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36 Cards in this Set

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57-19-2 DEFINITIONS
(3) "Camp resort" means any enterprise that has as its primary purpose the offering of a camp resort ______.
interest
57-19-2
(16) ___a___ means any enterprise that has as its primary purpose the offering of a timeshare interest.
"Timeshare development"
57-19-2
(16) "Timeshare development" means any enterprise that has as its primary purpose the offering of a ______.
timeshare interest
57-19-2
(17) "Timeshare interest" means a right to occupy ___a___ during three or more separate time periods over a period of at least ___b___, including renewal options, whether or not coupled with an estate in land. It includes what is commonly known as a "timeshare estate," which is a small undivided fractional fee interest in real property by which the purchaser does not receive any right to use accommodations except ___c___, declaration, or other instrument defining a legal right.
a.) accommodations
b.) three years
c.) as provided by contract
57-19-3. Rules.
The ___a___ may make, amend, and repeal rules, forms, and orders when necessary to carry out the provisions of this chapter.
a.) director
T/F: It is unlawful for someone in Utah to sell an interest in a project unless it is registred with the Director.
False.
57-19-4. Unregistered sales prohibited.
Except for transactions exempt under Section 57-19-26, it is unlawful for any person to offer or sell in this state an interest in a project unless the project is registered under this chapter.


57-19-5. Registration -- Filing application.
(1) A person may apply for registration of a project by filing with the director:
(a) an application in the form prescribed by the director;
(b) the written disclosure required to be furnished to prospective purchasers by Section 57-19-11; and
(c) financial statements and other information that the director may by rule require as being reasonably necessary to determine whether the requirements of this chapter have been met and whether any of the events specified in Subsection 57-19-13 (1)(g) have occurred.

57-19-26. Exemptions.
(1) Unless entered into for the purpose of evading the provisions of this chapter, the following transactions are exempt from registration:
(a) isolated transactions by an owner of an interest in a project or by a person holding such an owner's executed power of attorney;
(b) an offer or sale by a governmental entity; and
(c) a bona fide pledge of interest in a project.
(2) The director may, by rule or order, exempt any person from any or all requirements of this chapter if the director finds that the offering of an interest in a project is essentially noncommercial. For purposes of this subsection, the offering of fewer than ten interests in a project is considered essentially noncommercial.
57-19-5. Registration -- Filing application.
(1) A person may apply for registration of a project by filing with the director:
(a) an application in the form prescribed by the __a___;
(b) the ___b___ required to be furnished to prospective purchasers by Section 57-19-11; and
(c) ___c___ and other information that the director may by rule require as being reasonably necessary to determine whether the requirements of this chapter have been met and whether any of the events specified in Subsection 57-19-13 (1)(g) have occurred.
a.) director
b.) written disclosure
c.) financial statements
57-19-5. Registration -- Filing application.
(2) Interests in a project which are encumbered by liens, mortgages, or other encumbrances may not be accepted for registration or offered for disposition to the public unless:
(a) adequate release or nondisturbance clauses are contained in the encumbering instruments to reasonably assure that ____a___ will not be defeated; or
(b) the division has accepted other ___b___ which, in the opinion of the division, meet the purposes of this subsection.
a.) the purchaser's interest in the project
b.) equivalent assurances
57-19-5
(3) Each application for registration of a project shall be accompanied by:
(a) a filing fee of ___a___ for up to 100 interests, plus an additional ___b___ per interest for each interest over 100, up to a maximum of $2,500 for each application; and
(b) a deposit of ___c___ to cover all on-site inspection costs and expenses incurred by the division. If the ___C___ deposit is insufficient to meet the estimated costs and expenses of the on-site inspection, the applicant shall make an additional deposit sufficient to cover the estimated costs and expenses before the division will inspect the subdivided lands. The deposit shall be refunded to the extent it is not used, together with an itemized statement from the division of all amounts it has used.

(4) If a person registers additional interests to be offered for disposition, he may consolidate the subsequent registration with any earlier registration offering interests for disposition in the same project by filing an application for consolidation accompanied by an additional fee of ___A___ plus $3 for each additional interest, up to a maximum of ___B____ for each application, if at the time the person makes the application all of the information required by Subsection (1) has been brought current and covers the additional interests.
a.) $500
b.) $3
c.) $300
A.) $200
B.) $1,250
57-19-6
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process. To obtain a temporary permit, the developer shall:
(a)
submit an application to the division for a temporary permit in the form required by the division;
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process. To obtain a temporary permit, the developer shall:
(b)
submit a substantially complete application for registration to the division, including all appropriate fees and exhibits required under Section 57-19-5, plus a temporary permit fee of $100;
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process. To obtain a temporary permit, the developer shall:
(c)
provide evidence acceptable to the division that all funds received by the developer or marketing agent will be placed into an independent escrow with instructions that funds will not be released until a final registration has been granted;
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process. To obtain a temporary permit, the developer shall:
(d)
give to each purchaser and potential purchaser a copy of the proposed property report that the developer has submitted to the division with the initial application; and
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process. To obtain a temporary permit, the developer shall:
(e)
give to each purchaser the opportunity to cancel the purchase in accordance with Section 57-19-12. The purchaser shall have an additional opportunity to cancel upon the issuance of an approved registration if the division determines that there is a substantial difference in the disclosures contained in the final property report and those given to the purchase in the proposed property report.
57-19-2. Definitions.
As used in this chapter, unless the context clearly requires otherwise:
(1) ______ includes hotel or motel rooms, condominium or cooperative units, cabins, lodges, apartments, and private or commercial structures designed for occupancy by one or more individuals.
"Accommodations"
57-19-2
(3) _______ means any enterprise that has as its primary purpose the offering of a camp resort interest.
"Camp resort"
57-19-2
(4) ________ means the right to use and occupy a camping site.
"Camp resort interest"
57-19-2
(11) _______ means a solicitation intended to result in a person purchasing an interest in a project.
"Offer"
57-19-02
(16) ________ means any enterprise that has as its primary purpose the offering of a timeshare interest.
"Timeshare development"
57-19-8. Filing proposed documents.
(1) Every developer shall file with the ___a___ at least five business days prior to using any of the following in this state:
(a) copies or the proposed text of all ____b___ ;
(b) the proposed ___c___ of its sales contracts; and
(c) copies or the text of any ___d___ to the written disclosure required to be furnished to prospective purchasers pursuant to Section 57-19-11.
a.) director
b.) advertisements and sales promotion literature
c.) form
d.) supplements
57-19-9. Duration of registration --
(1) Registration of a project is effective for a period of ___a___ and may, upon application, be renewed for successive periods of one year each.
a.) one year
57-19-6. Effective date of application.
(1) An application for registration filed pursuant to Section 57-19-5 is effective upon the expiration of ___a___ following its filing with the director, unless:
(a) ____b___ pursuant to Section 57-19-13 is in effect;
(b) a prior effective date has been ordered by the director; or
(c) the director has, prior to that date, notified the applicant of a ___c___ in the registration application.
a.) 30 business days
b.) an order denying the application
c.)defect
57-19-9
(2) A registration may be amended at any time, for any reason, by filing an ______, which amended registration shall become effective in the manner provided in Section 57-19-6.
amended application for registration
57-19-9
(4) Every developer shall provide timely notice sent to the director of any event which has occurred which may have a ___a____ on the conduct of the operation of the project. In addition to this notification, the developer shall, within 30 days of the occurrence of that event, file an ___b___ disclosing the information previously provided.
a.) material adverse effect
b.) amendment to the registration
57-19-9
(5) Each application for renewal of a registration and each supplementary filing as provided in this section shall be accompanied by a fee of $_____.
$200
57-19-10
It is a ___a___ to make or cause to be made to any purchaser or prospective purchaser any ___b___ filed under this chapter which is untrue, incomplete, or misleading.
a.) class A misdemeanor
b.) offering or document
57-19-12. Purchaser's right to cancel.
(1) (a) An agreement to purchase an interest in a project may be cancelled, at the option of the purchaser, if:
(i) the purchaser provides to the developer, by ___a____, written notice of the cancellation; and
(ii) the notice is delivered or postmarked not later than midnight of the fifth calendar day following the day on which ___b___.
a.) hand delivery or certified mail
b.) the agreement is signed
57-19-17. Administrative procedures.
(1) The director may summarily deny an application for registration under any of the provisions of Section 57-19-13 or 57-19-16. If a registration is denied, the applicant may, within ten days after receipt of ___a____, request a hearing before an ____b____. The director shall schedule the hearing within ___c___ after receipt of the applicant's request and give notice of the hearing in writing to the applicant, specifying the reasons for denial of the registration. If, as a result of the hearing, it is determined that the applicant is ___d____, the registration shall be issued.
a.) notice of the denial
b.) administrative law judge
c.) 30 days
d.) qualified to be registered
57-19-17. Administrative procedures.
(2) Before an existing registration is suspended or revoked, or a fine imposed, the director shall ___a____ before an administrative law judge and give notice in writing to the affected person as prescribed in Title 13, Chapter 1, and the rules of procedure for hearings before the Department of Commerce. If, as a result of the hearing, the administrative law judge finds that there has been a violation of this chapter, the registration shall be suspended or revoked, or a fine imposed, by ___b____ in concurrence with the executive director.
a.) schedule a hearing
b.) written order of the director
(3) The developer or salesperson has the right to appear at the hearing, in person or by counsel, to be heard and to examine witnesses appearing in connection with the ____a____. At the hearing, all witnesses shall be sworn by the administrative law judge, and stenographic notes or a ___b___ of the proceeding shall be taken and filed as a part of the record in the case. Any party to the proceeding shall be furnished a copy of the stenographic notes or tape recording ___c____. The administrative law judge shall render a decision within __d__ after the completion of the hearing. The executive director and the director shall concurrently make the final decision and promptly notify the parties to the proceedings, in writing, of the ___e___.
a.) complaint
b.) tape recording
c.) at a reasonable cost
d.) 60 days
e.) ruling, order, or decision
57-19-17. Administrative procedures.
(4) The developer or salesperson, or any person aggrieved, may appeal any adverse ruling, order, or decision of the executive director and the director to the ___a____ for the county in which the hearing was held, within ___b___ days from the date of service of notice of the ruling, order, or decision upon him. At the time of filing the notice of appeal, the appellant shall file with the notice a bond for costs on appeal in the amount of $______, conditioned to secure the payment of costs if the appeal is dismissed or the judgment affirmed.
a.) district court
b.) 30
c.) $200
57-19-20. Injunctive relief -- Cease and desist order.
(1) Whenever it appears to the director that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter, and that it would be in the public interest to stop those acts or practices, the director may either:
(a) seek ___a__ as provided in Rule 65A, Utah Rules of Civil Procedure; or
(b) issue an administrative ___b___ order.
a.) injunctive relief
b.) cease and desist
57-19-21. Voidable agreements.
Any agreement to purchase an interest in a project entered into in violation of Section 57-19-4 or 57-19-14 may, at the option of the purchaser, be voided and the purchaser's entire consideration recovered together with ___a____. However, no suit under this section may be brought more than ___b___ after:
(1) the date the agreement is signed; or
(2) the date the purchaser knew or reasonably should have known of ___b____.
a.) interest at the legal rate, costs, and reasonable attorney's fees
b.) two years
c.) the violation
57-19-22.
Any person who willfully violates any provision of this chapter is guilty of a _______.
class B misdemeanor
57-19-25. Remedies nonexclusive.
The remedies provided in this chapter are ____a____, and do not affect any other remedy available at law.
a.) cumulative and nonexclusive
b.)
57-19-26. Exemptions.
(1) Unless entered into for the purpose of evading the provisions of this chapter, the following transactions are exempt from registration:
(a) isolated transactions by an owner of an interest in a project or by a person holding such an owner's executed ____a___;
(b) an offer or sale by a ___b___; and
(c) a ___c___ pledge of interest in a project.
(2) The director may, by rule or order, exempt any person from any or all requirements of this chapter if the director finds that the offering of an interest in a project is essentially ____d____. For purposes of this subsection, the offering of fewer than ____e___ in a project is considered essentially noncommercial.
a.) power of attorney
b.) governmental entity
c.) bona fide
d.) noncommercial
e.) ten interests