As used in this part 5, unless the context otherwise requires: (1) "Accredited investor" has the same meaning as defined in the securities and exchange commission's rule 501 of regulation D, 17 CFR 230.501 (a). (1.5) "Commission" means the real estate commission established under section 12-10- 206. (2) "Developer" means any person, as defined in section 2-4-401 (8), that participates as owner, promoter, or sales agent in the promotion, sale, or lease of a subdivision or any part thereof. (3) (a) "Subdivision" means any real property divided into twenty or more interests intended solely for residential use and offered for sale, lease, or transfer. (b) (I) The term "subdivision" also includes: (A) The conversion of an existing structure into a common interest community, as defined in article 33.3 of title 38, of twenty or more residential units; (B) A group of twenty or more time shares intended for residential use; and (C) A group of twenty or more proprietary leases in a cooperative housing corporation, as described in article 33.5 of title 38. (II) The term "subdivision" does not include: (A) The selling of memberships in campgrounds; (B) Bulk sales and transfers between developers; (C) Property upon which there has been or upon which there will be erected residential buildings that have not been previously occupied and where the consideration paid for the property includes the cost of the buildings; (D) Lots that, at the time of closing of a sale or occupancy under a lease, are situated on a street or road and street or road system improved to standards at least equal to streets and roads maintained by the county, city, or town in which the lots are located; have a feasible plan to provide potable water and sewage disposal; and have telephone and electricity facilities and systems adequate to serve the lots, which facilities and systems are installed and in place on the lots or in a street, road, or easement adjacent to the lots and which facilities and systems comply with applicable state, county, municipal, or other local laws, rules, and regulations; or any subdivision that has been or is required to be approved after September 1, 1972, by a regional, county, or municipal planning authority pursuant to article 28 of title 30 or article 23 of title 31; (E) Sales by public officials in the official conduct of their duties. (4) "Time share" means a time share estate, as defined in section 38-33-110 (5), or a time share use, but the term does not include group reservations made for convention purposes as a single transaction with a hotel, motel, or condominium owner or association. For the purposes of this subsection (4), "time share use" means a contractual or membership right of occupancy, that cannot be terminated at the will of the owner, for life or for a term of years, to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or specific or nonspecific segment of real property, annually or on some other periodic basis, for a period of time that has been or will be allotted from the use or occupancy periods into which the property has been divided.
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