(a) Unless exempted by § 47407 of this Article, a developer may not offer or dispose of a time-share interval unless the time-share program is registered with the agency; provided, however, that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable at any time at the purchaser’s option. In all cases, a reservation shall require a subsequent affirmative act by the purchaser via separate instrument to create a binding obligation. A developer may not dispose of or transfer a time- share interval while an order revoking or suspending the registration of the time-share program is in effect.

(b) An acquisition agent including the developer if its is also the acquisition agent shall register with the agency the time-share program or

COL120106
21 Guam Code Ann. REAL PROPERTY
CH. 47 TIME-SHARE OWNERSHIP

programs that it is providing prospective purchasers for, its principal office address and telephone number and designate who its responsible managing employee is. The acquisition agent shall furnish evidence that a bond of Five Thousand Dollars ($5,000) has been placed with a surety company or a cash bond with the agency to cover any violations of any solicitation law, zoning law, building codes or other regulations governing the use of the premise or premises in which the time-share program is promoted.

(c) A sales agent including the developer if it is also the sales agent, shall register with the agency the time-share program or programs that it is selling, its principal office address and telephone number and designate who its responsible managing employee is and any special escrow accounts set up for the deposit and collection of purchasers’ funds. The sales agent shall furnish evidence that a bond of Five Thousand Dollars ($5,000) has been placed with a surety company or a cash bond with the agency to cover any defalcations of the sales agent.
(d) A managing agent including the developer if it is also the managing agent, shall register with the agency the time-share program or programs that it is managing, its principal office address and telephone number and designate who its responsible managing employee is. The managing agent shall furnish evidence that a bond of Five Thousand Dollars ($5,000) has been placed with a surety company or a cash bond with the agency to cover any default of the managing agent of his duties and responsibilities.

(e) In the event that the acquisition agent, sales agent and management agent are under the control of, subsidiary of, or affiliate of the developer or any person, the bond can be consolidated and reduced to Ten Thousand Dollars ($10,000) provided that there is a disclosure of the affiliation and the disclosure as provided above.
(f) An exchange agent including the developer if it is also the exchange agent, shall file a statement with the agency containing a list of the time- share program or programs that it is offering exchange services for, its principal office address and telephone number and designate who its responsible managing employee is or the person to whom any contact is to be made.
(g) The acquisition agent and sales agent shall each maintain their respective records of any independent contractors employed by them, their addresses and commissions paid for the immediately preceding two (2) calendar years.

COL120106
21 Guam Code Ann. REAL PROPERTY
CH. 47 TIME-SHARE OWNERSHIP