There is a newer version of this Section
2021
2020 (you are here)
2019
2018
2017
Other previous versions
View our newest version here

2020 Tennessee Code
Title 66 - Property
Chapter 32 - Time-Share Programs and Vacation Clubs
Part 1 - Time-Share Act of 1981
§ 66-32-115. Exemptions From Requirement of Public Offering Statement

Universal Citation: TN Code § 66-32-115 (2020)
Previous Next
  1. The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following:
    1. Securities Act of 1933 (15 U.S.C. § 77a et seq.);
    2. Federal Interstate Land Sales Full Disclosure Act (15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and
    3. Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers.
  2. A public offering statement need not be prepared or delivered in the case of:
    1. Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent;
    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;
    5. A disposition of a time-share interval in a time-share project situated wholly outside the state; provided, that all solicitations, negotiations, and contracts took place wholly outside this state and the contract was executed wholly outside this state;
    6. A gratuitous transfer of a time-share interval; or
    7. Group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.
Previous Next
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.