UTAH CODE (Last Updated: January 16, 2015) |
Title 57. Real Estate |
Chapter 19. Timeshare and Camp Resort Act |
§ 57-19-26. Exemptions.
Latest version.
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(1) Unless entered into for the purpose of evading the provisions of this chapter, the following transactions are exempt from registration: (a) isolated transactions by an owner of an interest in a project or by a person holding such an owner's executed power of attorney; (b) an offer or sale by a governmental entity; and (c) the resale of an interest that is: (ii) not offered as part of a project that includes one or more interests that are unregistered or have been registered by a different developer or as part of a different project; and (iii) closed after the developer or managing association provides a purchaser the disclosures required by Section 57-19-11 and the right to rescind required by Section 57-19-12. (2) After a resale by a developer or managing association that is claimed to be exempt under Subsection (1)(c), the division retains jurisdiction to: (a) investigate a complaint regarding the resale; and (b) if applicable, take an administrative action against the developer or managing association on the basis of unprofessional conduct, as provided in Section 57-19-13. (3) (a) The director may, by rule or order, exempt any person from any or all requirements of this chapter if the director finds that the offering of an interest in a project is essentially noncommercial. (b) The offering of one or more interests in a project that has a maximum of 10 interests is considered essentially noncommercial.
Amended by Chapter 166, 2012 General Session