(a) A public offering statement shall be provided to each purchaser of a time-share interval. The statement shall fully and accurately disclose:

(1) the name of the developer and the principal address of the developer and the time-share intervals offered in the statement;
(2) a general description of the units including, without limitation, the developer’s schedule of commencement and completion of all buildings, units and amenities or if completed that they have been completed;

(3) as to all units offered by the developer in the same time-share project:

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(i) the types and number of units;

(ii) identification of units that are subject to time-share intervals; and

(iii) the estimated number of units that may become subject to time-share intervals;

(4) a brief description of the project;

(5) if applicable, any current budget and a projected budget for the time-share intervals for one (1) year after the date of the first transfer to a purchaser. The budget shall include, without limitation:

(i) a statement of the amount or a statement that there is no amount, included in the budget as a reserve for repairs and replacement;
(ii) the projected common expense liability, if any, by category of expenditures for the time-share intervals;

(iii) the projected common expense liability for all time- share intervals; and

(iv) a statement of any services not reflected in the budget that the developer provides or expenses that it pays;
(6) any initial or special fee due from the purchaser at closing, together with a description of the purpose and method of calculating the fee;
(7) a description of any liens, defects or encumbrances on or affecting the title to the time-share intervals;
(8) a description of any financing offered by the developer;

(9) a statement that within three (3) days after receipt of a public offering statement prominently displayed in at least ten-point type, a purchaser may cancel any contract for purchase of a time-share interval from a developer;

(10) a statement of any pending suits material to the time-share intervals of which a developer has actual knowledge;

(11) any restraints on alienation of any number or portion of any time-share intervals;

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(12) a description of the insurance coverage, or a statement that there is no insurance coverage, provided for the benefit of time-share interval owners;

(13) any current or expected fees or charges to be paid by time- share interval owners for the use of any facilities related to the property;

(14) the extent to which financial arrangements have been provided for completion of all promised improvements; and
(15) the extent to which a time-share unit may become subject to a tax or other lien arising out of claims against other owners of the same unit.
(b) If the owners of time-share intervals are to be permitted or required to become members of or to participate in any program for the exchange of occupancy rights among themselves or with the owners of time-share intervals of other time-share projects, or both, the public offering statement or a supplement delivered therewith shall fully and accurately disclose:
(1) the identity of the person operating the exchange program and whether that person is an affiliate of the developer;

(2) a general description of the procedures to qualify for and effectuate exchanges, including any stated or practiced priorities and restrictions, and the extent to which changes thereof may be made, whether membership or participation in the exchange program, or both, are voluntary or mandatory, and a statement of the disposition, if any, of the unused exchange time-share interval, of the exchange agent;
(3) the expenses or ranges of expenses, to the time-share interval owners of membership in the exchange program including the expenses, if any, of exchanging as of a date not more than one (1) year before the public offering statement is delivered to the purchaser, and the person to whom those expenses are payable;

(4) whether and how any of the expenses specified in item (3) of this Subsection may be altered and, if any of them are to be fixed on a case-by-case basis, the manner in which they are to be fixed in each case;
(5) with respect to the owners of time-share intervals in the exchange program, the geographical location of each time-share

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project and the minimum duration of time- share interval and number of time-share interval owners in the exchange program at each project during a calendar year ending not more than fifteen (15) months before the public offering statement is delivered to the purchaser;

(6) the percentage of exchanges properly applied for by members of participants in the exchange program that were fulfilled during a calendar year ending not more than fifteen (15) months before the date of the public offering statement is delivered to the purchaser, together with a statement of the criteria used to determine whether an exchange was properly applied for and fulfilled;

(7) the number of persons applying for an exchange as a percentage of the number of members in the exchange program as a whole during the calendar year ending not more than fifteen (15) months before the public offering statement is delivered to the purchaser; and
(8) in those cases where the exchange agent is not an affiliate of the developer, the exchange agent shall provide the developer with all of the information contained in items (2) through (7) of this Subsection which it shall certify as being true, accurate and complete in all particulars. The developer shall include the certified information in the public offering statement as replacement for the developer’s disclosures required by this Subsection.