{"data":{"id":"us-tn/tenn.-code-ann.-66-32-115","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 66-32-115","heading":"Exemptions from requirement of public offering statement","body":"(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: (1) Securities Act of 1933 ( 15 U.S.C. § 77a et seq.); (2) Federal Interstate Land Sales Full Disclosure Act ( 15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and (3) Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers. (b) A public offering statement need not be prepared or delivered in the case of: (1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent; (2) Any disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition of a time-share interval in a time-share project situated wholly outside the state; provided, that all solicitations, negotiations, and contracts took place wholly outside this state and the contract was executed wholly outside this state; (6) A gratuitous transfer of a time-share interval; or (7) Group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance. Acts 1981, ch. 372, § 16; T.C.A., § 64-3216.\n(a) The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: (1) Securities Act of 1933 ( 15 U.S.C. § 77a et seq.); (2) Federal Interstate Land Sales Full Disclosure Act ( 15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and (3) Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers.\n(1) Securities Act of 1933 ( 15 U.S.C. § 77a et seq.);\n(2) Federal Interstate Land Sales Full Disclosure Act ( 15 U.S.C. § 1701 et seq.) in which the time-share program is made a part of the subdivision that is being registered; and\n(3) Any federal or Tennessee act which requires a federal or state public offering statement or similar disclosure document to be prepared and provided to purchasers.\n(b) A public offering statement need not be prepared or delivered in the case of: (1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent; (2) Any disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition of a time-share interval in a time-share project situated wholly outside the state; provided, that all solicitations, negotiations, and contracts took place wholly outside this state and the contract was executed wholly outside this state; (6) A gratuitous transfer of a time-share interval; or (7) Group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.\n(1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent;\n(2) Any disposition pursuant to court order;\n(3) A disposition by a government or governmental agency;\n(4) A disposition by foreclosure or deed in lieu of foreclosure;\ntravel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.\n(1) Any transfer of a time-share interval by any time-share interval owner other than the developer and/or his agent;\n(2) Any disposition pursuant to court order;\n(3) A disposition by a government or governmental agency;\n(4) A disposition by foreclosure or deed in lieu of foreclosure;\n(5) A disposition of a time-share interval in a time-share project situated wholly outside the state; provided, that all solicitations, negotiations, and contracts took place wholly outside this state and the contract was executed wholly outside this state;\n(6) A gratuitous transfer of a time-share interval; or\n(7) Group reservations made for fifteen (15) or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations, where deposits are made and held for more than three (3) years in advance.","path":["TN Code","Title 66","Chapter 32"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"feeed2c94a8476c7216100401da0f2c24672faaf936c1c84acd6ad86c9e25e0d","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-66-32-114","next":"us-tn/tenn.-code-ann.-66-32-116"},"notice":"GroundRules: Original legal text. Not legal advice."}