NAC 119 changes

NAC 119 Changes

NAC 119 Changes
CHAPTER	DESCRIPTION	REGULATION CHANGES
NAC 119A	Changes relating to time share provisions for abbreviated registrations and registration of certain exchange companies and resale brokers. Revises certain definitions and provisions relating to certain persons owing money to the Division. Revises provisions relating to provisional time share sales agents. Revises provisions relating to branch offices. Applies certain provisions to time share resale brokers. Revises provisions concerning time share permits. Revises provisions relating to standards and duties of certain persons. Revises provisions concerning advertisements, promotional meetings and promotions. Repeals certain provisions.	R130-16 (Effective 8-30-18)
NAC 119A	Requires that disclosures pursuant to NRS 119A.4775 and notice of cancellation be given to a purchaser in paper format on a form prescribed by the Division. Requires a time share resale broker to obtain a signed receipt for the disclosure form from each purchaser, provide the purchaser with a copy in paper format and keep the signed receipt with a copy of any contract at the principal place of business of the time share resale broker. Requires certain disclosures appear on the disclosure form.	R143-16 (Effective 8-30-18)