Sec 32-2197.24. Applicability of article

A. This article applies to all of the following:

1. A timeshare property located in this state.

2. Timeshare plans with an accommodation or component site in this state if those timeshare plans are sold or offered to be sold to any individual located in this state.

3. Timeshare plans without an accommodation or component site in this state if the timeshare plans are sold or offered to be sold to any individual located in this state.

B. This article does not apply to the following:

1. An exchange program except as provided in subsection C.

2. Timeshare plans consisting of fewer than twelve timeshare interests whether or not an accommodation is located in this state.

3. Timeshare plans the use of which extends over any period of less than three years.

4. Timeshare plans, whether or not an accommodation is located in this state, under which the prospective purchaser's total financial obligation will be less than one thousand five hundred dollars during the entire term of the timeshare plan.

C. A method, arrangement or procedure that meets the definition of an exchange program pursuant to section 32-2197 shall be regulated as a timeshare plan in accordance with this article if the purchaser's total contractual financial obligation exceeds three thousand dollars for any individual, recurring timeshare period.