37-53-102. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Advertisement" means a written, printed, audio, or visual communication that is published in whole or in part to sell, offer to sell, or solicit an offer for a timeshare.
     (2) "Affiliate" means a person who controls, is controlled by, or is under the control of a developer.
     (3) "Association" or "owners' association" means the association of owners created by the timeshare instruments for purposes of managing and maintaining the project for the benefit of all timeshare owners.
     (4) "Board" means the board of realty regulation provided for in 2-15-1867.
     (5) "Developer" means:
     (a) a person creating timeshares or engaged in the business of selling his own timeshares;
     (b) a person who controls, is controlled by, or is in common control with the person engaged in creating or selling timeshares; or
     (c) any successor or assignee of a person referred to in subsection (5)(a) or (5)(b).
     (6) "Managing entity" means a person hired by the timeshare association or developer to manage the timeshare plan or the timeshare property.
     (7) "Offer" or "offering" means an inducement, solicitation, or attempt to encourage a person to acquire a timeshare. An offer is made in this state if the offer originates in this state or if the principal timeshare property is located in this state.
     (8) "Person" means a natural person, corporation, business trust, estate, trust, partnership, association, joint venture, or other legal or commercial entity.
     (9) "Prize and gift promotional offer" means advertising material stating that a prospective purchaser may receive goods or services other than the timeshare plan itself, either free or at a discount, including but not limited to the use of a prize, gift, award, premium, or lodging or vacation certificate.
     (10) "Project" means the real property or real estate, that must contain more than one unit, in which timeshares are created by a single instrument or set of instruments.
     (11) "Promoter" means any person who initiates the inducement, solicitation, or encouragement of another person, by any means, of the review or acquisition of a timeshare interval.
     (12) "Purchaser" means a person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare, other than as security for an obligation.
     (13) "Real estate" means real estate as defined in 37-51-102.
     (14) "Sale" or "sell" includes each contract of sale of, contract to sell, or disposition of a timeshare for value.
     (15) "Timeshare broker" means a natural person who supervises a timeshare sales operation and one or more timeshare salespersons.
     (16) "Timeshare expenses" means expenditures, fees, charges, or liabilities:
     (a) incurred with respect to the timeshares by or on behalf of all timeshare owners in one timeshare property; and
     (b) imposed on the timeshare by the entity governing a project of which the timeshare is a part, together with any allocations to reserve. The term does not include purchase money payable for timeshares.
     (17) "Timeshare instrument" means one or more documents, by whatever name denominated, creating or regulating timeshares.
     (18) "Timeshare interval" or "timeshare interest" means the right, however evidenced or documented, to use and occupy one or more timeshare units on a periodic basis according to an arrangement allocating such use and occupancy rights between similar users.
     (19) "Timeshare owner" means a person, other than a developer, who is an owner or co-owner of a timeshare. If title to a timeshare is held in trust, timeshare owner means the beneficiary of the trust.
     (20) "Timeshare salesperson" means a person who for a salary, commission, or compensation of any kind is associated, either directly or indirectly, regularly or occasionally, with a timeshare broker to sell, purchase, or negotiate for sale, purchase, lease, or exchange of the timeshare interests in real estate and who, on behalf of a developer, sells or offers to sell a timeshare to a purchaser.
     (21) "Timeshare unit" or "unit" means the real property or portion thereof in which the timeshare exists and that is designated for separate use, including campgrounds, campsites, and outdoor recreation sites with spaces designed or promoted for the purpose of locating a trailer, tent, tent trailer, camper, or similar device for land-based portable housing.

     History: En. Sec. 2, Ch. 444, L. 1987.