Conn. Gen. Stat. § 42-103cc
Short title: Time Share Act
Sections 42-103cc to 42-103ddd, inclusive, shall be known and may be cited as the “Time Share Act”.
General Statutes of Connecticut Chapter 734b — Time Shares
Connecticut · statute · Conn. Gen. Stat. ch. 734b · 28 active provisions
Conn. Gen. Stat. § 42-103dd
Definitions
As used in sections 42-103cc to 42-103ddd, inclusive: (1) “Accommodation” means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or any other private or commercial structure that: (A) Is affixed to real property; (B) is designed for occupancy or use by one or more individuals; and (C)…
Conn. Gen. Stat. § 42-103ee
Application of Time Share Act and exemptions. Use of “vacation ownership” in advertisement and disclosures
(a) Sections 42-103cc to 42-103ddd, inclusive, shall apply to the following: (1) Time share plans with accommodations or amenities in this state; (2) Time share plans without accommodations or amenities in this state, if those time share plans are sold or offered to be sold to any individual located within this state.…
Conn. Gen. Stat. § 42-103ff
Exempt communications
The following communications are exempt from sections 42-103cc to 42-103ddd, inclusive, if they are delivered to a person who has previously executed a contract for the purchase of, or is an owner of, a time share interest in a time share plan: (1) Any communication addressed to and relating to the account of the perso…
Conn. Gen. Stat. § 42-103gg
Recordation of time share instrument. Declaration. Licensure of sales agents. Exceptions
(a) The developer of a time share plan any part of which is located in this state shall properly record the time share instrument in the land records of all towns where an accommodation is located. When a person expressly declares an intent to subject the property to a time share plan through the recordation of a time…
Conn. Gen. Stat. § 42-103hh
Ownership and conveyance of time share interest
(a) Once a property is established as a time share plan, each time share interest may be individually conveyed or encumbered and shall be entirely independent of all other time share interests in the same time share property. Any title or interest in a time share interest may be recorded. (b) Any time share interest ma…
Conn. Gen. Stat. § 42-103ii
Registration of time share plan. Presales authorization. Application fee. Developer requirements after approval by commissioner
(a) Except as provided by sections 42-103cc to 42-103ddd, inclusive, a developer may not offer or dispose of a time share interest unless such time share plan is registered with the Department of Consumer Protection. (b) Before a registration application for a time share plan is submitted or completed, a developer or a…
Conn. Gen. Stat. § 42-103jj
Time share plan registration application. Abbreviated application. Statement in lieu of abbreviated application. Exclusion. Application investigation and inspection of property. Costs. Amendments to registration. Fee
(a) An application for registration filed under this section shall include a time share disclosure statement required by section 42-103mm and any exchange disclosure statement required by section 42-103nn, recorded copies of all time share instruments and other information as may be required by the commissioner. If the…
Conn. Gen. Stat. § 42-103kk
Regulations. Penalties. Hearings. Enforcement. Compliance with other statutes. Developer registration. Fees
(a) The commissioner may adopt regulations, in accordance with chapter 54, and prescribe and publish forms necessary to carry out the provisions of sections 42-103cc to 42-103ddd, inclusive. If, after notice and hearing, the commissioner determines that a developer or person subject to sections 42-103cc to 42-103ddd, i…
Conn. Gen. Stat. § 42-103ll
Advertisements and promotions. Prohibitions. Disclosures
(a) An advertisement shall not materially misrepresent: (1) Facts or create false or misleading impressions regarding the time share plan; (2) The size, nature, extent, qualities or characteristics of the accommodations or amenities; (3) The amount or period of time during which the accommodations or amenities will be…
Conn. Gen. Stat. § 42-103mm
Time share disclosure statement. Written acknowledgment of receipt
(a) Before a prospective purchaser signs any agreement to acquire a time share interest, the developer shall provide a time share disclosure statement to the prospective purchaser and shall obtain from the purchaser a written acknowledgment of receipt of the time share disclosure statement. (b) The time share disclosur…
Conn. Gen. Stat. § 42-103nn
Exchange disclosure statement. Filing with department. Amendments. Fees
(a) Before the signing of any agreement to purchase a time share interest in which a prospective purchaser is also offered participation in any exchange program, the developer shall deliver to the prospective purchaser the exchange disclosure statement of any exchange company whose service is advertised or offered by t…
Conn. Gen. Stat. § 42-103oo
Duty and liability of developer
Notwithstanding obligations placed upon any other persons pursuant to sections 42-103cc to 42-103ddd, inclusive, the developer shall supervise, manage and control all aspects of the offering of a time share interest, including, but not limited to, promotion, advertising, contracting and closing. Any violation of sectio…
Conn. Gen. Stat. § 42-103pp
Cancellation of purchase contract
(a) A purchaser may cancel a purchase contract before midnight of the fifth calendar day after the date the purchaser signs and receives a copy of the purchase contract or receives the required time share disclosure statement, whichever is later. A developer may offer a cancellation period that is longer than five cale…
Conn. Gen. Stat. § 42-103qq
Purchase contract statements
(a) Each purchase contract shall contain the following language, in conspicuous type, or similar language or type if required by the jurisdiction in which the time share property or properties are located, with the developer's name and address, the date of the last day of the fiscal year and the address of the managing…
Conn. Gen. Stat. § 42-103rr
Exchange company. Liability exceptions
(a) An exchange company may employ seasonal demand and unit occupancy restrictions in the operation of its exchange program. (b) A developer shall not incur any liability arising out of the use, delivery or publication to a purchaser of written information or audio-visual materials provided to such developer by the exc…
Conn. Gen. Stat. § 42-103ss
Deposit of funds. Release of funds. Closing agent and developer agreement. Disputes relating to funds. Financial assurance in lieu of funds
(a) A developer or closing agent of a time share plan shall deposit in an escrow or trust account in a federally insured depository one hundred per cent of all funds received during the purchaser's cancellation period. For transactions involving the sale of time share interests in time share properties located in this…
Conn. Gen. Stat. § 42-103tt
Unfair trade practices. Use rights compliance. Nonmaterial error or omission
(a) Any of the following committed by a developer or other person shall be deemed an unfair trade practice under chapter 735a: (1) Failing to disclose the information required to be disclosed, to the extent applicable, by sections 42-103cc to 42-103ddd, inclusive; (2) Making false or materially misleading statements of…
Conn. Gen. Stat. § 42-103uu
Insurance
(a) Notwithstanding any provision contained in the time share instrument or in sections 42-103cc to 42-103ddd, inclusive, the managing entity shall use due diligence to obtain the following insurance coverage as a common expense of the time share plan: (1) Adequate casualty insurance to protect the time share property…
Conn. Gen. Stat. § 42-103vv
Developer prohibitions. Penalty
(a) Except as provided in sections 42-103cc to 42-103ddd, inclusive, no developer shall (1) offer or dispose of a time share interest in a time share property that has not been registered with the Department of Consumer Protection, or (2) accept reservations and deposits from prospective purchasers. (b) Any developer w…
Conn. Gen. Stat. § 42-103ww
Annual statement of time share plan or time share property provided by managing entity upon request. Audits. Unfair trade practice. Posting in registration area of accommodation. Extension. Enforcement
(a) Notwithstanding any provision of the required time share disclosure statement, project instrument, time share instrument or bylaws adopted pursuant to a time share instrument, the managing entity shall make a written annual statement of the operation of the time share plan or time share properties managed by the ma…
Conn. Gen. Stat. § 42-103xx
Treatment of assessments collected by managing entity. Disclosures. Fiduciary duty of managing entity
(a) A managing entity that manages two or more single-site time share plans shall not commingle the assessments collected from purchasers of one time share plan with the assessments collected from purchasers of any other single-site plan for which it is the managing entity unless the practice is disclosed in the time s…
Conn. Gen. Stat. § 42-103yy
Assessments. Lien on time share interest. Foreclosure
(a) The managing entity may levy and enforce assessments on any time share interests in accordance with the time share instrument, and any such assessment shall constitute a debt of the owner of the interest at the time the assessment is made. Assessments and other monetary obligations are governed as follows: (1) Afte…
Conn. Gen. Stat. § 42-103zz
Costs of delinquent assessment collection. Notice to purchaser
Notwithstanding any provision of section 42-103yy or 36a-805, any costs of collection, including reasonable collection agency fees and reasonable attorney's fees incurred in the collection of a delinquent assessment, shall be paid by the purchaser and shall be secured by a lien in favor of the managing entity upon the…
Conn. Gen. Stat. § 42-103aaa
Books and records
(a) A developer or managing entity, on written request by an owner, shall make available for examination at its registered office or principal place of business and at any reasonable time or times the relevant books and records relating to the collection and expenditure of assessments. (b) A developer or managing entit…
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