Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.2 - Definitions

Current through June 25, 2024
A. "Accommodations" means any structure,
				service improvement, facility, apartment, condominium or cooperative unit,
				cabin, lodge, hotel or motel room, or any other private or commercial
				structure, which is situated on real property and designed for occupancy by one
				or more individuals.
B.
				"Advertising" or "Advertisement" means any written, oral, or electronic
				communication which contains a promotion, inducement, or offer to sell a
				timeshare plan, including, but not limited to, brochures, pamphlets, radio and
				television scripts, electronic media, telephone and direct mail solicitations,
				and other means of promotion.
C.
				"Assessment" means the share of funds required for the payment of common
				expenses that are assessed from time to time against each timeshare interest
				owner by the managing entity.
D.
				"Association" means the organized body consisting of the owners of timeshare
				interests in a timeshare plan.
E.
				"Common Expenses" means taxes, casualty and liability insurance, and those
				expenses properly incurred for the maintenance, operation, and repair of all
				accommodations constituting the timeshare plan and any other expenses
				designated as common expenses by the timeshare instrument.
F. "Developer" means and includes any person
				who creates a timeshare plan or is in the business of selling timeshare
				interests, or employs agents to do the same, or any person who succeeds to the
				interest of a developer by sale, lease, assignment, mortgage, or other
				transfer, but the term includes only those persons who offer timeshare
				interests for disposition in the ordinary course of business and does not
				include those sellers who sell timeshare interests on the developer's
				behalf.
G. "Managing entity" means
				the natural person or other entity that undertakes the duties,
				responsibilities, and obligations of the management of a timeshare
				plan.
H. "Exchange program" means
				any method, arrangement, or procedure for the voluntary exchange of timeshare
				interests or other property interests. The term does not include the assignment
				of the right to use and occupy accommodations to owners of timeshare interests
				within a timeshare plan. Any method, arrangement, or procedure that otherwise
				meets this definition in which the purchaser's total contractual financial
				obligation exceeds three thousand dollars ($3,000) per any individual,
				recurring timeshare period, shall be regulated as a timeshare plan in
				accordance with these rules. For purposes of determining the purchaser's total
				contractual financial obligation, amounts to be paid as a result of renewals
				and options to renew shall be included except for the following:
(1) the amounts to be paid as a result of any
				optional renewal that a purchaser, in his or her sole discretion may elect to
				exercise or
(2) the amounts to be
				paid as a result of any automatic renewal in which the purchaser has a right to
				terminate during the renewal period at any time and receive a pro rata refund
				for the remaining unexpired renewal term or
(3) amounts to be paid as a result of an
				automatic renewal wherein the purchaser receives a written notice no less than
				30 nor more than 90 days prior to the date of renewal informing the purchaser
				of the right to terminate prior to the date of renewal.
Notwithstanding these exceptions, if the contractual
				  financial obligation exceeds three thousand dollars ($3,000) for any three-year
				  period of any renewal term, amounts to be paid as a result of that renewal
				  shall be included in determining the purchaser's total contractual financial
				  obligation.