California Business and Professions Code

§ 11216

BPC § 11216 Effective Jan 1, 2016Div. 4 · Part 2 · Ch. 2 · Art. 1

Statute text

(a)An exchange program is not a part of a time-share plan offering and, except as provided in this section and Section 11238, shall not be subject to either this chapter or the regulations of the commissioner adopted pursuant to this chapter.

(b)If a developer offers a purchaser the opportunity to subscribe to or to become a member of an exchange program, the developer shall provide to the purchaser in writing or in a digital format at the discretion of the purchaser all of the information set forth in paragraphs (1) to (17), inclusive. If the exchange company is offering directly to the purchaser the opportunity to subscribe to or become a member of an exchange company, the exchange company shall provide to the purchaser in writing all of the information set forth in paragraphs (1) to (17), inclusive. In either case, the written information shall be provided prior to or concurrently with the execution of any contract or subscription for membership in the exchange program.

(1)The name and address of the exchange company.

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Legislative history

Amended by Stats. 2015, Ch. 88, Sec. 1. (AB 905) Effective January 1, 2016.