P.R. Laws tit. 31, § 1252a
(1) Any person may file an application for a timeshare or vacation club permit with the Company. Such application shall be in such form as shall be prescribed or established from time to time by the Company, by regulation or otherwise, and shall be accompanied by the corresponding filing fee required pursuant to § 1252d of this title. Such application shall include all such documents and information as the Company may, by regulation or otherwise, require from time to time, but shall, at a minimum, include the following:
(a) A current title report or commitment to issue a title policy by a title company of recognized good standing in the industry and acceptable to the Company for the timeshare property or vacation club immovable property, which report or commitment shall evidence, interalia, either that fee simple title to such property is vested in the developer, or that the right to use and occupy the property is vested in the developer, and copies of the documents reported as exceptions in the title report or commitment and, if applicable, copies of the documents reported as the lease, surface right or usufruct pursuant to which the developer holds the real property on which the timeshare or vacation club regime is or is proposed to be established, and of the deed dedicating the property to the horizontal property regime including its bylaws, if applicable, and of the deed dedicating the property, or pursuant to which the property shall be dedicated, to the timeshare or vacation club regime, including its bylaws. The fee simple title or right to use or occupy the property on which the regime is or shall be established shall be shown on the title report or commitment as recorded or filed and pending recording in the corresponding registry.
(b) Copies of all timeshare and vacation club documents.
(c) A copy of the developer’s proposed public offering statement as required by §§ 1255—1255d of this title.
(d) Copies of any financial assurances with respect to the timeshare plan’s or vacation club’s accommodations and facilities as required under §§ 1254—1254b of this title.
(e) A statement as to how the applicable taxing authority is currently assessing the timeshare or vacation club immovable property for property tax purposes and evidence of payment of such taxes.
(f) Evidence that timeshare or vacation club use complies with the applicable zoning laws and regulations of the place in which the timeshare or vacation club property is located.
(g) The budget for the common expenses.
(h) Copies of the materials relating to any exchange program(s) with which the timeshare plan or vacation club may be affiliated and required or intended to be delivered to prospective purchasers pursuant to §§ 1255—1255d of this title.
(i) The correct filing fee and the basis on which said fee was computed.
(j) Such other documentation and information as the Company may, from time to time, by regulation or otherwise, deem necessary or appropriate to enable it to properly evaluate the developer’s application for a timeshare or vacation club permit.
(2) Items described in subsection (1)(h) above need not be furnished at the time the application is filed, but must be furnished prior to issuance of a timeshare or vacation club permit. After the application for a permit is received, the Company may require the developer to submit any additional information the Company finds necessary for compliance with this chapter.
(3) It shall be unlawful for any person to:
(a) Submit any documentation or information to the Company in connection with an application for a timeshare or vacation club permit which such person knows or reasonably should know to be untrue or misleading, or
(b) fail to submit information which such person knows or reasonably should know to be material to the Company’s review of the developer’s application.
Any information submitted to the Company shall be deemed disseminated to and relied upon by each purchaser.
History —Dec. 26, 1995, No. 252, § 2-102; Jan. 5, 1999, No. 3, § 25.