§ 11236. — 11236. (Added by Stats. 2004, Ch. 697, Sec. 14.)

California § 11236.

• Jurisdiction: California
• Code BPC: Business and Professions Code - BPC
• Div. 4.: DIVISION 4. REAL ESTATE
• Part 2.: PART 2. REGULATION OF TRANSACTIONS
• Ch. 2.: CHAPTER 2. The Vacation Ownership and Time-Share Act of 2004
• Art. 2.: ARTICLE 2. Registration, Sale Requirements, and Fees

Text

(a)
A receipt on the form specified herein shall be taken by or on behalf of the developer from each person executing a reservation agreement under authority of a preliminary public report and each person who has made a written offer to purchase or lease a time-share interest under authority of a preliminary, conditional, or final public report.
(b)
The developer or his or her agent shall retain
each receipt for a final public report for a period of three years from the date of the receipt and shall make the receipts available for inspection by the commissioner or his or her designated representative during regular business hours.
(c)
The form approved by the commissioner for the acknowledgment of receipt of a preliminary, conditional, or final public report shall be as follows:
“RECEIPT FOR PUBLIC REPORT
The Law and Regulations of the commissioner require that you as a prospective purchaser or lessee be afforded an opportunity to read the public report for this time-share before you execute a contract to purchase or lease a time-share interest or before any money or other consideration toward purchase or lease of a time-share interest is accepted from you.
You must be afforded an opportunity to read the report before a written reservation or any deposit in connection therewith is accepted from you.
DO NOT SIGN THIS RECEIPT UNTIL YOU HAVE RECEIVED A COPY OF THE REPORT AND HAVE READ IT.
I have read the commissioner’s public report on ____ (File No., Tract No., or Name). I understand the report is not a recommendation or endorsement of the time-share, but is for information only. The date of the public report which I received and read is ____.
Developer Is Required to Retain This Receipt for Three Years.

Legislative History

Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.