NAC 119 Changes

NAC 119 Changes
CHAPTER DESCRIPTION REGULATION CHANGES
NAC 119A
  • Changes relating to time share provisions for abbreviated registrations and registration of certain exchange companies and resale brokers.
  • Revises certain definitions and provisions relating to certain persons owing money to the Division.
  • Revises provisions relating to provisional time share sales agents.
  • Revises provisions relating to branch offices.
  • Applies certain provisions to time share resale brokers.
  • Revises provisions concerning time share permits.
  • Revises provisions relating to standards and duties of certain persons.
  • Revises provisions concerning advertisements, promotional meetings and promotions.
  • Repeals certain provisions.
 		 R130-16
(Effective 8-30-18)
NAC 119A
  • Requires that disclosures pursuant to NRS 119A.4775 and notice of cancellation be given to a purchaser in paper format on a form prescribed by the Division.
  • Requires a time share resale broker to obtain a signed receipt for the disclosure form from each purchaser, provide the purchaser with a copy in paper format and keep the signed receipt with a copy of any contract at the principal place of business of the time share resale broker.
  • Requires certain disclosures appear on the disclosure form.
 		 R143-16 
(Effective 8-30-18)