When used in this chapter, the following words and terms shall have the meanings ascribed to them in this section:
ACQUISITION AGENT: Any person, other than a developer or sales agent, who, for compensation, solicits or encourages others to attend a timeshare sales presentation or to contact a timeshare sales agent or developer.
ASSESSMENT: The pro rata share assessed from time to time against each owner of a timeshare by the association or managing entity to pay for timeshare expenses.
ASSOCIATION: The timeshare owners' association.
BLANKET ENCUMBRANCE: A trust deed or mortgage or any other lien or encumbrance, mechanic's lien or otherwise securing or evidencing the payment of money and effecting more than one timeshare or an agreement effecting more than one timeshare by which the developer holds the timeshare property under an option, leasehold, contract to sell or trust agreement.
DEVELOPER: Any person, partnership, corporation or other entity which creates a timesharing plan or is in the business of selling timeshare units.
EXCHANGE PROGRAM: A plan or program in which the owners or holders of any timeshare property may exchange occupancy rights among themselves or with the owners or holders of timeshare in other timeshare property or with the owners or holders of units in other properties.
MANAGING ENTITY: The person designated in the timeshare instrument or selected by the association board or by the timeshare owners to manage all or a portion of the timeshare plan.
OFFERING: Any advertisement, inducement, solicitation or attempt to encourage any person to acquire a timeshare other than as security for an obligation. An advertisement in a newspaper or other periodical of general circulation or in any broadcast medium to the general public of a timeshare in a unit not located in this city is not an offering if the advertisement states that an offering may be made only in compliance with the law of the jurisdiction in which the unit or units are located.
OWNER: A person other than the developer to whom a timeshare has been conveyed other than as security for an obligation. Until all timeshares are sold for the first time, the developer is considered an owner.
PERSON: One or more natural persons, corporations, partnerships, associations, trusts or other entities, or any combination thereof.
PROJECT: Real property subject to a project instrument containing more than one unit. A project may include units that are not timeshare units. Specifically excluding the Elkhorn Property Owners' Association, Incorporated.
PURCHASER: Any person other than a developer who by voluntary transfer acquires an interest in a timeshare other than as security for an obligation.
REGULAR EMPLOYEE: A person who has been employed by the same employer or his successor on a full time basis for a period of two (2) years or a person who has been employed by the same employer or his successor on a full time basis for a period of less than two (2) years and whose responsibilities involve more than being a sales agent for one timeshare property, but not including a person who is employed solely as an acquisition agent.
SALES AGENT: A person who sells or offers to sell for compensation a timeshare interest in a timeshare plan except a person who acquired a timeshare interest for the person's own occupancy and later offers it for resale.
TIMESHARE: A timeshare estate or a timeshare license but not including the following:
A. Normal hotel/motel operations (i.e., acceptance of advance deposits) which are customary and are not entered for the purpose of avoiding the provisions of this chapter.
B. The creation of undivided, joint ownership interests (including leasehold interests) in a particular dwelling unit (including a condominium unit); provided, however, that no agreement exists either recorded or unrecorded between co-owners providing for or allowing the exclusive use or occupancy of the property by one or more co-owners during any annually recurring period of time if said agreement is in any way binding or effective on any assignee or future owner of such joint interest.
TIMESHARE ESTATE: A right to occupy a unit or any of several units during five (5) or more separate time periods over a period of at least five (5) years including renewal options coupled with a freehold estate or an estate for years in a timeshare property (project) or a specified portion thereof.
TIMESHARE EXPENSE: Expenditures, fees, charges or liabilities:
A. Incurred with respect to timeshares by or on behalf of all timeshare owners in one timeshare property; and
B. Imposed on the timeshare units by the entity governing a project of which timeshare property is part, together with any allocations to reserves, but excluding purchase money payable for timeshares.
TIMESHARE INSTRUMENT: One or more documents by whatever name denominated creating or regulating timeshares.
TIMESHARE LICENSE: A right to occupy a unit or any of several units during five (5) or more separate time periods over a period of at least five (5) years including renewal options not coupled with a freehold estate or an estate for years, including, but not limited to, a vacation license, prepaid hotel reservations, club membership, partnership, limited partnership or vacation bond.
TIMESHARE PROPERTY: One or more timeshare units subject to the same timeshare instrument, together with any other real estate or rights therein appurtenant to those units.
TIMESHARE UNITS: A unit in which timeshares exist.
UNIT: Real property or a portion thereof designated for separate use. (1990 Code)