In the case of timeshare plan or vacation club disclosures which have been approved or accepted by another state which, in the opinion of the Company, regulates timeshare’s plan or vacation clubs with disclosure requirements and concomitant consumer protection substantially similar to or greater than that afforded by this chapter and by Puerto Rico, the Company may accept all or a portion of such disclosures which have been approved or accepted by such other state in lieu of all or a portion of the public offering statement otherwise required by this subchapter. The Company is authorized to enter into an agreement with another state for the purpose of facilitating the processing of out-of-state timeshare documents or vacation club documents and for the purpose of facilitating the referral of consumer complaints to the appropriate state. History —Dec. 26, 1995, No. 252, § 5-105.