(a) A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following:
(1) Arkansas Securities Act, § 23-42-101 et seq.; or
(2) Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers.
(b)
(1) A time-share plan that fails to restrict the price at which an owner may sell or exchange his or her time-share interest does not by that failure cause the time-share interest to become a security under the Arkansas Securities Act, § 23-42-101 et seq.
(2) An exchange agent offering a time-share interest for exchange is not considered to be offering a security under the Arkansas Securities Act, § 23-42-101 et seq.
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