A developer may enforce a subscription agreement for the initial sale of a membership to a member of the public only if:
(a) The developer gives the purchaser a property report before the purchaser signs the agreement; and
(b) The subscription agreement in conspicuous type contains a notice of the right of a purchaser to receive:
(1) A property report registered under section 11C-3; and
(2) Notice of purchaser rights to rescind an agreement under section 11C-8. (1985 L.M.C., ch. 39, § 1.)