The Bureau of Real Estate (CalBRE) not only administers and enforces the laws governing the sale of subdivided lots and common interest developments, including condominiums and planned developments, it also administers and enforces laws governing the sale of time-share interests. Time-share interests in any time-share project, also known as a time-share plan, to be sold in California, whether the time-share plan is located in California or in any other state in the United States, are subject to regulation under The Vacation Ownership and Time-share Act of 2004 (California Business & Professions Code Sections 11210 through 11288).
Before a developer may market or sell time-share interests in a time-share plan in California, the developer must obtain a public report issued by the CalBRE which discloses many important aspects of the time-share offering. That public report must be presented to prospective purchasers before purchase so they have an opportunity to read it before making a purchase decision. The developer, or its licensed sales agent, must also give the purchaser a receipt to be signed indicating that the purchaser received and read the public report. As required by law, attached to the face page of the public report is a notice explaining to the purchaser how he or she may cancel the purchase and have all purchase monies returned if cancellation is properly requested within seven calendar days of the purchase.