(a) This Article applies to all time shares subject to this chapter except as provided in subsection (b). (b) Neither a public offering statement nor the materials required by § 34-41-4.07 (Resale of Time Shares) need be prepared or delivered in the case of: (1) A gratuitous disposition of a time share; (2) A 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 that may be canceled at any time and for any reason by the purchaser without penalty; (6) A disposition of a time share in a unit situated wholly outside this state pursuant to a contract executed wholly outside this state, if there has been no offering within this state; (7) An offering by a developer of time shares in no more than one time-share unit at any one time; or (8) A disposition of a time-share property or all time shares therein to one purchaser.
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