New York AG Permits Digital Offering Plans
Issue BriefEffective May 15, 2012, timeshare registrants in New York will be permitted to distribute the voluminous Offering Plan to purchasers provided they follow the procedures set forth in the Attorney General's new Cooperative Policy Statement (CPS-10).
Members of the New York Bar as well as ARDA members have long sought the use of digital media for delivery of the detailed Offering Plan required to be delivered to purchasers. ARDA Member Allan Starr has prepared a brief summary
of the new digital policy.
Position/Call to ActionBoth the timeshare industry as well as consumers should benefit from the new policy. As noted in the policy justification of CPS#10, the department believes that "the inconvenience to prospective purchasers [Offerees] of storing a large bound Paper Copy of a Plan, the cost to Offerors [the developer] of reproducing Paper Copies of Plans, and the impact of such reproduction on the environment, Offerors and Offerees should be permitted, if they both so elect, to distribute and receive Digital Copies of Plans and/or Amendments."
The version of CPS#10
that takes effect on May 15, 2012 supercedes a previous version published in October 2011.