Utah Code 57-19-10. Effect of application or registration — Misleading statements to prospective purchasers a misdemeanor
Current as of: 2023 | Check for updates
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| (1) | Neither the fact that an application for registration or the written disclosures required by this chapter have been filed, nor the fact that a development has been effectively registered or exempted, constitutes a finding by the director that the offering or any document filed under this chapter is true, complete, and not misleading, nor does either of these facts mean that the director has determined in any way the merits or qualifications of, or recommended or given approval to, any person, developer, or transaction involving an interest in a development. |
| Class | Prison | Fine |
|---|---|---|
| class A misdemeanor | up to 364 days | up to $2,500 |
Terms Used In Utah Code 57-19-10
- Developer: means a person that:
(a) establishes, owns, offers, sells, or operates a timeshare development or camp resort; or (b) engages one or more other persons to establish, own, offer, sell, or operate a timeshare development or camp resort on the person's behalf. See Utah Code 57-19-2 - Development: includes :
(i) a single-site development; or (ii) a multiple-site development. See Utah Code 57-19-2 - Director: means the director of the division. See Utah Code 57-19-2
- Document: means every instrument in writing, including every conveyance, affecting, purporting to affect, describing, or otherwise concerning any right, title, or interest in real property, except wills and leases for a term not exceeding one year. See Utah Code 57-1-1
- Interest: includes a membership agreement, sale, lease, deed, license, or right-to-use agreement. See Utah Code 57-19-2
- Person: means :Utah Code 68-3-12.5
- Purchaser: means a person who purchases an interest in a development. See Utah Code 57-19-2
- Registration: means :
(a) for a development, an approved application for registration described in Section 57-19-5; or (b) for a salesperson, an approved application for registration described in Section 57-19-15. See Utah Code 57-19-2 (2) It is a class A misdemeanor to make or cause to be made to any purchaser or prospective purchaser any offering or document filed under this chapter that is untrue, incomplete, or misleading. Amended by Chapter 255, 2016 General Session
- Development: includes :