Title 44, Chapter 3, Section 162
As used in this article, the term:
(1) "Agent" means a person authorized by the developer to act for
such developer in offering to the public or managing time-share
intervals including but not limited to employees or independent
contractors of the developer, managing agents, sales agents, and
(2) "Conspicuous statement" means a statement in boldface and
conspicuous type of at least ten points, such statements always
being larger than all other statements, except for other
conspicuous statements, in the body of the document in which they
(3) "Developer" means, in the case of any given property, any
person or entity which is in the business of creating or which is
in the business of selling its own time-share intervals in any
time-share program. This definition shall not mean a person
acting solely as a sales agent.
(4) "Developer control period" means the period of time during
which the developer or managing agent selected by the developer
may manage the time-share program and the units in the time-share
(5) "Development," "project," or "property" means all of the real
property subject to a project instrument and which contains more
than one unit.
(6) "Escrow agent" means a licensed real estate broker, an
attorney who is a member of the State Bar of Georgia, a title
company, or a banking institution or savings and loan company
having trust powers and located in this state who is entrusted
with the deposit of trust funds with instructions to carry out the
provisions of an agreement or contract.
(7) "Exchange company" means any person owning or operating an
(8) "Exchange program" means any arrangement whereby owners may
exchange occupancy rights with persons owning other time-share
intervals or units or other rights of possession; provided,
however, that an exchange program shall not exist if all of the
occupancy rights which may be exchanged are in the same time-share
(9) "Managing agent" means a person who undertakes the duties,
responsibilities, and obligations of the management of a
(10) "Multilocation developer" means a developer creating or
selling its own time-share intervals in a multilocation plan.
(11) "Multilocation plan" means a time-share plan respecting more
than one time-share property pursuant to which owners may or may
not obtain use rights in a specific time-share property and may,
by reservation or other similar procedure, become entitled to
occupy time-share units in more than one time-share property.
(12) "Offering" means any offer to sell, solicitation, inducement,
or advertisement whether by radio, television, newspaper,
magazine, or mail whereby a person is given an opportunity to
acquire a time-share interval.
(13) "Person" means one or more natural persons, corporations,
partnerships, associations, trusts, other entities, or any
(14) "Project" means development.
(15) "Project instrument" means one or more recordable documents
applicable to the whole project by whatever name denominated,
containing restrictions or covenants regulating the use,
occupancy, or disposition of an entire project including any
amendments to the document excluding any law, ordinance, or
(16) "Property" means development.
(17) "Public offering statement" means a written statement given
to prospective purchasers by the developer or the developer's
agent disclosing such information about the time-share project as
required by this article.
(18) "Purchaser" means any person other than a developer or lender
who acquires an interest in a time-share interval.
(19) "Sales agent" means a person who for another, for a fee,
commission, or any other valuable consideration or with the intent
or expectation of receiving the same from another, negotiates or
attempts to negotiate the sale or lease of a time-share interval
in a time-share program.
(20) "Sales agreement" means that contract, agreement, lease, or
other written instrument by which a purchaser contracts to acquire
or acquires, in the event there is no contract to acquire, an
interest in a time-share interval.
(21) "Time-share estate" means an ownership or leasehold interest
in real property divided into measurable chronological periods.
(22) "Time-share instrument" means any document, by whatever name
denominated, creating or regulating time-share programs excluding
any law, ordinance, or governmental regulation.
(23) "Time-share interval" means a time-share estate or a
(24) "Time-share program" means any arrangement for time-share
intervals in a time-share project whereby the use, occupancy, or
possession of real property has been made subject to either a
time-share estate or time-share use whereby such use, occupancy,
or possession circulates among purchasers of the time-share
intervals according to a fixed or floating time schedule on a
periodic basis occurring annually over any period of time in
excess of one year in duration.
(25) "Time-share project" means any real property that is subject
to a time-share program.
(26) "Time-share use" means any contractual right of exclusive
occupancy which does not fall within the definition of a
time-share estate including, without limitation, a vacation
license, prepaid hotel reservation, club membership, limited
partnership, or vacation bond.
(27) "Unit" means the real property or real property improvement
in a project which is divided into time-share intervals.