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5.2 Solicitation and Sales Presentation Requirements:
(1) Verbal and Written Disclosure Requirements:
(i) Solicitations must not state or imply in any way that they are made by or
originate from a government or other public agency, unless the company is, in
fact, said government or other public agency, unless the company is, in fact, said
government or other public agency.
(ii) Solicitations must not state or imply that they are from bill collection firms, credit
reporting agencies, law offices or public services, unless the company is, in fact,
such.
(iii) Solicitations must not lead persons, by text or graphics, to conclude that the
materials are issued by or on behalf of a recognised mail, delivery or
communications service in national or international commerce to which the
soliciting firm is not related.
(iv) Fictitious "contests" or other similar schemes must not be used to solicit
consumers or for any other purposes.
(v) The recipient of solicitations must not be referred to as "winners", told that they
have "won" an item or be informed that the item is an "award", "prizes, "gift"
or is "free" (or any similar terms) unless all terms, conditions and obligations
upon which the offer/item is contingent, are clearly and conspicuously set forth
so as to not mislead the public.
(vi) Prior to attending a sales presentation, the following must be disclosed to the
person solicited:
(a) The purpose of the solicitation;
(b) Whether there are any additional costs associated with making the item
operational;
(c) The eligibility requirements to receive the award, gift or prize or other thing
of value
(d) Whether there are any restrictions or conditions on the right to receive the item
or to otherwise participate;
(e) The approximate duration of any sales presentation or development tour; and
(g) Shall not be represented by way of description, name, pricing, narrative copy
or graphic depiction in any manner that tends to mislead or deceive the consumer
as to the true nature, value, size or kind;
(vii) Solicitations that include the offer or distribution of items to consumers in the
form of certificates, coupons, cheques, stamps or other documents representing
something of value (including, for example, travel or lodging certificates) must
comply with these requirements and obtain any required approval from relevant
governmental authorities:
(a) Any restrictions or conditions on the redemption or use of the certificates must
be fully disclosed and precisely described;
(b) If the consumer must pay any fee, charge or other expenses to, this must be
disclosed;
(c) The certificate document itself must disclose all restrictions or conditions;
(d) Restrictions and conditions may not be modified or added which result in the
delivery of a product or service to the recipient which has less utility or value
than that originally offered; and
(e) Lengthy delays, onerous procedures or other inhibitions that have the purpose
or effect of discouraging redemption or use of the certificates must not be imposed.
(2) Electronic Media Advertisements: Solicitations using electronic media advertisements
(i.e. radio, television, etc.) need not provide all of the disclosures required by this
Code for solicitations, but such advertisements must be accurate and consistent
with other solicitation or sales information provided to consumers.
5.3 Sales Requirements:
(1) Disclosure and Description of the Vacation Ownership Programme:
(i) The Vacation Ownership Program must be precisely described in the sales
contract, using easily understandable terms.
(ii) If applicable, the sales contract must also disclose whether, and the manner in
which, the Vacation Ownership Programme may be revised, modified, amended,
or changed and whether such revisions, modifications, amendments or changes
may be made without the consent of the purchaser.
(2) Accurate Disclosures: The rights and responsibilities of both the consumer and the
firm must be accurately disclosed in all sales contracts.
(3) Limited Time Offers: Representations must not be made that there is a limited time
for the consumer to accept the terms of an offer if such, in practice, is not the case.
(4) Contract Documents:
Contract documents :
(i) must be written in Thai language for Thai nationals and in understandable terms;
(ii) must be consistent with information, disclosures and representations provided in
the sales presentation; and
(iii) must be available for the consumer to review at the time of sale, before
signing; and
(iv) must include the name, address and telephone number of the developer of
the Vacation Ownership Programme and the firm marketing the Vacation
Ownership Programme on behalf of the developer
(5) Completion, Owners' Associations, Rules, Post?Sale Management and Fees:
These aspects of the development, if applicable, must all be disclosed at or before
closing:
(i) Owners' associations formed, if applicable, and structured to preserve and
protect the development and the consumers' interests in it;
(ii) Arrangements for responsible providers of management services including
disclosure of the identity of the management entity; whether the development
firm has a financial interest in the management services company; the duration
of the management services contract; and whether new management services
may be selected and, if so, how they are selected;
(iii) Current rules applicable to use of amenities, and state whether amenities such as
recreational facilities, common areas, beaches, pools, tennis courts and any other
are part of the vacation ownership programme and if usage is subject to separate
fees or charges;
(iv) The current level of membership fees or assessments as well as arrangements
for collecting them; whether fees or assessments may be increased on an annual
or other basis; any limitations on the amount of such increase; and the person(s)
entitled to impose any increase; and
(v) Procedures, if any, for changing any of the above
(6) Closing and Payment:
(i) If closing costs are charged to the consumer, the itemized amount of each cost
must be disclosed.
(ii) There must be disclosure as to who is to be responsible for recordation of
documents, and when and where the documents are to be recorded (where
applicable).
(iii) The financial, installment and payment obligations of the consumer must be
disclosed, in accordance with applicable law.
(7) Rescission:
(i) Members of TVOA will provide consumers with a three (3) day cancellation
period
(ii) Such rights may not be waived by the purchasers.
(iii) Purchaser must cancel within three (3) working days in writing. Developers/
marketers must refund 100% of funds received from purchaser, within 21 days
of receipt of cancellation notice, less the amount of any value received by the
purchaser in conjunction with the purchase of the Vacation Ownership Program
(8) Marketing Company Requirement:
Marketer shall :
(i) Require the new member to disclose his interest and relationship to resort(s)
and product(s).
(ii) Require any new members to produce an original letter from the developer
stating that the member has the authority to sell the product, and what type of
vacation interest can be sold.
(iii) Require the developer of the project to issue a letter describing the legal
protection afforded a purchaser in the event to the marketer fails to perform
under its agreement with the developer.
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