Washington Administrative Code › Title 308 - Licensing, Department of (See also Titles 36, 98 and 196) › Chapter 308-127 - Timeshare › Section 308-127-035 - Definitions

Current through Register Vol. 24-14, July 15, 2024
(1) Words and terms
			 used in these rules shall have the same meaning as each has in the Timeshare
			 Act, chapter 64.36 RCW, unless otherwise clearly provided in these rules, or
			 the context in which they are used in these rules clearly indicates that they
			 be given some other meaning.
(2)
			 "Agency" means the department of licensing in the state of
			 Washington.
(3) "Timeshare project"
			 means all the properties located at a specific resort location whether or not
			 subject to resort or condominium regimes documents, which properties are
			 subject to a particular set of timeshare instruments.
(4) "Timeshare property" means all the
			 properties subject to a particular timeshare program established by a
			 particular set of timeshare instruments.
(5) "Timeshare program" means the rights and
			 obligations of the timeshare owners, methods, procedures and rules for
			 occupying, using and managing the timeshared property, as established by a
			 particular set of timeshare instruments.
(6) "Resale timeshare interval" means a
			 timeshare interval offered or sold which is not the original offer, transfer,
			 or sale of such interval to the general public and not a forfeited timeshare
			 sale being reoffered by a promoter, lender, or affiliate.
(7) "Start up timeshare interval" means a
			 timeshare interval that is being offered or sold to the general public for the
			 first time or a forfeited timeshare purchase being resold by a promoter,
			 lender, or affiliate.
(8) "Advance
			 fee" means consideration of any description, collected for any purpose from
			 buyers or sellers of resale timeshare intervals prior to the time of
			 transacting a purchase or sale of a timeshare resale.
(9) "Prospective purchaser" means any person
			 attending a sales presentation of any description or touring a timeshare
			 property in response to an advertisement placed by any person, including
			 lenders to whom a start up timeshare purchaser contract is pledged,
			 hypothecated, or conveyed for security purposes.
(10) "Consolidation" means any adding of
			 intervals, real estate, or units of timeshared personal property to a program.
			 Consolidations shall not be construed as amendments to the registration for
			 purposes of determining fees under these rules.
(11) "Amendment" means an amendment of a
			 registration or a public offering statement pursuant to WAC
			 308-127-040.
(12) "Limited timeshare offering" means a
			 timeshare interval or timeshare intervals offered or sold in which:
(a) None of the owners of interests are
			 owners for the purpose of making a profit from renting, exchanging, or selling
			 the timeshare interests; and none do in fact make a profit from such activities
			 during a three-year term subsequent to establishment of the program;
			 and
(b) The establishment of the
			 timeshare program is not for the purpose of making a profit on behalf of any
			 person; and
(c) All co-owners had
			 personal knowledge of each other prior to the establishment of the program and
			 there is no solicitation of co-owners by means of advertising in public
			 media.