Exchange companies and exchange programs

(1) Where a developer enters into an agreement with an exchange company whereby the exchange company makes offers to purchasers to acquire timeshare rights in timeshare units, the exchange company shall, when making the offer, supply the purchaser with information concerning the exchange program, including, (a) the name and address of the exchange company; (b) the occupancy tax to be collected by the exchange company from the purchaser if applicable; 31 (c) the name and address of the developer; (d) the physical location of each timeshare accommodation participating in the exchange (e) a description of the purchaser’s contractual relationship with the exchange program, and the procedure by which changes in the program may be made; (f) any applicable criteria used by the exchange company to determine the eligibility of purchasers to the exchange program; (g) a description of the limitations, restrictions, or priorities used by the exchange company in operating the exchange program; and (h) the fees for participating in the exchange program, and the circumstances under which the fees may be changed. (2) The information referred to in subsection (1) of this section, shall be submitted to the Registrar, who may require changes to be made to that information. (3) In the month of December in each year, the exchange company shall provide the Registrar with a report on, (a) the number of purchasers participating in the (b) the number of timeshare accommodations participating in the exchange program; and (c) any other information which the Registrar may require under Regulations made by the Minister for that purpose. 32 (4) The report referred to in subsection (3) of this section, may be provided in electronic form.