In what year did the Nevada legislature pass the statute governing timeshare sales?

The Nevada legislature passed the statute governing timeshare sales in 1983, which was a significant milestone in the regulation of timeshare properties in the state. This legislation was aimed at providing a solid framework to protect consumers engaging in timeshare transactions, creating clear guidelines for developers and sellers while ensuring transparency and fairness in marketing and sales practices.

The statute established essential definitions, outlined disclosure requirements, and set forth the legal responsibilities of all parties involved in timeshare sales. By 1983, several states were beginning to recognize the need for regulation in the burgeoning timeshare industry, and Nevada's efforts contributed to standard practices that promoted consumer confidence in these types of investments. This regulatory framework remains fundamental in maintaining the integrity of the timeshare market within the state.