TITLE 34
Property

CHAPTER 34-41
Rhode Island Real Estate Time-Share Act

ARTICLE 34-41-5.01
Administration and Registration

SECTION 34-41-5.05


§ 34-41-5.05 Annual report and amendments.

(a) A developer within thirty (30) days after the anniversary date of the order of registration, annually shall file a report to bring up to date the material contained in the application for registration and the public offering statement. This provision does not relieve the developer of the obligation to file amendments pursuant to subsection (b).

(b) A developer promptly shall file amendments to the public offering statement with the agency.

(c) If an annual report reveals that a developer owns or controls time shares representing less than twenty-five percent (25%) of the time shares in the time-share units and that a developer has no power to increase the number of time shares in the units, the agency shall issue an order relieving the developer of any further obligation to file annual reports.

History of Section.
(P.L. 1984, ch. 141, § 2.)