{"data":{"id":"us-ar/ark.-code-ann.-18-14-102","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 18-14-102","heading":"Definitions","body":"As used in this chapter: (1) \"Accommodation\" means an apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure that: (A) Is affixed to real property; (B) Is designed for occupancy or use by one (1) or more individuals; and (C) Is part of a time-share plan; (2) \"Acquisition agent\" means a person that by telephone, inducement, solicitation, or otherwise in the ordinary course of business directly tries to encourage a person in this state to attend a sales presentation for a time-share plan; (3) \"Amenities\" means a recreational facility made available to purchasers in a time-share plan; (4) \"Association\" means a council or an association composed of the owners of time-share interests in a time-share plan; (5) (A) \"Broker\" means a person that sells or offers to sell in the ordinary course of business, time-share interests in a time-share plan to a purchaser. (B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate License Law, § 17-42-101 et seq. (C) A violation that results from a time-share activity is not subject to the Real Estate License Law, § 17-42-101 et seq.; (6) (A) \"Component site\" means a specific geographic location where accommodations that are part of a multisite time-share plan are located. (B) Separate phases of a single time-share property in a specific geographic location under common management are considered a single component site; (7) \"Consumer time-share reseller\" means a purchaser who acquires a time-share interest for his or her own use and occupancy and later: (A) Offers the time-share interest, or occupancy rights associated with the time-share interest, for resale or rental; or (B) Engages a time-share interest transfer services provider to provide time-share interest transfer services; (8) (A) \"Developer\" means: (i) A person who establishes a time-share plan, or is in the business of selling time-share interests or that uses a broker to sell time-share interests; or (ii) A person that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person: (a) Offers at least twelve (12) time-share interests in a particular time-share plan; and (b) Is in the business of selling time-share interests or uses a broker to sell time-share interests. (B) \"Developer\" does not include a broker who is in the business of selling time-share interests; (9) \"Exchange agent\" means a person that owns or operates an exchange program; (10) \"Exchange program\" means a method, arrangement, or procedure for the voluntary exchange of time-share interests among time-share owners; (11) \"Managing agent\" means a person responsible for operating and maintaining a time-share property or time-share plan on behalf of the association; (12) (A) \"Offering\" means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest\nating and maintaining a time-share property or time-share plan on behalf of the association; (12) (A) \"Offering\" means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest. (B) \"Offering\" does not include a time-share owner that may refer a person to a developer if the time-share owner's activities are limited to the referral of a prospective purchaser to the developer, the time-share owner receives nominal consideration, and does not refer more than twenty (20) prospective purchasers to the developer annually; (13) \"Person\" means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof; (14) \"Project instrument\" means a time-share instrument or other applicable document that establishes a time-share plan that contains restrictions or covenants to regulate the use, occupancy, or disposition of a time-share plan, including a declaration, rule, or an amendment thereto, of a condominium, and the articles of incorporation, bylaws, rules of an association, or an amendment thereto; (15) \"Public offering statement\" means the statement under § 18-14-404 ; (16) \"Purchaser\" means a person other than a developer or lender who acquires an interest in a time-share plan; (17) \"Resale transfer agreement\" means a contract or other agreement: (A) Between a time-share interest transfer services provider and a consumer time-share reseller; and (B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services; (18) (A) \"Reservation system\" means the method, arrangement, or procedure where a purchaser is required to compete with other purchasers to reserve an accommodation of a multisite time-share plan for one (1) or more time-share periods regardless of whether the reservation system is operated and maintained by the multisite time-share plan, a managing entity, an exchange company, or other person. (B) If a purchaser is required to use an exchange program as the principal means of reserving an accommodation and facility of the plan, the arrangement is a reservation system. (C) If the exchange company uses a mechanism to exchange time-share periods among members of the exchange program, the use of the mechanism is not a reservation system in a multistate time-share plan; (19) (A) \"Time-share estate\" means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property. (B) \"Time-share estate\" includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer\nstate\" means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property. (B) \"Time-share estate\" includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer. (C) If the real property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement; (20) \"Time-share instrument\" means a master deed, master lease, declaration, or other instrument used to establish a time-share plan; (21) \"Time-share interest\" means a time-share estate or a time-share use; (22) \"Time-share interest transfer services\" means any direct contact initiated with an Arkansas resident through telemarketing, mail, email, or any other means of communication relating to services to: (A) Transfer ownership of a consumer time-share reseller's time-share interest; (B) Assist or make a promise to assist with the transfer of ownership of a consumer time-share reseller's time-share interest; or (C) Assist or make a promise to assist an owner of a time-share interest with a relinquishment or other voluntary disposition of the consumer time-share interest, which assistance: (i) Has been or may be referred to as: (a) \"Time-share exit\"; (b) \"Time-share cancellation\"; (c) \"Time-share liquidation\"; (d) \"Time-share relief\"; (e) \"Cancellation of a time-share loan obligation\"; or (f) Any other similar references; and (ii) Includes a reconveyance or other voluntary transfer to a developer or managing entity in lieu of any unpaid purchase money obligation or delinquent time-share plan assessment obligation; (23) (A) \"Time-share interest transfer services provider\" means a person: (i) That offers to provide, or arranges for others to provide, time-share interest transfer services; or (ii) Providing time-share interest transfer services from a location in this state whether on a temporary or ongoing basis and who is subject to the Real Estate License Law, § 17-42-101 et seq. (B) \"Time-share interest transfer services provider\" does not include: (i) An attorney who is licensed to practice in the State of Arkansas; (ii) A licensed title insurer agent in good standing with the State Insurance Department; (iii) A developer or managing entity, or an agent or contractor of a developer or managing entity, to the extent that the developer or managing entity, or an agent or contractor of a developer or managing entity, offers time-share interest transfer services to purchasers of time-share interests in his or her own time-share plans; or (iv) A mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, to the extent that the mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, offers time-share interest transfer services to a borrower or debtor related to a mortgage, lien, or encumbrance against the purchaser's time-share interest. (C) A time-share interest transfer services provider does not qualify for exemptions to licensure listed in § 17-42-104 ; (24) (A) \"Time-share plan\" means an arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance\nan exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance. (B) A time-share plan may be either a: (i) \"Single site time-share plan\" which is the right to use an accommodation at a single time-share property; or (ii) \"Multisite time-share plan\" which includes: (a) A \"specific time-share interest\" which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or (b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations; (25) \"Time-share property\" means: (A) One (1) or more accommodations and related amenities that are subject to a time-share instrument; and (B) Any other property or property rights appurtenant to the accommodations and amenities; and (26) \"Time-share use\" means any arrangement under which the purchaser receives a right to occupy a time-share property but does not receive a time-share estate. Amended by Act 2021, No. 733,§ 1, eff. 7/28/2021. Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013. Acts 1983, No. 294, Art. 1, § 1-103; A.S.A. 1947, § 50-1303; Acts 1989, No. 45, § 1.\n\nAs used in this chapter:\n\n(1) \"Accommodation\" means an apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure that: (A) Is affixed to real property; (B) Is designed for occupancy or use by one (1) or more individuals; and (C) Is part of a time-share plan;\n\n(A) Is affixed to real property;\n\n(B) Is designed for occupancy or use by one (1) or more individuals; and\n\n(C) Is part of a time-share plan;\n\n(2) \"Acquisition agent\" means a person that by telephone, inducement, solicitation, or otherwise in the ordinary course of business directly tries to encourage a person in this state to attend a sales presentation for a time-share plan;\n\n(3) \"Amenities\" means a recreational facility made available to purchasers in a time-share plan;\n\n(4) \"Association\" means a council or an association composed of the owners of time-share interests in a time-share plan;\n\n(5) (A) \"Broker\" means a person that sells or offers to sell in the ordinary course of business, time-share interests in a time-share plan to a purchaser. (B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate License Law, § 17-42-101 et seq. (C) A violation that results from a time-share activity is not subject to the Real Estate License Law, § 17-42-101 et seq.;\n\n(A) \"Broker\" means a person that sells or offers to sell in the ordinary course of business, time-share interests in a time-share plan to a purchaser.\n\n(B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate License Law, § 17-42-101 et seq.\n\n(C) A violation that results from a time-share activity is not subject to the Real Estate License Law, § 17-42-101 et seq.;\nordinary course of business, time-share interests in a time-share plan to a purchaser.\n\n(B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate License Law, § 17-42-101 et seq.\n\n(C) A violation that results from a time-share activity is not subject to the Real Estate License Law, § 17-42-101 et seq.;\n\n(6) (A) \"Component site\" means a specific geographic location where accommodations that are part of a multisite time-share plan are located. (B) Separate phases of a single time-share property in a specific geographic location under common management are considered a single component site;\n\n(A) \"Component site\" means a specific geographic location where accommodations that are part of a multisite time-share plan are located.\n\n(B) Separate phases of a single time-share property in a specific geographic location under common management are considered a single component site;\n\n(7) \"Consumer time-share reseller\" means a purchaser who acquires a time-share interest for his or her own use and occupancy and later: (A) Offers the time-share interest, or occupancy rights associated with the time-share interest, for resale or rental; or (B) Engages a time-share interest transfer services provider to provide time-share interest transfer services;\n\n(A) Offers the time-share interest, or occupancy rights associated with the time-share interest, for resale or rental; or\n\n(B) Engages a time-share interest transfer services provider to provide time-share interest transfer services;\n\n(8) (A) \"Developer\" means: (i) A person who establishes a time-share plan, or is in the business of selling time-share interests or that uses a broker to sell time-share interests; or (ii) A person that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person: (a) Offers at least twelve (12) time-share interests in a particular time-share plan; and (b) Is in the business of selling time-share interests or uses a broker to sell time-share interests. (B) \"Developer\" does not include a broker who is in the business of selling time-share interests;\n\n(A) \"Developer\" means: (i) A person who establishes a time-share plan, or is in the business of selling time-share interests or that uses a broker to sell time-share interests; or (ii) A person that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person: (a) Offers at least twelve (12) time-share interests in a particular time-share plan; and (b) Is in the business of selling time-share interests or uses a broker to sell time-share interests.\n\n(i) A person who establishes a time-share plan, or is in the business of selling time-share interests or that uses a broker to sell time-share interests; or\n\n(ii) A person that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person: (a) Offers at least twelve (12) time-share interests in a particular time-share plan; and (b) Is in the business of selling time-share interests or uses a broker to sell time-share interests.\n\n(a) Offers at least twelve (12) time-share interests in a particular time-share plan; and\nson that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person: (a) Offers at least twelve (12) time-share interests in a particular time-share plan; and (b) Is in the business of selling time-share interests or uses a broker to sell time-share interests.\n\n(a) Offers at least twelve (12) time-share interests in a particular time-share plan; and\n\n(b) Is in the business of selling time-share interests or uses a broker to sell time-share interests.\n\n(B) \"Developer\" does not include a broker who is in the business of selling time-share interests;\n\n(9) \"Exchange agent\" means a person that owns or operates an exchange program;\n\n(10) \"Exchange program\" means a method, arrangement, or procedure for the voluntary exchange of time-share interests among time-share owners;\n\n(11) \"Managing agent\" means a person responsible for operating and maintaining a time-share property or time-share plan on behalf of the association;\n\n(12) (A) \"Offering\" means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest. (B) \"Offering\" does not include a time-share owner that may refer a person to a developer if the time-share owner's activities are limited to the referral of a prospective purchaser to the developer, the time-share owner receives nominal consideration, and does not refer more than twenty (20) prospective purchasers to the developer annually;\n\n(A) \"Offering\" means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest.\n\n(B) \"Offering\" does not include a time-share owner that may refer a person to a developer if the time-share owner's activities are limited to the referral of a prospective purchaser to the developer, the time-share owner receives nominal consideration, and does not refer more than twenty (20) prospective purchasers to the developer annually;\n\n(13) \"Person\" means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof;\n\n(14) \"Project instrument\" means a time-share instrument or other applicable document that establishes a time-share plan that contains restrictions or covenants to regulate the use, occupancy, or disposition of a time-share plan, including a declaration, rule, or an amendment thereto, of a condominium, and the articles of incorporation, bylaws, rules of an association, or an amendment thereto;\n\n(15) \"Public offering statement\" means the statement under § 18-14-404 ;\n\n(16) \"Purchaser\" means a person other than a developer or lender who acquires an interest in a time-share plan;\n\n(17) \"Resale transfer agreement\" means a contract or other agreement: (A) Between a time-share interest transfer services provider and a consumer time-share reseller; and (B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services;\n\n(A) Between a time-share interest transfer services provider and a consumer time-share reseller; and\n\n(B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services;\nr services provider and a consumer time-share reseller; and (B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services;\n\n(A) Between a time-share interest transfer services provider and a consumer time-share reseller; and\n\n(B) In which a time-share interest transfer services provider agrees to provide time-share interest transfer services;\n\n(18) (A) \"Reservation system\" means the method, arrangement, or procedure where a purchaser is required to compete with other purchasers to reserve an accommodation of a multisite time-share plan for one (1) or more time-share periods regardless of whether the reservation system is operated and maintained by the multisite time-share plan, a managing entity, an exchange company, or other person. (B) If a purchaser is required to use an exchange program as the principal means of reserving an accommodation and facility of the plan, the arrangement is a reservation system. (C) If the exchange company uses a mechanism to exchange time-share periods among members of the exchange program, the use of the mechanism is not a reservation system in a multistate time-share plan;\n\n(A) \"Reservation system\" means the method, arrangement, or procedure where a purchaser is required to compete with other purchasers to reserve an accommodation of a multisite time-share plan for one (1) or more time-share periods regardless of whether the reservation system is operated and maintained by the multisite time-share plan, a managing entity, an exchange company, or other person.\n\n(B) If a purchaser is required to use an exchange program as the principal means of reserving an accommodation and facility of the plan, the arrangement is a reservation system.\n\n(C) If the exchange company uses a mechanism to exchange time-share periods among members of the exchange program, the use of the mechanism is not a reservation system in a multistate time-share plan;\n\n(19) (A) \"Time-share estate\" means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property. (B) \"Time-share estate\" includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer. (C) If the real property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement;\n\n(A) \"Time-share estate\" means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property.\n\n(B) \"Time-share estate\" includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer.\n\n(C) If the real property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement;\n\n(20) \"Time-share instrument\" means a master deed, master lease, declaration, or other instrument used to establish a time-share plan;\n\n(21) \"Time-share interest\" means a time-share estate or a time-share use;\neal property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement;\n\n(20) \"Time-share instrument\" means a master deed, master lease, declaration, or other instrument used to establish a time-share plan;\n\n(21) \"Time-share interest\" means a time-share estate or a time-share use;\n\n(22) \"Time-share interest transfer services\" means any direct contact initiated with an Arkansas resident through telemarketing, mail, email, or any other means of communication relating to services to: (A) Transfer ownership of a consumer time-share reseller's time-share interest; (B) Assist or make a promise to assist with the transfer of ownership of a consumer time-share reseller's time-share interest; or (C) Assist or make a promise to assist an owner of a time-share interest with a relinquishment or other voluntary disposition of the consumer time-share interest, which assistance: (i) Has been or may be referred to as: (a) \"Time-share exit\"; (b) \"Time-share cancellation\"; (c) \"Time-share liquidation\"; (d) \"Time-share relief\"; (e) \"Cancellation of a time-share loan obligation\"; or (f) Any other similar references; and (ii) Includes a reconveyance or other voluntary transfer to a developer or managing entity in lieu of any unpaid purchase money obligation or delinquent time-share plan assessment obligation;\n\n(A) Transfer ownership of a consumer time-share reseller's time-share interest;\n\n(B) Assist or make a promise to assist with the transfer of ownership of a consumer time-share reseller's time-share interest; or\n\n(C) Assist or make a promise to assist an owner of a time-share interest with a relinquishment or other voluntary disposition of the consumer time-share interest, which assistance: (i) Has been or may be referred to as: (a) \"Time-share exit\"; (b) \"Time-share cancellation\"; (c) \"Time-share liquidation\"; (d) \"Time-share relief\"; (e) \"Cancellation of a time-share loan obligation\"; or (f) Any other similar references; and (ii) Includes a reconveyance or other voluntary transfer to a developer or managing entity in lieu of any unpaid purchase money obligation or delinquent time-share plan assessment obligation;\n\n(i) Has been or may be referred to as: (a) \"Time-share exit\"; (b) \"Time-share cancellation\"; (c) \"Time-share liquidation\"; (d) \"Time-share relief\"; (e) \"Cancellation of a time-share loan obligation\"; or (f) Any other similar references; and\n\n(a) \"Time-share exit\";\n\n(b) \"Time-share cancellation\";\n\n(c) \"Time-share liquidation\";\n\n(d) \"Time-share relief\";\n\n(e) \"Cancellation of a time-share loan obligation\"; or\n\n(f) Any other similar references; and\n\n(ii) Includes a reconveyance or other voluntary transfer to a developer or managing entity in lieu of any unpaid purchase money obligation or delinquent time-share plan assessment obligation;\n(a) \"Time-share exit\";\n\n(b) \"Time-share cancellation\";\n\n(c) \"Time-share liquidation\";\n\n(d) \"Time-share relief\";\n\n(e) \"Cancellation of a time-share loan obligation\"; or\n\n(f) Any other similar references; and\n\n(ii) Includes a reconveyance or other voluntary transfer to a developer or managing entity in lieu of any unpaid purchase money obligation or delinquent time-share plan assessment obligation;\n\n(23) (A) \"Time-share interest transfer services provider\" means a person: (i) That offers to provide, or arranges for others to provide, time-share interest transfer services; or (ii) Providing time-share interest transfer services from a location in this state whether on a temporary or ongoing basis and who is subject to the Real Estate License Law, § 17-42-101 et seq. (B) \"Time-share interest transfer services provider\" does not include: (i) An attorney who is licensed to practice in the State of Arkansas; (ii) A licensed title insurer agent in good standing with the State Insurance Department; (iii) A developer or managing entity, or an agent or contractor of a developer or managing entity, to the extent that the developer or managing entity, or an agent or contractor of a developer or managing entity, offers time-share interest transfer services to purchasers of time-share interests in his or her own time-share plans; or (iv) A mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, to the extent that the mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, offers time-share interest transfer services to a borrower or debtor related to a mortgage, lien, or encumbrance against the purchaser's time-share interest. (C) A time-share interest transfer services provider does not qualify for exemptions to licensure listed in § 17-42-104 ;\n\n(A) \"Time-share interest transfer services provider\" means a person: (i) That offers to provide, or arranges for others to provide, time-share interest transfer services; or (ii) Providing time-share interest transfer services from a location in this state whether on a temporary or ongoing basis and who is subject to the Real Estate License Law, § 17-42-101 et seq.\n\n(i) That offers to provide, or arranges for others to provide, time-share interest transfer services; or\n\n(ii) Providing time-share interest transfer services from a location in this state whether on a temporary or ongoing basis and who is subject to the Real Estate License Law, § 17-42-101 et seq.\n\n(B) \"Time-share interest transfer services provider\" does not include: (i) An attorney who is licensed to practice in the State of Arkansas; (ii) A licensed title insurer agent in good standing with the State Insurance Department; (iii) A developer or managing entity, or an agent or contractor of a developer or managing entity, to the extent that the developer or managing entity, or an agent or contractor of a developer or managing entity, offers time-share interest transfer services to purchasers of time-share interests in his or her own time-share plans; or (iv) A mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, to the extent that the mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, offers time-share interest transfer services to a borrower or debtor related to a mortgage, lien, or encumbrance against the purchaser's time-share interest.\nlans; or (iv) A mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, to the extent that the mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, offers time-share interest transfer services to a borrower or debtor related to a mortgage, lien, or encumbrance against the purchaser's time-share interest.\n\n(i) An attorney who is licensed to practice in the State of Arkansas;\n\n(ii) A licensed title insurer agent in good standing with the State Insurance Department;\n\n(iii) A developer or managing entity, or an agent or contractor of a developer or managing entity, to the extent that the developer or managing entity, or an agent or contractor of a developer or managing entity, offers time-share interest transfer services to purchasers of time-share interests in his or her own time-share plans; or\n\n(iv) A mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, to the extent that the mortgagee or servicer or lienholder, or agent or contractor of a mortgagee or servicer or lienholder, offers time-share interest transfer services to a borrower or debtor related to a mortgage, lien, or encumbrance against the purchaser's time-share interest.\n\n(C) A time-share interest transfer services provider does not qualify for exemptions to licensure listed in § 17-42-104 ;\n\n(24) (A) \"Time-share plan\" means an arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance. (B) A time-share plan may be either a: (i) \"Single site time-share plan\" which is the right to use an accommodation at a single time-share property; or (ii) \"Multisite time-share plan\" which includes: (a) A \"specific time-share interest\" which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or (b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;\n\n(A) \"Time-share plan\" means an arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance.\n\n(B) A time-share plan may be either a: (i) \"Single site time-share plan\" which is the right to use an accommodation at a single time-share property; or (ii) \"Multisite time-share plan\" which includes: (a) A \"specific time-share interest\" which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or (b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;\nt one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or (b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;\n\n(i) \"Single site time-share plan\" which is the right to use an accommodation at a single time-share property; or\n\n(ii) \"Multisite time-share plan\" which includes: (a) A \"specific time-share interest\" which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or (b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;\n\n(a) A \"specific time-share interest\" which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or\n\n(b) A \"nonspecific time-share interest\" which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;\n\n(25) \"Time-share property\" means: (A) One (1) or more accommodations and related amenities that are subject to a time-share instrument; and (B) Any other property or property rights appurtenant to the accommodations and amenities; and\n\n(A) One (1) or more accommodations and related amenities that are subject to a time-share instrument; and\n\n(B) Any other property or property rights appurtenant to the accommodations and amenities; and\n\n(26) \"Time-share use\" means any arrangement under which the purchaser receives a right to occupy a time-share property but does not receive a time-share estate.","path":["AR Code","Title 18","Chapter 14","Subchapter 1"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"fda4a4d62d721dac8deb59db95eee19cd5133990414e1198beabc4da7d6698de","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-18-14-101","next":"us-ar/ark.-code-ann.-18-14-103"},"notice":"GroundRules: Original legal text. Not legal advice."}