GEORGIA CODE (Last Updated: August 20, 2013) |
Title 44. PROPERTY |
Chapter 3. REGULATION OF SPECIALIZED LAND TRANSACTIONS |
Article 5. TIME-SHARE PROJECTS AND PROGRAMS |
Part 3. DEVELOPERS AND EXCHANGE COMPANIES |
Section 44-3-182. Financial and other records of time-share project association or managing agent
Latest version.
- 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.