This bill proposes amendments to the West Virginia Real Estate Time-Sharing Act, specifically updating the requirements for filing fees and annual fees associated with time-share periods. Under the new provisions, developers will be required to pay a filing fee of $500 plus $1 per time-share period, capped at a total of $1,500, when submitting a public offering statement. Additionally, if a developer makes changes to the public offering statement that involve adding inventory, a fee of $250 will be applicable. The bill also stipulates that the annual fee for each time-share period will be set at $500, replacing the previous fee of $50.

The amendments also clarify the timeline for the division's review of public offering statements, ensuring that if the division does not respond within specified timeframes, the filings will be deemed approved. The bill aims to streamline the process for developers while ensuring that necessary disclosures and consumer protections remain in place for prospective purchasers of time-share periods. Overall, the changes reflect an effort to modernize the regulatory framework governing time-sharing in West Virginia.

Statutes affected:
Introduced Version: 36-9-6, 36-9-24