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 24.3 - Format and content

Current through Register Vol. 46, No. 28, July 10, 2024
Plans subject to this Part shall comply with the format and
					 minimal disclosure requirements set forth in subdivisions (a) through (z) of
					 this section, in addition to the requirements of the provisions of article 23-A
					 of the General Business Law.
(a)
Cover.
The outside front cover of the offering plan shall contain
					 the following information in the following order:
(1) The following statement must be printed
				  in capital letters in boldface roman type at least as large as eight-point
				  modern type and at least two points leaded:
CONTRACTS TO PURCHASE
				  TIMESHARES UNDER THIS OFFERING PLAN MAY BE CANCELLED BY THE PURCHASER WITHIN
				  SEVEN (7) BUSINESS DAYS OF EXECUTION. SEE PAGE 1.
If the law of the jurisdiction in which the timeshare
					 property is located requires a rescission period of longer than seven business
					 days from the date of execution of the contract, substitute the appropriate
					 time period in the above legend.
(2) The title in capital letters and boldface
				  type
-TIMESHARE OFFERING PLAN-
followed by the name and location of
				  the timesharing plan.
(3) The
				  amount of the offering, which shall be based on the maximum aggregate price at
				  which the timeshares are initially offered. State the number of units and the
				  number of intervals involved in the offering. If the initial offering is for
				  one phase of a multi-phase development, so state and indicate the anticipated
				  maximum number of units and intervals to be offered in other phases.
(4) The name and principal business address
				  of the sponsor and selling agent. Telephone numbers may also be included. The
				  address of the sponsor must not be in care of the sponsor's attorney.
(5) The statement: "Date of the offering
				  plan: ____. This plan may not be used after ____ unless extended by amendment."
				  The date of the offering plan shall not be earlier than the date the Department
				  of Law files the plan. The term of the initial offer is 12 months commencing on
				  the date indicated in the letter from the Department of Law stating that the
				  plan is filed. The term may be extended by an amendment to the offering plan.
				  The date of the plan should be left blank at submission to the Department of
				  Law and completed when the plan is filed.
(6) The following statement must be printed
				  in capital letters apart from the other print in boldface roman type at least
				  as large as eight-point modern type and at least two points leaded:
THIS
				  OFFERING INVOLVES A HIGH DEGREE OF RISK. SEE PAGE 2 FOR A DISCUSSION OF RISK
				  FACTORS.
(7) The following
				  statement must be printed in capital letters in boldface roman type at least as
				  large as eight-point modern type and at least two points leaded:
THIS
				  OFFERING PLAN IS THE ENTIRE OFFER TO SELL THESE TIMESHARE INTERESTS. NEW YORK
				  LAW REQUIRES THE SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS PLAN AND
				  TO FILE THIS PLAN WITH THE NEW YORK STATE DEPARTMENT OF LAW PRIOR TO SELLING OR
				  OFFERING TO SELL ANY TIMESHARE INTERESTS. FILING WITH THE DEPARTMENT OF LAW
				  DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED
				  THIS OFFERING.