Exempts certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments, excluding New York City.

This bill amends the general business law to exempt certain timesharing plans from filing requirements for real estate investments. Specifically, it excludes timesharing plans involving ten or fewer purchasers from these requirements, provided the purchasers obtain use rights or ownership rights in a single property or unit. This exemption does not apply to New York City. The bill also defines "time share" as an interest in any arrangement involving more than ten people. The changes will take effect 90 days after the bill becomes law.

Exempts certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments, excluding New York City.

This bill amends the general business law to exempt certain timesharing plans from filing requirements for real estate investments. Specifically, it excludes timesharing plans involving ten or fewer purchasers from these requirements, provided the purchasers obtain use rights or ownership rights in a single property or unit. This exemption does not apply to New York City. The bill also defines "time share" as an interest in any arrangement involving more than ten people. The changes will take effect 90 days after the bill becomes law.