(a) A developer of a vacation club interest shall in all respects be subject to the authority of the commission and any rules and regulations promulgated by the commission.(b) Unless specifically exempted, a developer of a vacation club interest may not offer or dispose of a vacation club interest unless it is registered with the commission under § 66-32-123, and pays any fee required by § 66-32-123. (c) Prior to offering any vacation club intervals in a vacation club, a developer shall provide the commission:(1) Satisfactory evidence of the existence of the time-share intervals that are part of the vacation club;(2) The marketing plan for the vacation club;(3) Proof of ownership or a leasehold estate of the time-share intervals that are part of the vacation club; and(4) Satisfactory proof of compliance with this part, including, but not limited to, a public offering statement, escrow of deposits, cancellation rights, advertising and promotional offers.Acts 1995, ch. 90, § 9.
Tennessee Legal Code