§ 42-103tt — Unfair trade practices. Use rights compliance. Nonmaterial error or omission.

(a) Any of the following committed by a developer or other person shall be deemed an unfair trade practice under chapter 735a: (1) Failing to disclose the information required to be disclosed, to the extent applicable, by sections 42-103cc to 42-103ddd , inclusive; (2) Making false or materially misleading statements of fact concerning the characteristics of accommodations or amenities available to a consumer; (3) Making false or materially misleading statements of fact concerning the duration that accommodations or amenities will be available to a consumer; (4) Making false or materially misleading statements of fact concerning the conditions under which a purchaser of a time share interest may exchange the right to occupy a unit for the right to occupy a unit in the same or another time share property; (5) Representing that a prize, gift or other benefit will be awarded in connection with a promotion with the intent not to award that prize, gift or benefit in the manner represented; (6) Failing to provide a copy of the purchase contract to the purchaser at the time the contract is signed by the purchaser; (7) Failing to provide the annual statement required by subsection (a) of section 42-103ww ; or (8) Failing to maintain a one-to-one use right to use night ratio for a time share plan during a consecutive twelve-month period, as determined under subsection (c) of this section. (b) The provisions of this section are not exclusive and are in addition to any other unfair trade practices provided for under any other law. (c) A developer complies with the one-to-one use right to use night ratio referred to in subdivision (8) of subsection (a) of this section if the sum of the nights that purchasers are entitled to use in a given twelve-month period do not exceed the number of nights available for use by those purchasers during the same twelve-month period. No individual time share unit may be counted as providing more than three hundred sixty-five use nights per twelve-month period or more than three hundred sixty-six use nights per twelve-month period that includes February twenty-ninth. The use rights of each purchaser shall be counted without regard to whether the purchaser's use rights have been suspended for failure to pay assessments or for other reasons. (d) A nonmaterial error or omission is not actionable if a developer has complied with sections 42-103cc to 42-103ddd , inclusive, in good faith. Any nonmaterial error or omission is not sufficient to permit a purchaser to cancel a purchase contract after the period provided for cancellation expires under said sections.

Legislative History

(P.A. 09-156, S. 18.) History: P.A. 09-156 effective January 1, 2010.