REAL ESTATE COMMISSION 11:5-9A.1
vi. The filing of any other documents that the Commission may deem necessary.
10. Any applicant granted a limited exemption by the Commission, pursuant to this subchapter, shall comply with the annual reporting requirements of N.J.S.A. 45:15-16.40 and N.J.A.C. 11:5-9.11.
11. No limited exemption granted hereunder shall be effective until a Letter of Limited Exemption is issued by the Commission to the applicant for the exemption.
12. A copy of the New Jersey Letter of Limited Exemption, or of a Public Offering Statement approved by the Commission, shall be provided to each New Jersey purchaser prior to their signing any contract for the purchase of an interest in property included within the limited exemption issued by the Commission, and a receipt obtained for the same shall be kept on file for seven years by the recipient of the limited exemption.
13. Any material change in the information reflected on the application for a limited exemption or on any documentation submitted in support of such application, shall immediately void any exemption issued based upon such application.
Amended by R.1998 d.497, effective October 5, 1998. See: 30 New Jersey Register 2333(a), 30 New Jersey Register 3646(a). In (b), rewrote 5, deleted “The Commission shall determine what constitutes a material change” from the end of 13, and changed N.J.A.C. references throughout.
11:5-9.19 Imposition of regulatory sanctions; cease and desist orders; hearings
(a) Prior to issuing an Order revoking or suspending a registration and/or imposing any penalty authorized by the Act, and/or directing that a registrant permanently cease and desist from taking any action or continuing any course of conduct, the Commission shall provide written notice of the charges which allegedly support the entry of such an Order and afford the registrant to whom such notice is directed the opportunity for a hearing on the charges. All such hearings shall be conducted in accordance with the Administrative Procedures Act, N.J.S.A. 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, promulgated thereunder by the Office of Administrative Law, and any rules of the Commission applicable to such hearings.
1. If the Commission makes a finding of fact in writing that the public interest will be irreparably harmed by a delay in issuing an order, it may issue a temporary cease and desist order. Every temporary cease and desist order shall include in its terms a provision that upon written request of the party to whom the order was directed, a hearing will be held within 15 days of the Commission’s receipt of the request.
New Rule, R.2003 d.440, effective November 3, 2003. See: 34 New Jersey Register 4043(a), 35 New Jersey Register 5109(a).
SUBCHAPTER 9A. RULES INTERPRETING AND IMPLEMENTING THE NEW JERSEY REAL ESTATE TIMESHARE ACT, N.J.S.A. 45:15-16.50 ET SEQ.
11:5-9A.1 Purpose and scope
(a) The rules in this subchapter implement the provisions of the New Jersey Real Estate Timeshare Act, N.J.S.A. 45:15- 16.50 et seq. These rules are applicable to:
1. Timeshare plans with an accommodation or component site in this State; and
2. Timeshare plans without an accommodation or component site in this State if these timeshare plans are offered to be sold within this State, regardless of whether the offer originates from within or outside of this State.
(b) This Act shall not apply to any of the following:
1. Timeshare plans, whether or not an accommodation or component site is located in the State, consisting of 10 or fewer timeshare interests;
2. Timeshare plans, whether or not an accommodation or component site is located in this State, the use of which extends over any period of three years or less. For purposes of determining the term of a timeshare plan, the period of any automatic renewal shall be included unless a purchaser has the right to terminate the purchaser’s participation in the timeshare plan at any time and receive a pro rata refund, or the purchaser receives a notice, not less than 30 days, but not more than 60 days, prior to the date of renewal, informing the purchaser of the right to terminate at any time prior to the date of automatic renewal;
3. Timeshare plans, whether or not an accommodation or component site is located in the State, under which the prospective purchaser’s total financial obligation shall be equal to or less than $ 3,000 during the entire term of the timeshare plan;
4. Component sites of specific timeshare interest multi-site timeshare plans that are neither located in nor offered for sale in this State, except that these component sites are still subject to the disclosure requirements of the Act;
5. Offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under any State or Federal statute; and
6. Offers or dispositions of securities currently Registered with the Bureau of Securities within the Division of Consumer Affairs in the Department of Law and Public Safety.
(c) All correspondence and inquiries related to the Act should be directed to:
New Jersey Real Estate Commission Bureau of Subdivided Land Sales Control