Financing of Time-Share Programs

In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payment made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale or other lien or encumbrance (lienholder). Any transfer of the developer's interest in the time-share program to any third person shall be subject to the obligations of the developer.