Washington Code 64.36.030 – Application for registration — Contents
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The application for registration signed by the promoter shall contain the following information on a form prescribed by the director:
Terms Used In Washington Code 64.36.030
- Advertisement: means any written, printed, audio, or visual communication which is published in whole or part to sell, offer to sell, or solicit an offer for a timeshare. See Washington Code 64.36.010
- Director: means the director of licensing. See Washington Code 64.36.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Promoter: means any person directly or indirectly instrumental in organizing, wholly or in part, a timeshare offering. See Washington Code 64.36.010
- Timeshare: means a right to occupy a unit or any of several units during three or more separate time periods over a period of at least three years, including renewal options, whether or not coupled with an estate in land. See Washington Code 64.36.010
- Unit: means the real or personal property, or portion thereof, in which the timeshare exists and which is designated for separate use. See Washington Code 64.36.010
(1) The following financial statements showing the financial condition of the promoter and any affiliate:
(a) A balance sheet as of a date within four months before the filing of the application for registration; and
(b) Statements of income, shareholders’ equity, and material changes in financial position as of the end of the last fiscal year and for any period between the end of the last fiscal year and the date of the last balance sheet;
(2) A projected budget for the timeshare project for two years after the offering being made, including but not limited to source of revenues and expenses of construction, development, management, maintenance, advertisement, operating reserves, interest, and any other necessary reserves;
(3) A statement of the selling costs per unit and total sales costs for the project, including sales commissions, advertisement fees, and fees for promotional literature;
(4) A description of the background of the promoters for the previous ten years, including information about the business experience of the promoter and any relevant criminal convictions, civil law suits, or administrative actions related to such promotion during that period;
(5) A statement disclosing any fees in excess of the stated price per unit to be charged to the purchasers, a description of their purpose, and the method of calculation;
(6) A statement disclosing when and where the promoter or an affiliate has previously sold timeshares;
(7) A statement of any liens, defects, or encumbrances on or affecting the title to the timeshare units;
(8) Copies of all timeshare instruments; and
(9) Any additional information to describe the risks which the director considers appropriate.