(a) A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following: (1) Arkansas Securities Act, § 23-42-101 et seq.; or(2) Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers.(b)(1) A time-share plan that fails to restrict the price at which an owner may sell or exchange his or her time-share interest does not by that failure cause the time-share interest to become a security under the Arkansas Securities Act, § 23-42-101 et seq.(2) An exchange agent offering a time-share interest for exchange is not considered to be offering a security under the Arkansas Securities Act, § 23-42-101 et seq.Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013.Acts 1983, No. 294, Art. 3, § 3-105; A.S.A. 1947, § 50-1319.
Arkansas Legal Code