2010 Arkansas Code
Title 18 - Property
Subtitle 2 - Real Property
Chapter 14 - Arkansas Time-Share Act
Subchapter 2 - Administration and Registration
§ 18-14-203 - Exemptions from registration.

18-14-203. Exemptions from registration.

(a) No registration with the agency shall be required if the developer is registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following:

(1) Securities and Exchange Act of 1933;

(2) Arkansas Securities Act, 23-42-101 et seq.;

(3) Federal Interstate Land Sales Full Disclosure Act, in which the time-share program is made a part of the subdivision that is being registered; and

(4) (A) Any federal or state act which requires a federal or state agency to review a public offering statement, or similar disclosure document which is required to be distributed to purchasers, if the agency determines after review that the federal or state public offering statement is substantially equivalent to that required by this chapter and issues its certificate of exemption.

(B) Whenever a public offering statement is amended, and at least annually in any event, the public offering statement shall be submitted to the agency for its review and recertification.

(C) Applicants for certificates of exemption shall pay a filing fee of three hundred dollars ($300) and any necessary investigation expenses as set forth in 18-14-204(d) and a fee of one hundred fifty dollars ($150) for each request for review and recertification pursuant to subdivision (a)(4)(B) of this section.

(b) No registration with the agency shall be required in the case of:

(1) Any transfer of a time-share interval by any time-share interval owner other than the developer or his or her agent unless the transfer is made for the purpose of evading the provisions of this chapter;

(2) Any disposition pursuant to court order;

(3) A disposition by a government or governmental agency;

(4) A disposition by foreclosure or deed in lieu of foreclosure; or

(5) A gratuitous transfer of a time-share interval.