This bill amends the West Virginia Real Estate Time-Sharing Act by updating definitions and requiring that advertising materials be submitted alongside the initial public offering statement. Notably, the bill introduces a new definition for "Advertising materials," which encompasses various promotional items such as brochures, transcripts of advertisements, lodging certificates, and other related materials. Additionally, it modifies the existing requirement for advertising materials to be filed with the division, specifying that a sample of all advertising materials must be submitted with the initial public offering statement filing.

The bill also emphasizes the importance of truthful advertising by prohibiting misleading representations regarding time-sharing plans. It outlines specific prohibitions against misrepresenting facts, making unfounded predictions about price increases, and obscuring material facts in promotional materials. Furthermore, it mandates that any promotional devices used must disclose their purpose in soliciting sales and the potential use of collected personal information. Overall, the bill aims to enhance transparency and protect consumers in the time-sharing market by ensuring that all advertising is accurate and that potential buyers are well-informed.

Statutes affected:
Introduced Version: 36-9-4, 36-9-10