HB 5557
Require advertising materials be submitted with the initial public offering statement.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires that all advertising materials used to promote the sale of time-shares in West Virginia be submitted along with the initial public offering statement. It expands the definition of ‘advertising materials’ to include a broader range of promotional items, such as radio and television advertisements and verbal sales presentations. The goal is to increase transparency and protect consumers by ensuring they have access to all relevant information before purchasing a time-share.
Key provisions
- Advertising materials (brochures, ads, transcripts) must be submitted with the initial public offering statement.
- Expands the definition of ‘advertising materials’ to include various promotional items.
- Prohibits misleading advertising practices regarding time-share plans.
- Regulates promotional devices like sweepstakes and lodging certificates.
- Requires disclosure of promotional program rules and prize details.
- Mandates full disclosure of lodging certificate campaigns.
- Allows the Division to take enforcement action against non-compliant advertising.
Who is affected
- Time-share purchasers
- Time-share developers
- Managing entities of time-share plans
- The Division of Land Sales and Condominiums
- West Virginia residents purchasing time-shares
Notable changes
- Broadens the definition of ‘advertising materials’ to encompass a wider range of promotional materials.
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