Registration statement required, content
A travel club cannot sell vacation memberships in Missouri unless it first registers with the Missouri attorney general. The registration must include basic business information, owner names, a description of what is being sold, and proof that the club has at least $250,000 in liquid assets like a certificate of deposit or letter of credit. The attorney general reviews the registration and must approve or reject it within 30 days. Travel clubs that were already operating before August 28, 2005 had 90 days to file their registration while continuing to do business. A $50 fee and a copy of the membership contract must be included with the registration.
407.1243. required, content — approval by , procedure — . — 1. No may offer benefits for sale unless the travel club maintains an effective registration statement with the Missouri attorney general that discloses the following :
(1) The name of the travel club, including the name under which the travel club is doing or intends to do business, if it is different from the name of the travel club;
(2) The name of any parent or organization that will engage in business transactions with the of travel benefits or accept responsibility for statements made by, or acts of, the travel club that relate to sales by the travel club;
(3) The travel club's business type and place of organization;
(4) If the travel club is an , the travel club's formation and governing documents, including , , , and agreements;
(5) If operating under a , the location where the has been and the same information for any parent or affiliated organization disclosed under (2) of this ;
(6) The names and addresses of the owners, officers, and of the travel club;
(7) The addresses where the travel club shall offer travel club memberships for sale;
(8) The name and address of the in the state of Missouri for for the travel club;
(9) A brief description of the travel club memberships the travel club is offering for sale; and
(10) The travel club has demonstrated that it possesses of at least two hundred fifty thousand dollars in the form of one or more certificates of or a that is issued by a banking institution with of at least seventy-five million dollars. This shall also apply to renewals under section 407.1246. These liquid assets shall be available to the attorney general in the event that the travel club is to have failed to satisfy legal obligations to its members. Interest on any provided shall to the travel club.
2. The attorney general shall evidence his or her receipt, approval, or disapproval, as the case may be, of a travel club's registration statement or within thirty days from and after the . Upon with the foregoing requirements, the attorney general shall approve the registration statement. Should any fail to address any of the registration conditions as set forth above, the attorney general shall advise in writing the registration deficiencies and the manner in which said deficiencies shall be cured. Such advice shall be provided by the attorney general within fifteen working days from the initial of the documents.
3. Travel clubs that are operational prior to August 28, 2005, may continue their business activities during the of the attorney general's ing of their registration statements; provided that such registration statement is filed with the attorney general within ninety days of August 28, 2005. Registration of a travel club shall not be .
4. The registration statement shall additionally have appended :
(1) The form of contract under which the travel club proposes to sell travel club memberships which contains the ;
(2) A check made to the of the Missouri attorney general in the amount of fifty dollars.
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Source & history notes
(L. 2005 S.B. 274, A.L. 2009 H.B. 83)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.