Statute 119a 390

A reservation to purchase a time share must: 1. Be on a form approved by the Division; 2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit; 3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320; 4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and 5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser. (Added to NRS by 1983, 979; A 2013, 1585)