119A.400 - Prospective purchasers to be provided with public offering statement and permit.
119A.400 Prospective purchasers to be provided with public offering statement and permit.
1. Each developer, through his or her project broker and sales agents, shall provide each prospective purchaser with a copy of the developer’s public offering statement which must contain a copy of the developer’s permit to sell time shares.
2. The project broker or sales agent shall review the public offering statement with each prospective purchaser before the execution of any contract for the sale of a time share and obtain a receipt signed by the purchaser for a copy of the public offering statement.
3. If a contract is signed by the purchaser, the signed receipt for a copy of the public offering statement must be kept by the project broker for 3 years and is subject to such inspections and audits as may be prescribed by regulations adopted by the Division.
(Added to NRS by 1983, 981)