Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.200 - Application for permit to sell time shares

Current through June 11, 2024
In addition to the information and
				  documents required to be provided by law, a developer applying for a permit to
				  sell time shares shall provide to the Division a statement of record containing
				  the following information on a form prescribed by the Division:
1. Concerning the developer and the business
				  experience and background of the developer:
(a) The name and address of the principal
				  place of business of the developer.
(b) The federal tax identification number of
				  the developer.
(c) The ownership or
				  other interest of the developer in the project.
(d) If the developer is a corporation,
				  limited-liability company or limited partnership:
(1) A copy of its articles of incorporation,
				  articles of organization or certificate of limited partnership, as applicable,
				  and a Certificate of Good Standing issued by the Secretary of State that is
				  dated within the 30 days immediately preceding the date on which the statement
				  of record is provided to the Division; and
(2) If the developer is a foreign corporation
				  or foreign limited-liability company, a certificate issued by the Secretary of
				  State authorizing the foreign corporation or foreign limited-liability company
				  to transact business in Nevada that is dated within the 30 days immediately
				  preceding the date on which the statement of record is provided to the
				  Division, together with a copy of the list of its officers and directors and
				  the designation of its registered agent, when required by the Secretary of
				  State.
(e) If the
				  developer is a closely held corporation, limited-liability company, limited
				  partnership or other business entity:
(1) The
				  name, address and principal occupation of each person owning or controlling an
				  interest of 10 percent or more in the developer and the extent and nature of
				  such ownership; and
(2) The consent
				  of the developer to the service of process and designation of an agent in the
				  State to accept service.
(f) If the developer is related to another
				  business entity and is not a publicly traded corporation or held by a publicly
				  traded corporation, a diagram showing the business relationship of the
				  developer to the other business entity.
(g) A list identifying each state or foreign
				  jurisdiction in which the developer has, within the 10 years immediately
				  preceding the date on which the statement of record is provided to the
				  Division, applied for or received a permit to sell time shares that has been
				  denied, revoked or suspended, or with respect to which other disciplinary
				  action was taken. The list must include the name of the issuing
				  authority.
(h) With respect to the
				  developer and any officers, directors, managers or partners thereof as
				  applicable, the identification of:
(1) Any
				  conviction of, or plea of guilty or nolo contendere to, any felony or gross
				  misdemeanor charge or crime involving fraud, misrepresentation or unlicensed
				  activity, and the disposition thereof;
(2) Any denial, suspension or revocation of
				  the license of a real estate broker, broker-salesperson or salesperson in any
				  state, district or territory of the United States or any other
				  jurisdiction;
(3) Any denial,
				  suspension or revocation of, or any pending administrative proceeding regarding
				  the denial, suspension or revocation of, any professional or occupational
				  license;
(4) Any voluntary or
				  involuntary petition in bankruptcy filed by or against the applicant within the
				  7 years immediately preceding the date on which the statement of record is
				  provided to the Division; and
(5)
				  Any past or pending criminal prosecution or civil litigation that has a
				  material adverse effect on the developer or the time-share plan.
(i) A financial statement, which
				  may be consolidated with the developer's parent company, dated within the 6
				  months immediately preceding the date on which the statement of record is
				  provided to the Division, including a balance sheet and statement of profit and
				  loss.