EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Section 1. NRS 119.122 is hereby amended to read as follows:

1-2 119.122 1. The provisions of this chapter do not apply, unless the

1-14 (c) Cemetery lots.

2-1 2. Unless the method of disposition is adopted to evade the provisions

2-2 of this chapter or the provisions of the Interstate Land Sales Full Disclosure

2-3 Act, 15 U.S.C. §§ 1701 to 1720, inclusive, this chapter does not apply to

2-4 the sale or lease of real estate located in this state which is free and clear of

2-5 all liens, encumbrances and adverse claims if each purchaser or his agent

2-6 has personally inspected the lot before purchase and if the developer

2-7 executes a written affirmation to that effect to be made a matter of record in

2-8 accordance with regulations of the division. As used in this subsection, the

2-9 terms "liens," "encumbrances" and "adverse claims" are not intended to

2-10 refer to purchase money encumbrances [nor] or property reservations

2-11 which land developers commonly convey or dedicate to local bodies or

2-12 public utilities [for the purpose of bringing] to bring public services to the

2-13 land being developed [nor] or to taxes and assessments which, under

2-14 applicable state law or local [law,] ordinances, constitute liens on the

2-15 property before they are due.

2-16 3. The [division may, pursuant to regulations adopted by it,]

2-17 administrator may exempt from any of the provisions of this chapter any

2-18 subdivision, if [it] he finds that the enforcement of this chapter with respect

2-19 to subdivisions or lots, parcels, units or interests in subdivisions is not

2-20 necessary in the public interest and for the protection of purchasers. An

2-21 exemption granted pursuant to this subsection is effective for a period not

2-22 to exceed 1 year as determined by the [division. The division]

2-23 administrator. The administrator may revoke such an exemption at any

2-24 time upon finding that the revocation is necessary for the protection of

2-25 purchasers. Upon application for the renewal of an exemption, the

2-26 [division] administrator may renew an exemption for a period not to

2-27 exceed 1 year as determined by the [division.] administrator. An

2-28 application for an exemption pursuant to this subsection, or for the renewal

2-29 of such an exemption, must be accompanied by the applicable fee specified

2-30 in NRS 119.320.

2-31 Sec. 2. NRS 119.140 is hereby amended to read as follows:

2-32 119.140 Any person or broker proposing to offer or sell any

3-1 5. A true statement of the terms and conditions on which it is intended

3-2 to dispose of the land and copies of the instruments which will be delivered

3-3 to a purchaser to evidence his interest in the subdivision and of the

3-4 contracts and other agreements which a purchaser will be required to agree

3-5 to or sign.

3-6 6. A true statement of the provisions, if any, that have been made for

3-7 public utilities in the proposed subdivision, including water, electricity, gas,

3-8 telephone and sewerage facilities.

3-9 7. A true statement of the use for which the proposed subdivision will

3-10 be offered.

3-11 8. A true statement of the provisions, if any, limiting the use or

3-12 occupancy of the parcels in the subdivision.

3-13 9. A true statement of the maximum depth of fill used, or proposed to

3-14 be used on each lot, and a true statement on the soil conditions in the

3-15 subdivision supported by engineering reports showing the soil has been, or

3-16 will be, prepared in accordance with the recommendations of a licensed

3-17 civil engineer.

3-18 10. A true statement of the amount of indebtedness which is a lien

3-19 upon the subdivision or any part thereof, and which was incurred to pay for

3-20 the construction of any on-site or off-site improvement, or any community

3-21 or recreational facility, and the names and addresses of the holders of the

3-22 indebtedness together with an indication of their relationship, if any, to the

3-23 owner and subdivider.

3-24 11. A true statement or reasonable estimate, if applicable, of the

3-25 amount of any indebtedness which has been or is proposed to be incurred

3-26 by an existing or proposed special district, entity, taxing area or assessment

3-27 district, within the boundaries of which the subdivision, or any part thereof,

3-28 is located, and which is to pay for the construction or installation of any

3-29 improvement or to furnish community or recreational facilities to the

3-30 subdivision, and which amounts are to be obtained by ad valorem tax or

3-31 assessment, or by a special assessment or tax upon the subdivision, or any

3-32 part thereof.

3-33 12. A true statement describing any agricultural activities or conditions

3-34 in the area which may adversely affect residents of the subdivision,

3-35 including any odors, cultivation and related dust, agricultural burning,

3-36 application of pesticides, or irrigation and drainage.

3-37 13. Such other information as the owner, his agent or subdivider may

3-38 wish to present.

3-39 14. A completed application for a license in such form and containing

3-40 such additional information as the division may require on its filing forms.

3-41 15. The fees prescribed by this chapter.

3-42 16. Such other information or documentation as the administrator

3-43 deems necessary to carry out the purposes of this chapter.

4-1 Sec. 3. NRS 119A.170 is hereby amended to read as follows:

4-2 119A.170 1. The provisions of this chapter, except as otherwise

4-29 interest in real property or merely a contractual right to occupancy.

4-30 Sec. 4. NRS 119A.300 is hereby amended to read as follows:

4-31 119A.300 Except as otherwise provided in NRS 119A.310, the

4-43 management of the project;

5-1 (e) Copies of instructions for escrow, deeds, sales contracts and any

5-2 other documents that will be used in the sale of the time shares;

5-3 (f) A copy of any proposed trust agreement which establishes a trust for

5-4 the time-share project;

5-5 (g) Documents which show the current assessments for property taxes

5-6 on the time-share project;

5-7 (h) Documents which show compliance with local zoning laws;

5-8 (i) If the units in the time-share project are in a condominium project, or

5-9 other form of community ownership of property, documents which show

5-10 that use of the units in a time-share project is in compliance with the

5-11 documents which created the community ownership;

5-12 (j) Copies of all documents which will be given to a purchaser who is

5-13 interested in participating in a program for the exchange of occupancy

5-14 rights among time-share owners and copies of the documents which show

5-15 acceptance of the time-share project in such a program;

5-16 (k) A copy of the budget or a projection of the operating expenses of the

5-17 association, if applicable;

5-18 (l) A financial statement of the developer; and

5-19 (m) Such other information [as the division, by regulation, requires;] or

5-20 documentation as the administrator deems necessary to carry out the

5-21 provisions of this chapter; and

5-22 2. Pays the fee provided for in this chapter.

5-23 Sec. 5. NRS 119B.120 is hereby amended to read as follows:

5-24 119B.120 1. The provisions of this chapter do not apply to:

5-37 public interest or that of the purchasers thereof.

5-38 Sec. 6. NRS 119B.130 is hereby amended to read as follows:

5-39 119B.130 A person wishing to offer memberships in a campground

6-1 1. His name and address.

6-2 2. If the applicant is not a natural person:

6-3 (a) A copy of the articles of incorporation or the agreement for a

6-4 partnership or joint venture;

6-5 (b) The name and address of each director, officer, partner or affiliate [.

6-6 If] and, if any person named is a natural person, his occupation for the 5

6-7 years immediately before the date of the application must also be stated;

6-8 and

6-9 (c) The name and address of each person owning more than 10 percent

6-10 of the stock or other equity of the developer.

6-11 3. Whether any person identified has, within the 10 years immediately

6-12 before the date of the application, been convicted by a court of any felony

6-13 involving theft, fraud or dishonesty and, if so, the style and number of the

6-14 case, the court, the date of the judgment and the penalty imposed.

6-15 4. A copy of each contract or related form proposed to be used in the

6-16 sale of memberships in the campground, the prices to be charged for each

6-17 type of membership and the amount and purpose of any other fee or charge

6-18 to be paid by a member.

6-19 5. A copy of each document relating to the formation, incorporation

6-20 and operation of the members’ association responsible for the operation

6-21 and maintenance of the amenities and common area of the campground.

6-22 6. A brief description of the developer’s ownership of or other right to

6-23 use the properties or facilities represented to be available for use by

6-24 purchasers, together with a brief description of the duration of any lease,

6-25 license, franchise, reciprocal agreement or other agreement entitling the

6-26 developer to use the properties and facilities, and any material provisions of

6-27 those agreements which restrict a purchaser’s use of the property or which

6-28 may result in the impairment of the purchaser’s exercise of his rights

6-29 derived from membership.

6-30 7. A statement of the permits or other authorizations that are necessary

6-31 for the operation of each facility that is represented by the developer as

6-32 available for the use of a member that have not yet been obtained.

6-33 8. A statement of the financial condition of the developer prepared in

6-34 accordance with generally accepted accounting principles and consisting of

6-35 the financial statements for the most recent fiscal year of the developer that

6-36 have been audited by an independent certified public accountant and the

6-37 unaudited financial statements of the most recently completed fiscal

6-38 quarter. The administrator may waive the requirement for audited

6-39 statements if they have been prepared by an independent certified public

6-40 accountant or an independent public accountant and the administrator is

6-41 satisfied with the reliability of those statements and with the ability of the

6-42 developer to meet his future commitments.

7-1 9. A description of the method used to determine the number of

7-2 memberships to be sold for each campground owned by the developer and

7-3 made available to members.

7-4 10. A copy of the disclosure required by NRS 119B.270.

7-5 11. The name and business address and a copy of the license of the

7-6 broker of record who will supervise the sale of the memberships.

7-7 12. Such [additional information as deemed necessary by the

7-8 administrator.] other information or documentation as the administrator

7-9 deems necessary to carry out the provisions of this chapter.

7-10 Sec. 7. This act becomes effective upon passage and approval.