(23)A statement disclosing any right of first refusal or other restraint on the transfer of all or any portion of a timeshare interest;
(24)A statement disclosing that any deposit made in connection with the purchase of a timeshare interest shall be held by an escrow agent until expiration of any right to cancel the contract and that any deposit shall be returned to the purchaser if the purchaser elects to exercise the right of cancellation; or, if the commission accepts from the developer a surety bond, irrevocable letter of credit, or other form of financial assurance instead of an escrow deposit, a statement disclosing that the developer has provided a surety bond, irrevocable letter of credit, or other form of financial assurance in an amount equal to or in excess of the funds that would otherwise be held by an escrow agent and that the deposit shall be returned if the purchaser elects to exercise the right of cancellation;
(25)A description of the name and address of the exchange company and the method by which a purchaser accesses the exchange program, if the timeshare plan provides purchasers with the opportunity to participate in an exchange program; and
(26)Any other information the commission determines is necessary to protect prospective purchasers or to implement the purpose of this act.
The developer may also include any other information in the timeshare disclosure statement following approval by the commission.
c. The disclosure statement for a specific timeshare interest multi-site timeshare plan shall include:
(1)With regard to the timeshare property in which the purchaser will receive a specific timeshare interest that includes a reservation priority right, all of the applicable information related to that timeshare property as required under subsection b. of this section;
(2)With regard to the component site in which the purchaser does not receive a specific timeshare interest, the following information:
(a)a description of each component site, including the name and address of each component site;
(b)a description of each type of accommodation in each component site, categorized by the number of bedrooms, the number of bathrooms, and sleeping capacity, and a statement indicating whether the accommodation contains a full kitchen, which means a kitchen that has a minimum of a dishwater, range, sink, oven, and refrigerator;
(c)a description of the amenities at each component site available for use by the purchaser;
(d)a description of the reservation system, which shall include:
(i)the entity responsible for operating the reservation system, its relationship to the developer, and the duration of any agreement for operation of the reservation system;
(ii)a summary or the rules governing access to and use of the reservation system; and
(iii)the existence of and explanation regarding any priority reservation features that affect a purchaser’s ability to make reservations for the use of a given accommodation on a first-come, first-served basis;
(e)The name and principal address of the managing entity for the multi-site timeshare plan and a description of the procedures, if any, for altering the powers and responsibilities of the managing entity and for removing or replacing it;
(f)A description of any right to make additions to, substitutions in, or deletions from accommodations, amenities, or component sites, and a description of the basis on which accommodations, amenities, or component sites may be added to, substituted in, or deleted from the multi-site timeshare plan;
(g)A description of the purchaser’s liability for any fees associated with the multi-site timeshare plan;
(h)The location of each component site of the multi-site timeshare plan, as well as any periodic adjustment or amendment to the reservation system that may be needed in order to respond to actual purchaser use patterns and changes in purchaser use demand for the accommodations existing at the time within the multi-site timeshare plan; and
(i)Any other information the commission determines is necessary to protect prospective purchasers or to implement the purpose of this act.
d. The public offering statement for a non-specific timeshare interest multi-site timeshare plan shall include:
(1)The name and address of the developer;
(2)A description of the type of interest and usage rights the purchaser will receive;
(3)A description of the duration and operation of the timeshare plan;
(4)A description of the type of insurance coverage provided for each component site;
(5)An explanation of who holds title to the accommodations of each component site;
(6)A description of each component site, including the name and address of each component site;
(7)A description of the existing or proposed accommodations expressed in periods of seven-day use availability or other time increments applicable to the timeshare plan. The description