The bill amends the West Virginia Real Estate Time-Sharing Act by updating definitions and requirements related to advertising materials for time-share sales. It introduces a new definition for "Advertising materials," which includes promotional brochures, transcripts of advertisements, lodging certificates, and other related materials. Additionally, it mandates that a sample of these advertising materials must be submitted with the initial public offering statement filing, replacing the previous requirement for submission within ten days of use.

Furthermore, the bill outlines specific prohibitions on misleading advertising practices, such as misrepresenting facts about the time-sharing plan or making unfounded predictions about price increases. It also establishes guidelines for promotional devices used in marketing time-share periods, ensuring transparency in the solicitation process. The division responsible for overseeing these regulations is granted the authority to enforce compliance and take action against any advertising that fails to meet the established requirements.

Statutes affected:
Introduced Version: 36-9-4, 36-9-10
Committee Substitute: 36-9-4, 36-9-10
Engrossed Committee Substitute: 36-9-4, 36-9-10