N.M. Admin. Code § 16.61.25.8

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.25.8 - APPLICATION FOR REGISTRATION

Every application for time share project registration shall be filed at the commission office upon form TS-1 (questionnaire and application for registration of time share project) and shall contain all information requested by form TS-1 applicable to the time share project.

A. Registration fee: Every application for time share project registration must be accompanied by a certified check made payable to the New Mexico real estate commission in the amount of twenty dollars ($20.00) per time share interest to be sold, to a maximum of one thousand five hundred dollars ($1,500.00). Applications for registration not accompanied by the appropriate fee shall not be considered by the commission. In the event a properly completed application filed with the commission is denied for any reason, the amount of two hundred fifty dollars ($250.00) shall be retained by the commission from the application fee and the balance refunded to the applicant developer.

B. A developer shall obtain a separate certificate of registration for each time share program. Noncontiguous time share projects created by the same developer may be treated for registration purposes as one time share program only if such projects are (1) marketed and otherwise held out to the public as one program, and (2) offered for sale by a single staff of time share salespersons.

C. A developer shall file an amendment to the time share project registration with the commission within a reasonable time after the occurrence of any event or change in plans which materially affects the operation or status of the time share project, including but not limited to the following:

(1) a material change in ownership of the developer;

(2) an increase or decrease in the number of time shares to be offered;

(3) any material alteration of the physical plant and amenities, or of plans for development thereof;

(4) any material change in the exchange rights offered to purchasers;

(5) the appearance of new hazards or other unusual conditions near the time share project;

(6) any material amendment to the documents governing rights and restrictions of time share ownership

(7) the recording of any new lien or encumbrance against the time share project;

(8) any change in management of the time share project;

(9) any material change in the developer's arrangement for the escrow of purchaser's funds; and,

(10) any other change requiring a material amendment to the disclosure statement for the project.

D. Amendments to the time share project registration shall be made in writing to the commission. Every amendment shall identify the section of the project registration to be amended and shall contain a summary of the amendment and a brief statement of the reasons for the amendment. The amendment shall include either the text of the project registration section to be substituted or a copy of the document to be modified.

E. The commission may, in its discretion, require the developer to file a new time share project registration application in the place of an amendment form. Such refiling shall be without a fee.

F. If a developer files an amendment to increase the number of time shares to be offered for sale, a registration fee of twenty dollars ($20.00) per additional time share interest, subject to the overall maximum of one thousand five hundred dollars ($1,500.00), shall accompany the amendment.

N.M. Admin. Code § 16.61.25.8

8-15-97; 16.61.25.8 NMAC - Rn, 16 NMAC 61.25.8, 1-1-2002