at least 120 days before any date on which the agreement is automatically renewed.
(b) Signed by the manager or an authorized representative of the manager under penalty of perjury.
3. The Administrator shall adopt regulations prescribing the form and contents of the disclosure statements required by this section.
(Added to NRS by 2001, 2498; A 2013, 1586)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.540 - Annual budget; assessments for unsold time shares.

1. The association or, if there is no association, the developer shall adopt an annual budget for revenues, expenditures and reserves and collect assessments for the expenses of the time-share plan and the project from the owners. The annual budgets of an association governing a project within this State must be submitted to the Division until such time as the association is controlled by members other than the developer.
2. The association or the developer shall place any money collected for assessments and any other revenues received by or on behalf of the association in an account established by the association.
3. The developer shall pay assessments for any time shares which are unsold or enter into an agreement with the association, in a form approved by the Division, to pay the difference between the actual expenses incurred by the association and the sum of the amounts payable to the association as assessments by owners, other than the developer, and other revenues received by the association. The Division may require the developer to provide a surety bond or other form of security which is satisfactory to the Division, to guarantee payment of the developer’s obligation.
(Added to NRS by 1983, 990; A 1985, 1143; 1987, 1081; 2001, 2510; 2013, 3529)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.542 - Conduct and contents of study of reserves; review of study and necessary adjustments to reserves; regulations.

1. The developer or board of an association shall:
(a) Cause to be conducted at least once every 5 years, a study of the reserves required to repair, replace and restore the major components of the project;
(b) Review the results of that study at least annually to determine if those reserves are sufficient; and
(c) Make any adjustments it deems necessary to maintain the required reserves.
2. The study required by subsection 1 must be conducted by a person qualified by training and experience to conduct such a study, including a member of the board or the manager of the time-share plan or the project, or both, who is so qualified. The study must include, without limitation:
(a) A summary of an inspection of the major components of the project;
(b) An identification of the major components of the project which have a remaining useful life of less than 30 years;
(c) An estimate of the remaining useful life of each major component identified pursuant to paragraph (b);
(d) An estimate of the cost of repair, replacement or restoration of each major component identified pursuant to paragraph (b) during and at the end of its useful life; and
(e) An estimate of the total annual assessment that may be required to cover the cost of repairing, replacing or restoring the major components identified pursuant to paragraph (b), after subtracting the reserves of the association as of the date of the study.
3. The Administrator shall adopt by regulation the qualifications required for conducting a study required by subsection 1.
(Added to NRS by 2001, 2497; A 2013, 1586)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.550 - Assessment upon time share; notice of assessment; liens; enforcement of liens.

1. The developer or the association may levy and enforce a reasonable assessment upon any time share in accordance with the time-share instrument, which is a debt of the owner thereof at the time the assessment is made. The amount of the assessment plus any other charges thereon, such as interest, costs, attorney’s fees and penalties, as may be provided for in the time-share instrument is a lien upon the time share assessed when the developer or the association causes to be recorded with the county recorder of the county in which the project is located a notice of assessment, which must state:
(a) The amount of the assessment and such other charges thereon as may be authorized by the time-share instrument;
(b) A description of the time share against which the lien has been assessed; and
(c) The name of the owner.
The notice must be signed by an authorized representative of the developer or the association or as otherwise provided in the time-share instrument. Upon payment of the assessment and charges in connection with which the notice has been so recorded, or other satisfaction thereof, the developer or the association shall cause to be recorded a further notice stating the satisfaction and the release of the lien thereof.
2. The lien is prior to all other liens recorded after the recordation of the notice of assessment except that the time-share instrument may provide for the subordination thereof to any other liens and encumbrances. Unless sooner satisfied and released or the enforcement thereof initiated as provided in subsection 3, the lien expires and has no further force or effect 1 year after the date of recordation of the notice of assessment, but the 1-year period may be extended by the developer or the association for a period not to exceed 1 additional year by recording a written extension thereof.
3. The lien may be enforced by sale by the developer or the association, its agent or attorney, after failure of the owner to pay such an assessment in accordance with the terms of the time-share instrument. The sale must be conducted in accordance with the provisions of Covenants Nos. 6, 7 and 8 of NRS 107.030, and NRS 107.090 insofar as they are consistent with the provisions of NRS 119A.560, or in any other manner permitted by law. Unless otherwise provided in the time-share instrument, the developer or the association, if it is a corporation, cooperative association, partnership or natural person, may bid at foreclosure sale and hold, lease, mortgage and convey the time share.
(Added to NRS by 1983, 991; A 2001, 2511)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.552 - Statement of unpaid assessments.

An association, upon the receipt of a written request, shall furnish to an owner or any lender who has a security interest in a time share or the project, a statement setting forth the amount of unpaid assessments made against the owner’s time share. The statement must be furnished within 10 business days after receipt of the request and is binding on the association, the board and every owner.
(Added to NRS by 2001, 2497)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.570 - Insurance.

1. The developer or the association, if it has been formed, shall maintain:
(a) Property insurance on the project and any personal property available for use by the owners in conjunction therewith, other than personal property separately owned by an owner, insuring against all risks of direct physical loss commonly insured against, with a provision agreed to by the lender, that the proceeds must be disbursed for the repair or restoration of the property, and that the owners and lienholders are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the property has been completely repaired or restored;
(b) Liability insurance, including insurance for medical payments, in an amount not less than $1,000,000 per occurrence, covering all occurrences commonly insured against for death, bodily injury and property damage arising out of or in connection with the use, ownership or maintenance of the time-share property and units; and
(c) Insurance covering the costs of temporary quarters for the owners and other losses commonly insured against.
2. Each insurance policy carried pursuant to subsection 1 must provide that:
(a) Each owner is an insured person under the policy whether designated as an insured by name individually or as part of a named group or otherwise, as the owner’s interest may appear;
(b) The insurer waives its right to subrogation under the policy against any owner or members of his or her household; and
(c) No act or omission by any owner, unless acting within the scope of his or her authority on behalf of an association, will void the policy or be a condition to recovery by any other person under the policy.
(Added to NRS by 1983, 990; A 1985, 1144; 2001, 2512)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.580 - Consent required for liens for labor, services or materials; when consent deemed given.

No labor performed or services or materials furnished with the consent of or at the request of an owner may be the basis for the filing of a lien against the time share of any other owner, or against any part thereof, or against any other property of any other owner, unless the other owner has expressly consented to or requested the performance of such labor or furnishing of such materials or services. Express consent shall be deemed to have been given by the owner of any time share in the case of emergency repairs thereto. Labor performed or services or materials furnished for the insured property, if authorized by the association and provided for in the time-share instrument, shall be deemed to be performed or furnished with the express consent of each owner. An owner may remove his or her time share from a lien against two or more time shares or any part thereof by payment to the holder of the lien of the fraction of the total sum secured by such lien which is attributable to his or her time share.
(Added to NRS by 1983, 993; A 2001, 2513)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.600 - Information to be furnished by company offering program.

If a company intends to offer a program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, directly to a purchaser or owner, the company shall deliver to him or her, before the offering or the execution of any contract between the purchaser or owner and the company offering the program, the information set forth in subsection 1 of NRS 119A.590. The requirements of this section do not apply to any renewal of a contract between an owner and such a company.
(Added to NRS by 1983, 988; A 2001, 2515)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.620 - Information to be furnished to Division and secretary of association; liability for information and representations.

1. A company whose program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, is offered to purchasers of time shares in this state shall, on or before July 1 of each year, file with the Division and secretary of the association the information required by subsection 1 of NRS 119A.590 as it relates to that plan.
2. No developer is liable for the use, delivery or publication of information provided to it by the company.
3. Except as otherwise provided in this subsection, no company is liable for:
(a) Any representation made by the developer relating to the program or company.
(b) The use, delivery or publication by the developer of any information relating to the program or company.
Such a company is liable only for the written information provided to the developer by the company.
(Added to NRS by 1983, 988; A 2001, 2515)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.630 - Administrator to appoint hearing officer.

For any proceeding held pursuant to a provision of this chapter, except a hearing to impose a fine or revoke, suspend or deny the renewal of a license or permit, the Administrator may appoint a hearing officer from the staff of the Department of Business and Industry who shall act as his or her agent and conduct any hearing or investigation which may be conducted by the Administrator pursuant to this chapter. The Administrator shall appoint a hearing officer to conduct a hearing to impose a fine or revoke, suspend or deny the renewal of a license or permit.
(Added to NRS by 1983, 994; A 1987, 892; 1993, 1510; 2001, 530)
2023 Nevada Revised Statutes › Chapter 119A - Time Shares › NRS 119A.640 - Powers of Administrator or hearing officer.

The Administrator or his or her hearing officer may:
1. Take testimony and other evidence concerning all matters within the jurisdiction of the Division pursuant to this chapter;
2. Administer oaths;
3. Certify to all official acts; and
4. For cause, issue subpoenas for the attendance of witnesses and the production of books and papers.
(Added to NRS by 1983, 994)