Section 119A.202 - Abbreviated registration: Information and documents to be provided to purchasers; filing of certain documents with Division; renewal1. If a developer files an abbreviated registration pursuant to NRS 119A.302 and the Division approves the public report, public offering statement or other disclosure document issued for the time-share plan in the state or jurisdiction where the time-share plan is offered or sold, the developer shall provide to each purchaser, in addition to any information and documents required to be provided by law, an abbreviated registration disclosure document, on a form prescribed by the Division, which contains:(a) A copy of the public report, public offering statement or other disclosure document from the other state or jurisdiction;(b) A cover page which contains the statement required by subsection 1 of NAC 119A.205;(c) A page which includes: (1) The name and address of the developer;(2) The effective date of the abbreviated registration disclosure document;(3) The date on which the permit was originally issued and the permit number;(4) The address and telephone number of the Division; and(5) A statement that the disclosure document has been approved for use by the Division;(d) A copy of the permit issued by the Administrator, including the effective date of the permit, the date of each renewal thereof and the date of each amendment to the abbreviated registration disclosure statement;(e) A copy of the Time Share Notice of Cancellation form prescribed by the Division; and(f) A copy of the Receipt of Nevada Public Offering Statement form prescribed by the Division.2. The abbreviated registration disclosure document must be offered to a prospective purchaser in paper format. If the prospective purchaser requests to receive the abbreviated registration disclosure document in an electronic format, the following information must be provided to the prospective purchaser in paper format, on a form provided by the Division:(a) The documents described in paragraphs (b) to (f), inclusive, of subsection 1; and(b) A disclosure of alternative media delivery, which contains:(1) A list of all documents that will be included in the abbreviated registration disclosure document being provided to the prospective purchaser in an electronic format;(2) A description of the hardware and software necessary for the prospective purchaser to access electronically the abbreviated registration disclosure document;(3) Any instructions necessary for the prospective purchaser to access electronically the abbreviated registration disclosure document; and(4) The following disclosure in at least 12-point boldface red type, followed by an area for the signature of the prospective purchaser: I understand that I have the option of receiving the abbreviated registration disclosure document in an electronic format or paper format, and I have decided to accept the abbreviated registration disclosure document in an electronic format.
I understand that I should not accept the abbreviated registration disclosure document in an electronic format unless I am able to access electronically the abbreviated registration disclosure document before the end of the 5-day period during which I may cancel the contract of sale pursuant to NRS 119A.410.
3. Upon providing the disclosure of alternative media delivery pursuant to subsection 2, the developer shall obtain from the prospective purchaser a receipt for a copy of the disclosure form signed by the purchaser. The developer shall keep the receipt with any other documents relating to the sale of the time share at the principal place of business of the developer.4. If the developer provides the abbreviated registration disclosure document in an electronic format, the developer must file with the Division the documents required to be provided to a prospective purchaser in paper format pursuant to subsection 2 and a sample copy of the compact disc, USB flash drive or thumb drive or other form of electronic media on which the abbreviated registration disclosure document is provided.5. The renewal of an abbreviated registration must be made in accordance with the provisions of NRS 119A.355.Nev. Admin. Code § 119A.202
Added to NAC by Real Estate Div. by R130-16AP, eff. 8/30/2018