NAC119A.210. Material change in plan.

     1. A material change in the time-share plan includes, but is not limited to, the following:

     (a) Any material change in the time-share instruments or the project instruments;

     (b) A change in the escrow instructions, sales contract or other documents made available to or executed by a purchaser;

     (c) If a trust is established pursuant to NRS 119A.430, the resignation or proposed resignation of the trustee or any change in the trust agreement;

     (d) A material change adverse to the financial condition of the developer, the project or the association;

     (e) Any governmental action or proposed governmental action which would have an adverse effect on a time-share plan or on the developer;

     (f) Any action by the owners’ association or other management entity of the project in which the time-share property is located which would have a material adverse effect on the time-share plan;

     (g) Any change which would cause the information in the permit to sell time shares to be materially incorrect or misleading, including the suspension or expiration of a permit to sell time shares issued by another state;

     (h) A change in any project broker; and

     (i) Suspension of the project by an exchange program.

     2. A developer may not make or cause to be made a material change in the time-share plan without giving the Division at least 10 days advance notice in writing of the intended change.

     3. An order to cease issued pursuant to NRS 119A.280 must be served upon the project broker or developer personally or by certified mail to the last known business address on file with the Division.

     (Added to NAC by Real Estate Div., eff. 12-3-84)