Rutgers Law

New Jersey Statutes, Title: 45, PROFESSIONS AND OCCUPATIONS

    Chapter 15: License required.

      Section: 45:15-16.69: Compliance by sales agents; non-monetary compensation.

          
20. a. A sales agent in New Jersey shall comply with the provisions of R.S.45:15-1 et seq., and the regulations adopted pursuant thereto, including licensure requirements, unless otherwise exempt by law.

b. A timeshare interest owner, who, for non-monetary compensation, as provided for in this act and by regulation, refers in a calendar year no more than 12 prospective purchasers of timeshare interests in the timeshare plan shall not be required to be licensed pursuant to R.S.45:15-1 et seq., provided the referring timeshare interest owner does not show, discuss terms or conditions of purchase or otherwise participate in negotiations with regard to the timeshare purchase. Examples of non-monetary compensation shall include, but shall not be limited to, the following:

(1) Waiver of association maintenance fees;

(2) Free meals at a restaurant or rounds of golf at a golf course;

(3) Points or other non-monetary currency associated with hotel, timeshare or other loyalty programs; or

(4) Other benefits specifically associated with the timeshare plan.

c. A person licensed under R.S.45:15-1 et seq., who also is a bona fide owner of a timeshare property, shall be entitled to receive non-monetary compensation as defined in subsection b. of this section on the same basis as any other owner of a timeshare property. The non-monetary compensation or referral pursuant to subsection b. of this section shall not fall within the scope of R.S.45:15-1 et seq. or the rules and regulations implementing R.S.45:15-1 et seq.

L.2006, c.63, s.20.



This section added to the Rutgers Database: 2012-09-26 13:37:54.

Older versions of 45:15-16.69 (if available):

Court decisions that cite this statute: CLICK HERE.