NAC119A.200. Application for permit to sell time shares.

In addition to the information and documents required to be provided by law, an applicant shall provide the following information in or documents with his or her application for a permit to sell time shares:

     1. Concerning the applicant’s business experience and background:

     (a) His or her name and the address of his or her principal place of business.

     (b) His or her ownership or other interest in the project.

     (c) If the applicant is a corporation:

          (1) A copy of its articles of incorporation and a current certificate of incorporation; and

          (2) If it is a foreign corporation, a certificate from the Secretary of State authorizing the corporation to transact business in Nevada, together with a copy of the list of its officers and directors and the designation of its registered agent, when required by the Secretary of State.

     (d) If the applicant is not a corporation, his or her consent to the service of process and designation of an agent in the State to accept service.

     (e) If the applicant is related to another business entity, a diagram showing his or her business relationship to the other business entity.

     (f) A list identifying each permit, license or other document for which the applicant has applied, or which he or she has received from any foreign or domestic governmental agency which allows or authorizes the applicant to sell or to promote the sale of:

          (1) Land;

          (2) Homes;

          (3) Home improvements;

          (4) Time shares;

          (5) Investments; or

          (6) Securities,

Ê including the denial or revocation, suspension or other disciplinary action taken in connection with any permit, license or other document. The list must include the date, issuing authority and status of each permit, license or document.

     (g) The identification of any conviction of the applicant, his or her affiliate or, if the applicant is a corporation, any of its incorporators or officers of a crime involving fraud, misrepresentation or unlicensed activity.

     (h) The identification of any pending criminal prosecution of the applicant, his or her affiliate or, if the applicant is a corporation, any of its incorporators or officers for a crime involving fraud, misrepresentation or unlicensed activity.

     (i) The identification of any past or pending civil litigation to which the applicant or his or her affiliate was or is a party or, if the applicant is a corporation, any of its incorporators or officers were or are parties.

     (j) The location within this State at which the project’s records are or will be maintained.

     2. Concerning the proposed project:

     (a) A description of the method by which a prospective purchaser may locate and identify an individual unit, time share or other interest;

     (b) The identification of each approval granted for the proposed project by any governmental agency and the location of the public record of each approval;

     (c) The identification of each disclosure statement or other statement of information or other document filed with any governmental agency concerning the project;

     (d) A copy of any document which relates to the construction, acquisition or installation of any equipment or service of a utility in connection with the project;

     (e) Maps of the project including recorded plats and location maps;

     (f) Documents concerning maintenance of the project including the:

          (1) Management agreement;

          (2) Subsidy agreement;

          (3) Articles of association; and

          (4) Membership agreement of the association; and

     (g) Evidence of insurance coverage providing that proceeds must be disbursed for the repair and restoration of the project.

     3. Concerning the physical condition of the project, a description of:

     (a) The climate and physical condition of the project’s site;

     (b) Each improvement, whether completed or promised, at the project’s site;

     (c) Each facility or service which is available in the area surrounding the project’s site; and

     (d) The nature and extent of the fire protection and police services for the project site.

     4. Concerning the proposed promotion, advertising and sale of units, time shares or other interests in the project:

     (a) The written plan of the applicant’s advertising campaign including a copy of each proposed advertisement and other published material;

     (b) A description of each promotional activity which the applicant proposes to conduct in connection with the project;

     (c) A written plan of the method to be used in:

          (1) Procuring a prospective purchaser;

          (2) Accomplishing the sale; and

          (3) Retaining the purchaser after the sale; and

     (d) A statement of the agent’s or broker’s responsibility in connection with the activities mentioned in this subsection.

Ê After an application has been received by the Division, the applicant may be required to provide additional or explanatory information or provide copies of documents identified in the application.

     (Added to NAC by Real Estate Div., eff. 12-3-84; A 5-2-86)