The developer shall not be required to prepare and distribute a public-offering statement if the developer has registered and there has been issued a public-offering statement or similar disclosure document which is provided to purchasers under the following:

(1) The Securities and Exchange Act of 1933;

(2) The federal Interstate Land Sales Full Disclosure Act in which the time-share program is made a part of the subdivision that is being registered; or

(3) Any federal act or act of the state where the time-share project is located which requires a federal or state public-offering statement or similar disclosure document to be prepared and provided to purchasers.