New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 24 - TIMESHARE OFFERING PLANS › Section 24.6 - Advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All advertising
				  (including but not limited to circulars, flyers, cards, letters, brochures,
				  pamphlets, lodging and vacation certificates, direct mail prize giveaways, and
				  radio and television solicitations of interests for offering plans filed
				  pursuant to this Part) shall contain the following statements, or substantially
				  similar language provided such language makes specific reference to, and uses
				  the term "timeshare sales", in easily readable print separated from the body of
				  the advertisement or spoken in a distinctly audible voice:
THIS ADVERTISEMENT IS BEING USED FOR THE PURPOSE OF
					 SOLICITING TIMESHARE SALES.
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN
					 AVAILABLE FROM SPONSOR.
(b)
				  Any chart or diagram used in an advertisement must be consistent with the
				  offering plan. Any room or floor plan must be to scale.
(c) No abbreviations shall be employed in
				  advertisements unless the meaning is unmistakably clear.
(d) All advertisements in connection with an
				  offering plan filed pursuant to this Part shall be consistent with the
				  representations and information required to be set forth by the General
				  Business Law and this Part. All assertions of fact in advertisements must be
				  provably true.
(e) Anticipated
				  maintenance charges shall be preceded by the word
projected
or
estimated
or abbreviations of those terms. In estimating
				  maintenance charges, there shall be no subtraction or representation of
				  specific dollar saving because of anticipated tax deductions.
(f) Advertisements of amenities or services
				  available at a fee charged in addition to the maintenance charges or in
				  addition to the purchase price must refer to the additional fee. Advertisements
				  of amenities or services that will not be available at closing must state the
				  approximate date of availability.
(g) An artist's rendering of a property in an
				  advertisement must be marked as an artist's rendering, and must accurately and
				  realistically depict the dimensions, height and landscaping of the property and
				  surrounding roads, buildings and open space.
(h) Advertisements of financing offered or
				  procured by sponsor must include the term of the financing.
(i) All advertisements must clearly and
				  conspicuously use the term
timesharing
to describe the product
				  offered for sale by the sponsor.
(j) All advertisements must disclose the
				  price range for the interests being sold.
(k) In addition to the other requirements set
				  forth in this section, all advertisements which offer prizes, gifts, awards or
				  other premiums must:
(1) clearly and
				  conspicuously state whether or not respondents will be required to submit to a
				  sales presentation in order to receive the premium or premiums;
(2) specify the premium or premiums to be
				  given to the respondents and the retail value of each premium;
(3) fully and accurately describe the premium
				  or premiums;
(4) clearly and
				  conspicuously disclose all rules, requirements and preconditions for claiming
				  the premium or premiums, including any costs to the respondent associated with
				  the offer;
(5) not appear to be an
				  urgent and official notification to winners in a contest, and must not use any
				  other means to convey a false sense of urgency or importance.