NEBRASKA TIME-SHARE ACT
APPLICATION FOR REGISTRATION
A. GENERAL INSTRUCTIONS:
The applicant should first carefully examine the provisions of the Nebraska Time-Share Act. Any application for registration which does not adequately supply information requested on the Application or which is found to be inaccurate will or may result in the certificate of registration being delayed. No sale or offer to sell may be conducted in the State of Nebraska until such registration is in effect. No person shall act as a sales agent without having first obtained a real estate broker's or salesperson's license from the Nebraska Real Estate Commission. If the program provides for a developer control period, the time-share instruments shall clearly show this and contain all information required by Neb. Rev. Stat. Section 76-1709 of the Nebraska Statutes. All time-share instruments and the public-offering statement shall be kept current in the office of the Nebraska Real Estate Commission at all times. The Nebraska Real Estate Commission will carefully examine any program for exchange of occupancy rights for compliance with the requirements of Neb. Rev. Stat. Section 76-1714. The Commission will also carefully examine the registration of escrow bank accounts for compliance with Neb. Rev. Stat. Section 76-1715.
Applicant should be especially aware of Neb. Rev. Stat. Section 76-1722 pertaining to violations, which can subject a developer or any other person subject to this Act to litigation or criminal charge. Likewise, Neb. Rev. Stat. Section 76-1726 provides for suspension of registration for violation of the conditions therein stated.
The following comments are applicable to the indicated questions on the Application for Registration:
#4. Section 21-20,174, R.R.S. 1943 provides that each foreign corporation authorized to transact business in the State shall have and continuously maintain in this State a registered office. Section 21-20,169, R.R.S. 1943 provides for the effect of conducting affairs without a certificate of authority. Foreign Limited Liability Companies also must make such a filing under Neb. Rev. Stat. '21-2638.
#6. The Nebraska Act requires that a person acting in the capacity of "sales agent" must be a real estate broker or salesperson licensed by the State of Nebraska. Section 76-1727(3) requires a developer to designate a licensed Nebraska Real Estate Broker who will accept responsibility for the developer=s actions in Nebraska.
#7. For instance, will the developer stage sales presentations in Nebraska? Will developer limit its sales approach to television advertising? Mailings? Will it use a combination of approaches?
#11. and #12. It is imperative that the Public-Offering Statement and all other time-share instruments meet the minimum requirements of the Nebraska Time-Share Act. Failure to meet any such requirement will result in a denial of registration of the program. All disclosures shall be complete, and if any category would be in the negative, then that negative shall be stated as such. The developer shall promptly amend or supplement its registration to report any material change in its Application for Registration, which includes information in the Public-Offering Statement and the time-share instruments.
B. FILING INFORMATION
1. WHO MUST FILE?
The Nebraska Time-Share Act provides that an acquisition agent, a sales agent, or a managing agent, as those terms are defined, as well as a developer, shall register with the Commission the Time-Share program or programs that said agent is serving in its agency capacity or said developer is offering. Sections 76-1727-1730, of the Nebraska Statutes.
2. WHEN MUST APPLICATION BE FILED? BOND?
The Time-Share program or programs must be registered prior to any activity by an acquisition agent, sales agent, managing agent, or developer, which activity requires the registration of the Time-share program. An applicant who is an acquisition agent, sales agent or a managing agent must furnish evidence that a bond of $5,000.00 has been placed with a surety company or a cash bond with the Nebraska Real Estate Commission for the reasons stated in the act. If all three of the agents are under the control of, subsidiary of, or affiliated with the developer or any other person, the bonds may be consolidated and reduced to $10,000.00 if there is a disclosure of the affiliation and the disclosures required by Sections 76-1728-1730 of the Act are made.
3. WHERE FILED?
An application for registration should be filed with the Nebraska Real Estate Commission, P. O. Box 94667, Lincoln, Nebraska, 68509-4467.
4. FEES AND ANNUAL REPORT.
An application for registration of a time-share program shall be accompanied by a filing fee of $200.00 plus $5.00 for each 25 time-share intervals or portions thereof. After issuance of a certificate, there is an annual fee of $50.00 plus $5.00 for each 25 time-share intervals or fractions thereof computed on the number of time-share intervals in the original application and shall be due and payable on January 1 of each year. The annual fee for each time-share program shall not exceed one thousand five hundred dollars. Failure to remit annual fees when due shall automatically cancel the certificate. In addition, the developer shall furnish the Commission, by January 1 each year, the annual report required by Section 76-1734 (3) of the Act and any other information requested by the Commission.
5. EFFECTIVE DATE OF REGISTRATION AND CERTIFICATE.
The general rule is that the effective date of the registration, or any amendment thereto shall be the 60th day after the filing thereof. The Nebraska Real Estate Commission, however, having due regard to the public interest and the protection of purchasers, can determine that the effective date will be an earlier date. If any amendment to any registration is filed prior to the effective date, the registration shall be deemed to have been filed when such amendment was filed.
6. INVESTIGATION BY COMMISSION - EXPENSE.
The Commission is required to thoroughly investigate all matters relating to the application and may require a personal inspection of the real estate by a person or persons designated by it. All expenses incurred by the Commission in investigating such real estate and the proposed sale thereof in this State shall be borne by the applicant and the Commission shall require a deposit sufficient to cover such expenses prior to incurring same. You will be notified of the amount of the required deposit. All fees and deposits required by the Commission shall be in the form of a certified or cashier's check or money order made payable to the Nebraska Real Estate Commission. Failure to promptly remit a requested deposit shall constitute an incomplete application.
7. INCOMPLETE OR INACCURATE APPLICATION
Any deposit made in connection with the purchase or reservation of a time-share interval must be placed in an escrow account as required in Section 76-1715 of the Act. In lieu of placing the deposit in an escrow account the developer may file a surety bond in an amount equal to fifty thousand dollars to cover any default by the developer as set forth in Section 76-1715 of the Act.
8. INCOMPLETE OR INACCURATE APPLICATION
If the Commission determines that the Application for Registration, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the Commission shall so advise the developer prior to the date the registration would otherwise be effective. Such notification shall serve to suspend the effective date or the filing until the 60th day after the developer files such additional information as the Commission shall require. Any developer, upon receipt of such notice of suspension may request a hearing, and such hearing shall be held within 45 days of receipt of such request. If the developer fails to provide additional information as required by the Commission within ninety days after receiving notice of the requirement, the Commission may deny the application or amendment where upon a new application would be required for registration or amendment.
9. DEVELOPER MUST AMEND OR SUPPLEMENT REGISTRATION WITH NEBRASKA AGENTS.
A developer shall amend or supplement its Application for Registration to report any material change in the information required by Section 76-1734 of the Act.
10. COPY OF CERTIFICATE OF REGISTRATION WITH NEBRASKA AGENTS.
A current photocopy of the Certificate of Registration shall be in the possession of all Nebraska agents and shall be displayed upon request.