57-19-2 - Definitions.
57-19-2. Definitions.
As used in this chapter, unless the context clearly requires otherwise:
(1) "Accommodations" includes hotel or motel rooms, condominium or cooperative units,cabins, lodges, apartments, and private or commercial structures designed for occupancy by oneor more individuals.
(2) "Advertisement" means a written, printed, audio, or visual offer made by generalsolicitation.
(3) "Camp resort" means any enterprise that has as its primary purpose the offering of acamp resort interest.
(4) "Camp resort interest" means the right to use and occupy a camping site.
(5) "Camping site" means a space designed or promoted for the purpose of locating atrailer, tent, tent trailer, pickup camper, or other similar device used for land-based portablehousing.
(6) "Developer" means a person who establishes, promotes, owns, or operates atimeshare development or camp resort.
(7) "Director" means the director of the division.
(8) "Division" means the Division of Real Estate of the Department of Commerce.
(9) "Executive director" means the executive director of the Department of Commerce.
(10) "Interest" means a camp resort interest or a timeshare interest.
(11) "Offer" means a solicitation intended to result in a person purchasing an interest in aproject.
(12) "Project" means a camp resort or timeshare development.
(13) "Purchaser" means a person who purchases an interest in a project.
(14) "Sale" or "sell" means selling an interest in a project for value. It does not includecharging a reasonable fee to offset the administrative costs of transferring an interest in a project.
(15) "Salesperson" means an individual who, for compensation and as agent for another,is engaged in obtaining commitments of persons to purchase an interest in a project by makingdirect sales presentations to those persons. It does not include purchasers or members engaged inthe referral of persons without making a direct sales presentation to them.
(16) "Timeshare development" means any enterprise that has as its primary purpose theoffering of a timeshare interest.
(17) "Timeshare interest" means a right to occupy accommodations during three or moreseparate time periods over a period of at least three years, including renewal options, whether ornot coupled with an estate in land. It includes what is commonly known as a "timeshare estate,"which is a small undivided fractional fee interest in real property by which the purchaser does notreceive any right to use accommodations except as provided by contract, declaration, or otherinstrument defining a legal right.
Amended by Chapter 225, 1989 General Session