Act No. 8467 (34th Legislature) — An Act amending title 28 of the Virgin Islands Code by adding a chapter 36 to enact The Virgin Islands Timeshare Act
ACTNO. 8467 BILL NO. 34-0071 THIRTY-FOURTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2021 An Act amending title 28 of the Virgin Islands Code by adding a chapter 36 to enact The Virgin Islands Timeshare Act Be it enacted by the Legislature of the Virgin Islands SECTION 1. Title 28 of the Virgin Islands Code is amended by adding a chapter 36 to read as follows: “Chapter 36. The Virgin Islands Timeshare Act § 1100. Short title This chapter is known and may be cited as “The Virgin Islands Timeshare Act”. § 1101. Purpose (a) The purpose of this chapter is to: (1) Give statutory recognition to timesharing in the Territory; (2) Regulate timeshare plans located in the Territory, whether or not offered or sold in the Territory, and regulate the sale of timeshare plans located outside the Territory when the sale occurs in the Territory; (3) Require that developers of timeshare plans: (A) Make certain disclosures to purchasers and prospective purchasers of timeshare interests; (B) Deposit certain funds with an escrow agent; (C) Provide a rescission right for purchasers of timeshare int …
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