Section 44-3-182. Financial and other records of time-share project association or managing agent  


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  •    The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records and shall keep said funds in a designated trust account. All financial and other records shall be made reasonably available for examination by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request.

       (1) The developer of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:

          (A) A copy of the escrow agreement for each time-share interval sold or, if alternative arrangements are made, a copy of the documents relating to those arrangements;

          (B) Copies of lien releases, surety bonds, or other financial assurances executed by the developer to protect purchasers against any claims against the time-share program;

          (C) Copies of management agreements entered into with managing agents for the management of the time-share program;

          (D) Copies of agreements entered into with exchange programs for the inclusion of the time-share project in the exchange program's available facilities; and

          (E) For multilocation developers, copies of certified public accountants' reports required by subparagraph (a)(3)(F) of Code Section 44-3-172.

       (2) The managing agent of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:

          (A) Copies of management agreements entered into with developers for the management of time-share programs; and

          (B) Copies of budgets and statements sent to developers and time-share interval owners accounting for common expense and maintenance assessments.

       (3) Exchange programs shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:

          (A) Copies of agreements with developers for the inclusion of their projects in the exchange program's available facilities;

          (B) Copies of agreements with time-share interval owners for their membership in the exchange program; and

          (C) Copies of certified public accountants' reports as required by subparagraph (a)(2)(Q) of Code Section 44-3-172.
Code 1981, § 44-3-182, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.