Section 44-3-161. Purpose of article

   The purposes of this article are to:

   (1) Give statutory recognition to real property timesharing in this state;

   (2) Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state;

   (3) Require that developers of time-share projects:

      (A) Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement;

      (B) Deposit trust funds with an escrow agent;

      (C) Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and

      (D) Comply with promotional advertising standards;

   (4) Establish operating standards for time-share project managing agents and exchange programs operating in this state; and

   (5) Provide for sanctions for violations of any provisions of this article which will permit:

      (A) Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and

      (B) A claim for appropriate relief by any person adversely affected.

Code 1981, § 44-3-161, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.