Tennessee § 66-32-115 Exemptions from requirement of public offering statement

Tennessee Statutes

§ 66-32-115 — Exemptions from requirement of public offering statement

Tennessee § 66-32-115

Title66

This text of Tennessee § 66-32-115 (Exemptions from requirement of public offering statement) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 66-32-115 (2026).

Text

(a)The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following:

(1)Securities Act of 1933 ( 15 U.S.C. § 77a et seq.);

(2)Federal Interstate Land Sales Full Disclosure Act ( 15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and (3) Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers.

(b)A public offering statement need not be prepared or delivered in the case of:

(1)Any transfer of a time-share interval by any time-

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(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: (1) Securities Act of 1933 ( 15 U.S.C. § 77a et seq.); (2) Federal Interstate Land Sales Full Disclosure Act ( 15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and (3) Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers. (b) A public offering statement need not be prepared or delivered in the case of: (1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent; (2) Any disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition of a time-share interval in a time-share project situated wholly outside the state; provided, that all solicitations, negotiations, and contracts took place wholly outside this state and the contract was executed wholly outside this state; (6) A gratuitous transfer of a time-share interval; or (7) Group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.