Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.3 - Registration

Current through June 25, 2024
A. Developer registration; offer or disposal
				of interest. - A developer, or any of its agents, shall not sell, offer or
				dispose of a timeshare interest in the state unless all necessary registration
				requirements are completed and approved by the Mississippi Real Estate
				Commission, or the sale, offer, or disposition is otherwise permitted by or
				exempt from these rules. A developer, or any of its agents, shall not sell,
				offer or dispose of a timeshare interest in the state while an order revoking
				or suspending a registration is in effect.
B. Exemptions from developer registration
(1) A person is exempt from the registration
				requirements under the following circumstances.
(a) An owner of a timeshare interest who has
				acquired the timeshare interest from another for the owner's own use and
				occupancy and who later offers it for resale; or
(b) A managing entity or an association that
				is offering to sell one or more timeshare interests acquired through
				foreclosure, deed in lieu of foreclosure or gratuitous transfer, if such acts
				are performed in the regular course of or as incident to the management of the
				association for its own account in the timeshare plan; or
(c) The person offers a timeshare plan
				located outside of Mississippi in a national publication or by electronic
				media, which is not directed to or targeted to any individual located in
				Mississippi and contains appropriate disclaimers; or
(d) The person is conveyed, assigned, or
				transferred more than seven timeshare interests from a developer in a single
				voluntary or involuntary transaction arid subsequently conveys, assigns, or
				transfers all of the timeshare interests received from the developer to a
				single purchaser in a single transaction.
(e)
(i) The
				developer is offering a timeshare interest to a purchaser who has previously
				acquired a timeshare interest from the same developer if the developer has a
				timeshare plan registered with the Commission, which was originally approved by
				the Commission within the preceding seven (7) years and, further, provides the
				purchaser:
(A) a cancellation period of at
				least seven (7) calendar days;
(B)
				all the timeshare disclosure documents that are required to be provided to
				purchasers as if the sale occurred in the state or jurisdiction where the
				timeshare property is located; and
(ii) By making such an offering or
				disposition, the person is deemed to consent to the jurisdiction of the
				Commission in the event of a dispute with the purchaser in connection with the
				offering or disposition.
(f) An offering of any plan in which the
				purchaser's total financial obligation is $3,000 or less during the term of the
				plan; for purposes of determining the purchaser's total financial obligation,
				all amounts to be paid during any renewal or periods of optional renewal shall
				be included.
(g) Hotels including
				any hotel, inn, motel, tourist court, apartment house, rooming house, or other
				place where sleeping accommodations are furnished or offered for pay if four
				(4) or more rooms are available therein for transient guests as defined in
				Miss. Code Ann. §
											41-49-3.
(h) Campground, which is located on real
				property, made available to persons for camping, whether by tent, trailer,
				camper, cabin, recreational vehicle or similar device and shall include the
				outdoor recreational facilities located on the real property;
(i) Hunting camp which means land or
				facilities located on real property which is established for the principal
				purpose of hunting or fishing activities which are subject to licensing by the
				State of Mississippi pursuant to Miss. Code Ann. §
											49-7-1,
et seq.
(j) Owner
				referrals as described in Section N of these rules.