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A bill to be entitled 1
An act relating to vacation and timeshare plans; 2
amending s. 721.03, F.S.; exempting certain timeshare 3
plans from specified requirements relating to the 4
creation of a timeshare estate in a nonresidential 5
condominium unit under certain circumstances; making 6
technical changes; amending s. 721.07, F.S.; 7
authorizing developers to provide purchasers with the 8
approved public offering statement and other 9
information electronically under certain 10
circumstances; authorizing the Division of Florida 11
Condominiums, Timeshares, and Mobile Homes to 12
prescribe by rule a specified form; requiring 13
purchasers to sign the form selecting the manner in 14
which they want the approved purchaser public offering 15
statement delivered; providing requirements for such 16
form; making technical changes; amending s. 721.075, 17
F.S.; specifying that the payment for certain 18
incidental benefits is voluntary; removing a 19
limitation on the aggregate represented value of all 20
incidental benefits; removing the requirement that 21
incidental benefits be filed wi th the division for 22
review; prohibiting the transfer or assignment of an 23
incidental benefit without the approval of the 24
benefit's provider; revising the acknowledgment a 25
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purchaser must sign relating to incidental benefits; 26
removing the requirement that the acknowledgment and 27
disclosure statement be filed with the division before 28
use; removing the requirement that a developer notify 29
the division upon learning that an incidental benefit 30
is unavailable; requiring a substituted incidental 31
benefit to be made ava ilable, rather than delivered, 32
to a purchaser within a specified time; making 33
technical changes; amending s. 721.10, F.S.; 34
prohibiting any attempt to obtain a waiver of the 35
cancellation right of the purchaser; providing that a 36
closing is voidable under cer tain circumstances; 37
making technical changes; amending s. 721.11, F.S.; 38
revising the definition of the term "advertising 39
material"; conforming cross -references and making 40
technical changes; amending s. 721.125, F.S.; 41
providing legislative findings; providi ng that the 42
board of administration serves as the termination 43
trustee for purposes of implementing the termination 44
of a timeshare plan; providing an exception; requiring 45
the termination trustee to act in a fiduciary 46
capacity; requiring certain unpaid amoun ts to be set 47
off against the net proceeds from the disposition of 48
the timeshare property; authorizing the termination 49
trustee to bring an interpleader action in certain 50
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circumstances and deposit the disputed funds into the 51
court registry; authorizing attor ney fees and costs; 52
revising applicability; making technical changes; 53
amending s. 721.13, F.S.; prohibiting a managing 54
entity from sending certain notices to the address of 55
an owner's timeshare unit or timeshare plan; 56
authorizing certain meetings to be con ducted 57
electronically; making technical changes; creating s. 58
721.131, F.S.; authorizing a managing entity to take 59
certain actions before, during, or after an actual or 60
anticipated emergency in certain circumstances and for 61
certain purposes; amending s. 721 .52, F.S.; revising 62
the definition of the term "nonspecific multisite 63
timeshare plan"; making technical changes; amending s. 64
721.55, F.S.; authorizing component site information 65
be provided to purchasers electronically; providing 66
that a developer is not re quired to file a separate 67
public offering statement for certain component sites; 68
making technical changes; amending s. 721.551, F.S.; 69
conforming a cross-reference and making technical 70
changes; amending s. 721.82, F.S.; revising the 71
definition of the term " permitted delivery service"; 72
amending ss. 721.855 and 721.856, F.S.; revising an 73
obligor's rights to object to the trustee foreclosure 74
procedure; revising available methods of delivery of 75
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certain notices and the certificate of sale; revising 76
when certain notices are considered perfected against 77
a trustee; making technical changes; conforming 78
provisions to changes made by the act; amending s. 79
721.86, F.S.; providing that certain efforts to 80
resolve a foreclosure are not required under certain 81
circumstances; reenacting ss. 721.09(1)(d) and 82
721.111(6), F.S., relating to reservation agreements 83
and escrows and prize and gift promotional offers, 84
respectively, to incorporate the amendments made by 85
the act; providing an effective date. 86
87
Be It Enacted by the Legis lature of the State of Florida: 88
89
Section 1. Paragraph (f) is added to subsection (3) of 90
section 721.03, Florida Statutes, to read: 91
721.03 Scope of chapter. — 92
(3) A timeshare plan which is subject to the provisions of 93
chapter 718 or chapter 719, if f ully in compliance with the 94
provisions of this chapter, is exempt from the following: 95
(f) Sections 718.104(4)(o), 718.1045, and 718.110(8), 96
relating to the creation of timeshare estates in a 97
nonresidential condominium unit. 98
Section 2. Subsection (6) of section 721.07, Florida 99
Statutes, is amended to read: 100
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721.07 Public offering statement. —Prior to offering any 101
timeshare plan, the developer must submit a filed public 102
offering statement to the division for approval as prescribed by 103
s. 721.03, s. 721.55, or this section. Until the division 104
approves such filing, any contract regarding the sale of that 105
timeshare plan is subject to cancellation by the purchaser 106
pursuant to s. 721.10. 107
(6)(a) A developer may provide each purchaser with the 108
option to receive all or any portion of the approved public 109
offering statement electronically, including, but not limited 110
to, through a website or other Internet -based access, if the 111
developer discloses to the purchaser the system requirements 112
necessary to view the approv ed public offering statement. 113
(b) The division is authorized to prescribe by rule the 114
form of the approved purchaser public offering statement that 115
must be furnished by the developer to each purchaser and the 116
form on which a purchaser must select the man ner in which he or 117
she wants the approved purchaser public offering statement 118
delivered. The form of the purchaser public offering statement 119
must provide fair, meaningful, and effective disclosure of all 120
aspects of the timeshare plan. The purchaser manner of delivery 121
form must disclose the system requirements necessary to view the 122
approved public offering statement electronically and advise the 123
purchaser to not select an alternative method of receiving the 124
approved public offering statement unless he or she is able to 125
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review the approved public offering statement before the 126
expiration of the 10 -day cancellation period under s. 721.10. 127
(c) For timeshare plans filed under pursuant to this part, 128
the developer shall furnish each purchaser with the following , 129
which may be provided electronically, including, but not limited 130
to, through a website or other Internet -based access: 131
1.(a) A copy of the purchaser public offering statement 132
and a copy of the purchaser manner of delivery form text in the 133
form approved by the division for delivery to purchasers. 134
2.(b) Copies of the exhibits required to be filed with the 135
division under pursuant to subparagraphs (5)(ff)1., 2., 4., 5., 136
8., and 20. 137
3.(c) A receipt for timeshare plan documents and a list 138
describing any exhibit to the filed public offering statement 139
filed with the division which is not delivered to the purchaser. 140
The division is authorized to prescribe by rule the form of the 141
receipt for timeshare plan documents and the description of 142
exhibits list that must be furnished to the purchaser. The 143
description of documents list utilized by a developer must shall 144
be filed with the division for review as part of the filed 145
public offering statement under pursuant to this section. The 146
developer is shall be required to provide the managing entity 147
with a copy of the approved filed public offering statement and 148
any approved amendments thereto to be maintained by the managing 149
entity as part of the books and records of the timeshare plan 150
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under pursuant to s. 721.13(3)(d). 151
4.(d) Any other exhibit that which the developer includes 152
as part of the purchaser public offering statement, provided 153
that the developer first files the exhibit with the division. 154
5.(e) An executed copy of any document that which the 155
purchaser signs. 156
6.(f) Each purchaser shall receive A fully executed paper 157
copy of the purchase contract. 158
Section 3. Section 721.075, Florida Statutes, is amended 159
to read: 160
721.075 Incidental benefits. —Incidental benefits may shall 161
be offered only as provided in this section. 162
(1) Accommodations, facilities, products, services, 163
discounts, or other benefits which satisfy the requirements of 164
this subsection are shall be subject to the provisions of this 165
section and exempt from the ot her provisions of this chapter 166
which would otherwise apply to such accommodations or facilities 167
if and only if: 168
(a) The use of, or participation in, and payment for the 169
incidental benefit by the prospective purchaser is completely 170
voluntary, and payment of any fee or other cost associated with 171
the incidental benefit is required only upon such use or 172
participation. 173
(b) The No costs of acquisition, operation, maintenance, 174
or repair of the incidental benefit may not be are passed on to 175
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purchasers of the ti meshare plan as common expenses of the 176
timeshare plan or as common expenses of a component site of a 177
multisite timeshare plan. 178
(c) The continued availability of the incidental benefit 179
is not necessary in order for any accommodation or facility of 180
the timeshare plan to be available for use by purchasers of the 181
timeshare plan in a manner consistent in all material respects 182
with the manner portrayed by any promotional material, 183
advertising, or purchaser public offering statement. 184
(d) The continued availabi lity to purchasers of timeshare 185
plan accommodations on no greater than a one -to-one use right to 186
use night requirement ratio is not dependent upon continued 187
availability of the incidental benefit. 188
(e) The incidental benefit will continue to be available 189
in the manner represented to prospective purchasers for up to 3 190
years or less after the first date that the timeshare plan is 191
available for use by the purchaser. Nothing herein prevents 192
shall prevent the renewal or extension of the availability of an 193
incidental benefit. 194
(f) The aggregate represented value of all incidental 195
benefits offered by a developer to a purchaser may not exceed 15 196
percent of the purchase price paid by the purchaser for his or 197
her timeshare interest. 198
(g) The incidental benefit is f iled with the division for 199
review in conjunction with the filing of a timeshare plan or in 200
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connection with a previously filed timeshare plan. 201
(2) Each purchaser shall execute a separate acknowledgment 202
and disclosure statement with respect to all incident al 203
benefits, which statement must shall include the following 204
information: 205
(a) A fair description of the incidental benefit, 206
including, but not limited to, any user fees or costs associated 207
therewith and any restrictions upon use or availability. 208
(b) A statement that use of , or participation in, and 209
payment for the incidental benefit by the prospective purchaser 210
is completely voluntary , and that payment of any fee or other 211
cost associated with the incidental benefit is required only 212
upon such use or par ticipation. 213
(c) A statement that the incidental benefit is not 214
assignable or otherwise transferable by the prospective 215
purchaser or purchaser without the approval of the provider of 216
the incidental benefit . 217
(d) The following disclosure in conspicuous ty pe 218
immediately above the space for the purchaser's signature: 219
The incidental benefit[s] described in this statement is 220
[are] offered to prospective purchasers of the timeshare plan 221
[or other permitted reference under pursuant to s. 222
721.11(5)(a)]. This [Th ese] benefit[s] is [are] available for 223
your use for [some period up to 3 years or less] after the first 224
date that the timeshare plan is available for your use. The 225
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availability of the incidental benefit[s] may or may not be 226
renewed or extended. You should not purchase an interest in the 227
timeshare plan in reliance upon the continued availability or 228
renewal or extension of this [these] benefit[s]. 229
(e) A statement indicating the source of the services, 230
points, or other products that constitute the incidental 231
benefit. 232
233
The acknowledgment and disclosure statement for any incidental 234
benefit shall be filed with the division prior to use. Each 235
purchaser must shall receive a copy of his or her executed 236
acknowledgment and disclosure statement as a document required 237
to be provided to him or her under pursuant to s. 721.10(1)(b). 238
(3)(a) In the event that an incidental benefit becomes 239
unavailable to purchasers in the manner represented by the 240
developer in the acknowledgment and disclosure statement, the 241
developer shall pay the purchaser the greater of twice the 242
verifiable retail value or twice the represented value of the 243
unavailable incidental benefit in cash within 30 days after of 244
the date that the unavailability of the incidental benefit was 245
made known to the devel oper, unless the developer has reserved a 246
substitution right under pursuant to paragraph (b) and timely 247
makes the substitution as required by paragraph (b). The 248
developer shall promptly notify the division upon learning of 249
the unavailability of any inciden tal benefit. 250
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(b) If an incidental benefit becomes unavailable as a 251
result of events beyond the control of the developer, the 252
developer may reserve the right to substitute a replacement 253
incidental benefit of a type, quality, value, and term 254
reasonably similar to the unavailable incidental benefit. If the 255
developer reserves the right to substitute, the acknowledgment 256
and disclosure statement required under pursuant to paragraph 257
(2)(a) must shall contain the following conspicuous disclosure: 258
In the event any incidental benefit described in this 259
statement becomes unavailable as a result of events beyond the 260
control of the developer, the developer reserves the right to 261
substitute a replacement incidental benefit of a type, quality, 262
value, and term reasonably s imilar to the unavailable incidental 263
benefit. 264
265
The substituted incidental benefit must shall be made available 266
delivered to the purchaser within 30 days after the date that 267
the unavailability of the incidental benefit was made known to 268
the developer. 269
(4) All purchaser remedies under pursuant to s. 721.21 are 270
shall be available for any violation of the provisions of this 271
section. 272
Section 4. Subsections (2) and (3) of section 721.10, 273
Florida Statutes, are renumbered as subsections (3) and (4), 274
respectively, subsection (1) of that section is amended, and a 275
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new subsection (2) is created, to read: 276
721.10 Cancellation. — 277
(1) A purchaser has the right to cancel the contract until 278
midnight on of the 10th calendar day after the later of 279
following whichever of the following days occurs later : 280
(a) The execution date of the contract; or 281
(b) The day on which the purchaser received the last of 282
all documents required to be provided to him or her, including 283
the notice required by s. 721.07(2)(d)2., if applicable. 284
(2) This right of cancellation may not be waived by any 285
purchaser or by any other person on behalf of the purchaser , and 286
any attempt to obtain a waiver of the cancellation right of the 287
purchaser is unlawful . If a purchaser waives, knowingly or 288
unknowingly, his or her right of cancellation and a closing 289
occurs, such closing is voidable at the option of the purchaser 290
for up to 1 year after the date that would have been the 291
expiration of the cancellation period under subsection (1). 292
Furthermore, a no closing may not occur until the cancellation 293
period of the timeshare purchaser has expired , and if a closing 294
occurs before the expiration of the cancellation period, . Any 295
attempt to obtain a waiver of the cancellation right of the 296
timeshare purchaser, or to hold a closing prior to the 297
expiration of the cancellation period, is unlawful and such 298
closing is voidable at the option of the purchaser for up to 5 299
years after such closing a period of 1 year after the expiration 300
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of the cancellation period . However, nothing in this section 301
precludes the execution of documents in advance of closing for 302
delivery after expiration of the cancellation period. 303
Section 5. Paragraphs (b) and (e) of subsection (6) of 304
section 721.11, Florida Statutes, are amended, and paragraph (i) 305
is added to subsection (2) of that section, to read: 306
721.11 Advertising materials; oral statements. — 307
(2) The term "advertising material" includes: 308
(i) Any message, text, picture, video, or other content 309
made available, delivered, or sha red electronically through the 310
Internet or any other Internet -based access. However, 311
advertising material under this paragraph does not need to 312
contain the disclosures required under subsection (5) as long as 313
such disclosures are provided to the purchaser before the 314
purchaser takes any affirmative action pursuant to a promotion. 315
(6) Failure to provide cancellation rights or disclosures 316
as required by this subsection in connection with the sale of a 317
regulated short-term product constitutes misrepresentatio n in 318
accordance with paragraph (4)(a). Any agreement relating to the 319
sale of a regulated short -term product must be regulated as 320
advertising material and is subject to the following: 321
(b) A purchaser of a regulated short -term product has the 322
right to cancel the agreement until midnight of the 10th 323
calendar day after following the execution date of the 324
agreement. The right of cancellation may not be waived by the 325
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prospective purchaser or by any other person on behalf of the 326
prospective purchaser. Notice of cancellation must be given in 327
the same manner prescribed for giving notice of cancellation 328
under s. 721.10(3) s. 721.10(2). If the prospective purchaser 329
gives a valid notice of cancellation or is otherwise entitled to 330
cancel the sale, the funds or other pr operty received from or on 331
behalf of the prospective purchaser, or the proceeds thereof, 332
must be returned to the prospective purchaser. Such refund must 333
be made in the same manner prescribed for refunds under s. 334
721.10. 335
(e) If the seller provides the pur chaser with the right to 336
cancel the purchase of a regulated short -term product at any 337
time up to 7 days before prior to the purchaser's reserved use 338
of the accommodations, but in no event less than 10 days, and if 339
the seller refunds the total amount of all payments made by the 340
purchaser reduced by the proportion of any benefits the 341
purchaser has actually received before prior to the effective 342
date of the cancellation, the specific value of which has been 343
agreed to between the purchaser and the seller, the s hort-term 344
product offer is shall be exempt from the requirements of 345
paragraphs (b), (c), and (d). An agreement relating to the sale 346
of the regulated short -term product made pursuant to this 347
paragraph must contain a statement setting forth the 348
cancellation and refund rights of the prospective purchaser in a 349
manner that is consistent with this section and s. 721.10, 350
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including a description of the length of the cancellation right, 351
a statement that the purchaser's intent to cancel must be in 352
writing and sent to the seller at a specified address, a 353
statement that the notice of cancellation is effective upon the 354
date sent, and a statement that any attempt to waive the 355
cancellation right is unlawful. The right of cancellation 356
provided to the purchaser under pursuant to this paragraph may 357
not be waived by the prospective purchaser or by any other 358
person on behalf of the prospective purchaser. Notice of 359
cancellation must be given in the same manner prescribed for 360
giving notice of cancellation under s. 721.10(3) pursuant to s. 361
721.10(2). If the prospective purchaser gives a valid notice of 362
cancellation, or is otherwise entitled to cancel the sale, the 363
funds or other property received from or on behalf of the 364
prospective purchaser, or the proceeds thereof, shall be 365
returned to the prospective purchaser. Such refund shall be made 366
in the manner prescribed for refunds under s. 721.10. 367
Section 6. Section 721.125, Florida Statutes, is amended 368
to read: 369
721.125 Termination of timeshare plans. — 370
(1) The Legislature finds t hat the continued enforcement 371
of timeshare plan covenants that encumber the land and restrict 372
the use of real property may create economic waste and areas of 373
disrepair that threaten the safety and welfare of the owners or 374
the public or cause obsolescence o f the property for its 375
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intended use. It is the public policy of the state to provide a 376
method to preserve the value of the property interests and the 377
rights of alienation thereof that owners have in the timeshare 378
property before and after termination of a timeshare plan. 379
Accordingly unless the timeshare instrument provides otherwise , 380
the vote or written consent, or both, of 60 percent , unless the 381
timeshare instrument provides for a lower percentage, of all 382
voting interests in a timeshare plan may terminate the term of 383
the timeshare plan at any time. If a timeshare plan is 384
terminated under pursuant to this section, the termination has 385
immediate effect pursuant to applicable law and the timeshare 386
instrument as if the effective date of the termination were the 387
original date of termination. 388
(2) The board of administration of the owners' association 389
shall serve as termination trustee for the purposes of 390
implementing the termination of the timeshare plan, unless 391
another person is appointed as the termination trustee during 392
the vote or in the written consent, or both, under subsection 393
(1) or by the court. The termination trustee acts in a fiduciary 394
capacity to the owners of timeshare interests in a timeshar e 395
plan. 396
(3) If a termination vote or the written consent under 397
pursuant to subsection (1) is proposed for a component site of a 398
multisite timeshare plan located in the this state, the proposed 399
termination is effective only if the person authorized to mak e 400
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additions or substitutions of accommodations and facilities 401
pursuant to the timeshare instrument also approves the 402
termination. 403
(4)(a)(3)(a) If the timeshare property is managed by an 404
owners' association that is separate from any underlying 405
condominium, cooperative, or homeowners' association, the 406
termination of a timeshare plan does not change the corporate 407
status of the owners' association. The owners' association may 408
continue continues to exist only for the purposes of concluding 409
its affairs, prosecu ting and defending actions by or against it, 410
collecting and discharging obligations, disposing of and 411
conveying its property, collecting and dividing its assets, and 412
otherwise complying with this subsection. 413
1. After termination of a timeshare plan, the board of 414
administration of the owners' association shall serve as the 415
termination trustee, and in such fiduciary capacity may bring an 416
action in partition on behalf of the tenants in common in each 417
former timeshare property or sell the former timeshare pro perty 418
in any manner and to any person who is approved by a majority of 419
all such tenants in common. The termination trustee also has all 420
other powers reasonably necessary to effect the partition or 421
sale of the former timeshare property, including the power to 422
maintain the property during the pendency of any partition 423
action or sale. 424
2. All reasonable expenses incurred by the termination 425
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trustee relating to the performance of its duties pursuant to 426
this subsection, including the reasonable fees of attorneys and 427
other professionals, must be paid by the tenants in common of 428
the former timeshare property subject to partition or sale, 429
proportionate to their respective ownership interests. 430
3. The termination trustee shall adopt reasonable 431
procedures to implemen t the partition or sale of the former 432
timeshare property and comply with the requirements of this 433
subsection. 434
(b) If a timeshare plan is terminated in a timeshare 435
condominium or timeshare cooperative and the underlying 436
condominium or cooperative is not s imultaneously terminated, a 437
majority of the tenants in common in each former timeshare unit 438
present and voting in person or by proxy at a meeting of such 439
tenants in common conducted by the termination trustee, or 440
conducted by the board of administration of the condominium or 441
cooperative association, if such association managed the former 442
timeshare property, shall designate a voting representative for 443
the unit and file a voting certificate with the condominium or 444
cooperative association. The voting represent ative may vote on 445
all matters at meetings of the condominium or cooperative 446
association, including termination of the condominium or 447
cooperative. 448
(c) After termination of a timeshare plan, the termination 449
trustee may bring an action in partition on behal f of the 450
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tenants in common in each former timeshare property or sell the 451
former timeshare property in any manner and to any person who is 452
approved by a majority of all such tenants in common or the 453
voting representative, as applicable. The termination trus tee 454
has all other powers reasonably necessary to effect the 455
partition or sale of the former timeshare property, including 456
the power to maintain the property during the pendency of any 457
partition action or sale. 458
(d) All reasonable expenses incurred by the termination 459
trustee relating to the performance of his or her duties under 460
this subsection, including reasonable attorney fees or fees for 461
other professionals, must be paid by the tenants in common of 462
the former timeshare property subject to partition or s ale, 463
proportionate to their respective ownership interests. 464
(e) The timeshare trustee shall adopt reasonable 465
procedures to implement the partition or sale of the former 466
timeshare property and to comply with the requirements of this 467
subsection. 468
(f) Any unpaid assessments, taxes, late fees, interest, 469
fines, charges, or other amounts due and owing to the managing 470
entity by an owner of a timeshare interest must be set off 471
against, and reduce the share of, the net proceeds from the 472
disposition of the timesha re property that are allocated to such 473
owner. 474
(g) If an owner of a timeshare interest or any other 475
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person claiming an interest in such owner's allocated share of 476
the net proceeds from the disposition of the timeshare property 477
disputes the distribution of such proceeds, the termination 478
trustee may file an interpleader action in circuit court and 479
deposit the disputed funds into the court registry, at which 480
time the timeshare property and the proceeds distributed 481
pursuant to a disposition of the timeshare pr operty are free of 482
all claims and liens of the parties to the interpleader action. 483
If the termination trustee files an interpleader action, both 484
the termination trustee and the prevailing party may recover 485
reasonable attorney fees and costs from the nonpre vailing party. 486
(5)(4) This section applies only to all a timeshare plans 487
in the state that exist on or after July 1, 2022, provided that 488
the timeshare plan has existed that has been in existence for at 489
least 25 years as of the effective date of the termi nation of 490
the timeshare plan vote or consent required by subsection (1) . 491
Section 7. Subsection (14) is added to section 721.13, 492
Florida Statutes, to read: 493
721.13 Management.— 494
(14) Notwithstanding any provision of chapter 718 or 495
chapter 719 to the contrary: 496
(a) A managing entity may not send notices that are 497
required to be delivered to an owner of a timeshare interest 498
pursuant to chapter 718, chapter 719, or this chapter to the 499
address of the owner's timeshare unit or the address of the 500
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owner's timeshare plan. 501
(b) The board of administration or the members of an 502
owners' association may conduct board meetings or owners' 503
meetings electronically and without the need for the meeting to 504
be held at a physical location. 505
Section 8. Section 721.131, F lorida Statutes, is created 506
to read: 507
721.131 Managing entity emergency powers. — 508
(1) Notwithstanding any provision to the contrary in 509
chapter 718, chapter 719, or the timeshare instrument, to the 510
extent allowed by law and consistent with s. 617.0830, a 511
managing entity, including a board of administration for an 512
owners' association, in response to an actual or anticipated 513
emergency, as defined in s. 252.34(4), including, but not 514
limited to, a state of emergency declared by the Governor 515
pursuant to s. 252.36, in the locale in which the accommodations 516
or facilities of a timeshare plan are located, may exercise the 517
following powers: 518
(a) Conduct board of administration meetings and owners' 519
meetings, in whole or in part, by telephone, real -time 520
videoconferencing, or similar real -time electronic or video 521
communication with notice given as is practicable. Such notice 522
may be given in any practicable manner, including publication, 523
radio, United States mail, the Internet, electronic 524
transmission, public service ann ouncements, and conspicuous 525
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posting on the timeshare property or any other means the 526
managing entity deems reasonable under the circumstances. Notice 527
of decisions of the managing entity may also be communicated as 528
provided in this paragraph. 529
(b) Cancel and reschedule any board of administration 530
meetings or owners' meetings. 531
(c) Name as assistant officers persons who are not 532
directors of the owners' association. Assistant officers have 533
the same authority as the executive officers to whom they are 534
assisting during the state of emergency to accommodate the 535
incapacity or unavailability of any officer of the owners' 536
association. 537
(d) Relocate the managing entity's principal office or 538
designate alternative principal offices. 539
(e) Enter into agreements with c ounties and municipalities 540
to assist them with emergency matters. 541
(f) Implement an emergency plan that may include, but is 542
not limited to, shutting down or off elevators; electricity; 543
water, sewer, or security systems; or air conditioners. 544
(g) Determine that all or any portion of the timeshare 545
property is unavailable for entry, use, or occupancy by the 546
owners or the owners' family members, tenants, guests, agents, 547
invitees, exchangers, or other occupants of the timeshare 548
property to protect the health, safety, or welfare of such 549
persons or to protect the accommodations or facilities of the 550
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timeshare plan. 551
(h) Require the evacuation of the timeshare property. If 552
any owner or other occupant fails or refuses to evacuate the 553
timeshare property after the ma naging entity has required 554
evacuation, the managing entity is immune from liability or 555
injury to persons or property arising from such failure or 556
refusal. 557
(i) Determine whether all or a portion of the timeshare 558
property, including recreational and other accommodations or 559
facilities, may be safely used, inhabited, or occupied, and 560
whether all or a portion of such property needs to be closed for 561
a period of time. However, such determination is not conclusive 562
as to any determination of habitability pursuant to the 563
timeshare instrument. 564
(j) Mitigate further damage, including taking action to 565
contract for the removal of debris and to prevent or mitigate 566
the spread of fungus, including, but not limited to, mold or 567
mildew, by removing and disposing of wet drywa ll, insulation, 568
carpet, cabinetry, or other fixtures on or within the timeshare 569
property. 570
(k) Contract, on behalf of any owner or owners, for items 571
or services for which the owners are otherwise individually 572
responsible, but which are necessary as a resu lt of the 573
emergency. In such event, the owner or owners on whose behalf 574
the managing entity has contracted are responsible for 575
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reimbursing the managing entity for the actual costs of the 576
items or services, and the managing entity may use its lien 577
authority provided under s. 721.16 to enforce collection of the 578
costs. 579
(l) Regardless of any provision to the contrary and even 580
if such authority does not specifically appear in the timeshare 581
instrument, levy special assessments without a vote of the 582
owners. 583
(m) Without a vote of the owners, borrow money and pledge 584
managing entity assets as collateral to fund emergency actions 585
or repairs and carry out the duties of the managing entity when 586
operating funds are insufficient. This paragraph does not limit 587
the general authority of the managing entity to borrow money, 588
subject to such restrictions as are contained in the timeshare 589
instrument. 590
(n) Issue emergency rules and regulations, or temporarily 591
modify existing rules and regulations, regarding the operation 592
of the timeshare plan reservation system as required under ss. 593
721.13(3)(g) and 721.13(12)(a) or the multisite timeshare plan 594
reservation system as required under s. 721.56(6). This 595
authority includes issuing or modifying emergency rules and 596
regulations to add, modify, or suspend use rights to address the 597
loss of or restricted use of purchasers' timeshare interests as 598
a result of the emergency or to comply with federal, state, or 599
local orders. For this limited purpose, enforcement of the one -600
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to-one use right to use night requirement ratio as defined in s. 601
721.05(25) may be suspended, and any subsequent imbalance with 602
respect to the one-to-one use right to use night requirement 603
ratio that results because of the implementation of an emergency 604
rule or regulation is not a violation of this chapter. 605
(o) Notwithstanding s. 721.13(3)(c)2., transfer funds in 606
any deferred maintenance or capital expenditure reserve account 607
to any operating account without the consent of a majority of 608
the purchasers of the timeshare plan. 609
(p) Take any other actions as reasonably necessary to 610
protect the health, safety, and welfare of the managing entity 611
and the owners and the owners' family members, tenants, guests, 612
agents, invitees, exchangers, and other occupants or the 613
timeshare property. 614
(2) The special powers authorized under subsection (1) may 615
be exercised before, during, or after the actual or anticipated 616
emergency but are limited to the time and scope reasonably 617
necessary to: 618
(a) Protect the health, safety, and welfare of the 619
managing entity and the owners and the owners' family members, 620
tenants, guests, agents, invitees, exchangers, and other 621
occupants. 622
(b) Protect the timeshare property. 623
(c) Mitigate or avoid harm, injury, or damage to persons 624
or property. 625
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(d) Take emergency actions or make emergency repairs. 626
Section 9. Subsection (5) of section 721.52, Florida 627
Statutes, is amended to read: 628
721.52 Definitions. —As used in this chapter, the term: 629
(5) "Nonspecific multisite timeshare plan" means a 630
multisite timeshare plan with respect to which a purchaser 631
receives a right to use all of the accommodations and 632
facilities, if any, of the multisite timeshare plan through the 633
reservation system, but no specific right to use any particular 634
accommodations and facilities for the remaining term of the 635
multisite timeshare plan in the event that the reservation 636
system is terminated for any reason before prior to the 637
expiration of the term of the multisite time share plan. 638
Timeshare estates or timeshare licenses may be offered in a 639
nonspecific multisite timeshare plan. 640
Section 10. Paragraph (l) of subsection (4) and paragraph 641
(l) of subsection (7) of section 721.55, Florida Statutes, are 642
amended to read: 643
721.55 Multisite timeshare plan public offering 644
statement.—Each filed public offering statement for a multisite 645
timeshare plan shall contain the information required by this 646
section and shall comply with the provisions of s. 721.07, 647
except as otherwise provi ded therein. The division is authorized 648
to provide by rule the method by which a developer must provide 649
such information to the division. Each multisite timeshare plan 650
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filed public offering statement shall contain the following 651
information and disclosures: 652
(4) A text, which shall include, where applicable, the 653
information and disclosures set forth in paragraphs (a) -(l). 654
(l) A description of each component site, which 655
description may be disclosed in a written, graphic, tabular, or 656
other form approved by the division or provided to the purchaser 657
electronically, including, but not limited to, through a website 658
or other Internet-based access. The description of each 659
component site must shall include all of the following 660
information: 661
1. The name and address of each component site. 662
2. The number of accommodations, timeshare interests, and 663
timeshare periods, expressed in periods of 7 -day use 664
availability, committed to the multisite timeshare plan and 665
available for use by purchasers. 666
3. Each type of accommo dation in terms of the number of 667
bedrooms, bathrooms, sleeping capacity, and whether or not the 668
accommodation contains a full kitchen. As used in For purposes 669
of this subparagraph description, the term "full kitchen" means 670
a full kitchen shall mean a kitchen with at least having a 671
minimum of a dishwasher, range, sink, oven, and refrigerator. 672
4. A description of facilities available for use by the 673
purchaser at each component site, including the following: 674
a. The intended use of the facility, if not appar ent from 675
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the description. 676
b. Any user fees associated with a purchaser's use of the 677
facility. 678
5. A cross-reference to the location in the public 679
offering statement of the description of any priority 680
reservation features which may affect a purchaser's a bility to 681
obtain a reservation in the component site. 682
(7) The following documents shall be included as exhibits 683
to the filed public offering statement, if applicable: 684
(l)1. If the multisite timeshare plan contains any 685
component sites located in the this state, the information 686
required by s. 721.07(5) pertaining to each such component site , 687
unless exempt under pursuant to s. 721.03. 688
2. If the purchaser will receive an interest in a specific 689
multisite timeshare plan component site located outside of the 690
this state but which is offered in the this state, the 691
information required by s. 721.07(5) pertaining to that 692
component site., provided, However, for purposes of this 693
paragraph, that the provisions of s. 721.07(5)(t) shall only 694
requires require disclosure of information related to the 695
estimated budget for the timeshare plan and purchaser's expenses 696
as required by the jurisdiction in which the component site is 697
located. 698
699
A developer is not required to file a separate public offering 700
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statement for any component site located within or outside the 701
state in order to include the component site in the multistate 702
timeshare plan. 703
Section 11. Paragraph (c) of subsection (2) of section 704
721.551, Florida Statutes, is amended to read: 705
721.551 Delivery of multisite timeshare plan purchaser 706
public offering statement. — 707
(2) The developer shall furnish each purchaser with the 708
following: 709
(c) If the purchaser will receive an interest in a 710
specific multisite timeshare plan component site located in the 711
this state, the developer must shall also furnish the purchaser 712
with the information required to be delivered under s. 713
721.07(6)(c)1. and 2. pursuant to s. 721.07(6)(a) and (b) for 714
that component site. 715
Section 12. Subsection (11) of section 721.82, Florida 716
Statutes, is amended to read: 717
721.82 Definitions. —As used in this part, the term: 718
(11) "Permitted delivery service" means delivery to an e-719
mail address, if provided by the obligor, with evidence that the 720
lienholder received the e -mail. Permitted deliver y service is 721
only authorized for obligors who reside outside the United 722
States any nationally recognized common carrier delivery 723
service, international airmail service that allows for return 724
receipt service, or a service recognized by an international 725
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jurisdiction as the equivalent of certified, registered mail for 726
that jurisdiction. 727
Section 13. Paragraph (a) of subsection (3), paragraphs 728
(a) and (b) of subsection (5), paragraph (b) of subsection (6), 729
paragraph (f) of subsection (7), and paragraph (b) o f subsection 730
(14) of section 721.855, Florida Statutes, are amended to read: 731
721.855 Procedure for the trustee foreclosure of 732
assessment liens.—The provisions of this section establish a 733
trustee foreclosure procedure for assessment liens. 734
(3) OBLIGOR'S RIGHTS.— 735
(a) The obligor may object to the lienholder's use of the 736
trustee foreclosure procedure for a specific default within 20 737
days after receipt of the notice required under subsection (5) 738
any time before the sale of the timeshare interest under 739
subsection (7) by delivering a written objection to the trustee 740
using the objection form provided for in subsection (5). If the 741
trustee receives the written objection from the obligor, the 742
trustee may not proceed with the trustee foreclosure procedure 743
as to the default specified in the notice of default and intent 744
to foreclose under subsection (5), and the lienholder may 745
proceed thereafter only with a judicial foreclosure action as to 746
that specified default. 747
(5) NOTICE OF DEFAULT AND INTENT TO FORECLOSE. — 748
(a) In any foreclosure proceeding under this section, the 749
trustee is required to notify the obligor of the proceeding by 750
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sending the obligor a written notice of default and intent to 751
foreclose to the notice address of the obligor by certified mail 752
or, registered mail, or permitted delivery service, return 753
receipt requested;, and by first-class mail, postage prepaid ; or 754
permitted delivery service and first -class mail, postage 755
prepaid, as follows: 756
1. The notice of default and intent to foreclose must 757
shall identify the obligor, the notice address of the obligor, 758
the legal description of the timeshare interest, the nature of 759
the default, the amounts secured by the lien, and a per diem 760
amount to account for further accrual of the amounts secured by 761
the lien and must shall state the method by which the obligor 762
may cure the default, including the period of time after the 763
date of the notice of default and intent to foreclose within 764
which the obligor may cure the default. 765
2. The notice of default and intent to f oreclose must 766
shall include an objection form with which the obligor can 767
object to the use of the trustee foreclosure procedure by 768
signing and returning the objection form to the trustee. The 769
objection form must shall identify the obligor, the notice 770
address of the obligor, the timeshare interest, and the return 771
address of the trustee and must shall state: "The undersigned 772
obligor exercises the obligor's right to object to the use of 773
the trustee foreclosure procedure contained in section 721.855, 774
Florida Statutes." 775
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3. The notice of default and intent to foreclose must 776
shall also contain a statement in substantially the following 777
form: 778
If you fail to cure the default as set forth in this notice or 779
take other appropriate action with regard to this foreclosur e 780
matter, you risk losing ownership of your timeshare interest 781
through the trustee foreclosure procedure established in section 782
721.855, Florida Statutes. You may choose to sign and send to 783
the trustee, within 20 days after receipt of this notice, the 784
enclosed objection form, exercising your right to object to the 785
use of the trustee foreclosure procedure. Upon the trustee's 786
receipt of your signed objection form, the foreclosure of the 787
lien with respect to the default specified in this notice is 788
shall be subject to the judicial foreclosure procedure only. You 789
have the right to cure your default in the manner set forth in 790
this notice at any time before the trustee's sale of your 791
timeshare interest. If you do not object to the use of the 792
trustee foreclosure pro cedure, you will not be subject to a 793
deficiency judgment even if the proceeds from the sale of your 794
timeshare interest are insufficient to offset the amounts 795
secured by the lien. 796
4. The trustee must shall also mail a copy of the notice 797
of default and intent to foreclose, without the objection form, 798
to the notice address of any junior interestholder by certified 799
mail or, registered mail, or permitted delivery service, return 800
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receipt requested;, and by first-class mail, postage prepaid ; or 801
permitted delivery service and first-class mail, postage 802
prepaid. 803
5. Notice under this paragraph is considered perfected 804
upon the trustee receiving the return receipt bearing the 805
signature of the obligor or junior interestholder, as 806
applicable, within 30 calendar days af ter the trustee sent the 807
notice under this paragraph. Notice under this paragraph is not 808
perfected if: 809
a. The notice is returned as undeliverable within 30 810
calendar days after the trustee sent the notice; 811
b. The trustee cannot, in good faith, ascertain that the 812
obligor or junior interestholder, as applicable, is the person 813
who signed the receipt because all or a portion of the obligor's 814
or junior interestholder's name is not on the signed receipt or 815
because the trustee cannot otherwise determine that th e obligor 816
or junior interestholder signed the receipt; or 817
b.c. The receipt from the obligor or junior 818
interestholder, as applicable, is returned or refused within 30 819
calendar days after the trustee sent the notice. 820
(b) If the notice required by paragraph (a) is returned as 821
undeliverable within 30 calendar days after the trustee sent the 822
notice, the trustee must shall perform a diligent search and 823
inquiry to obtain a different address for the obligor or junior 824
interestholder. For purposes of this paragraph, any address 825
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known and used by the lienholder for sending regular mailings or 826
other communications from the lienholder to the obligor or 827
junior interestholder, as applicable, must shall be included 828
with other addresses produced from the diligent search and 829
inquiry, if any. 830
1. If the trustee's diligent search and inquiry produces 831
an address different from the notice address, the trustee must 832
shall mail a copy of the notice by certified mail or, registered 833
mail, or permitted delivery service, return receipt requested ;, 834
and by first-class mail, postage prepaid ; or permitted delivery 835
service and first-class mail, postage prepaid, to the new 836
address. Notice under this subparagraph is considered perfected 837
upon the trustee receiving the return receipt bearing the 838
signature of the obligor or junior interestholder, as 839
applicable, within 30 calendar days after the trustee sent the 840
notice under this subparagraph. Notice under this subparagraph 841
is not perfected if the receipt from the obligor or junior 842
interestholder, as applicable, is refused or, returned, or the 843
trustee cannot, in good faith, ascertain that the obligor or 844
junior interestholder, as applicable, is the person who signed 845
the receipt because all or a portion of the obligor's or junior 846
interestholder's name is not on the signed receipt or because 847
the trustee cannot otherwise determine that the obligor or 848
junior interestholder signed the receipt . If the trustee does 849
not perfect notice under this subparagraph, the trust ee must 850
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shall perfect service in the manner set forth in paragraph (c). 851
2. If the trustee's diligent search and inquiry does not 852
locate a different address for the obligor or junior 853
interestholder, as applicable, the trustee may perfect notice 854
against that person under paragraph (c). 855
(6) NOTICE OF SALE. — 856
(b) The trustee must shall send a copy of the notice of 857
sale within 3 business days after the date it is submitted for 858
recording, by first-class mail or permitted delivery service and 859
first-class mail, postage prepaid, to the notice addresses of 860
the obligor and any junior interestholder. 861
(7) MANNER OF SALE. — 862
(f) On the date of the sale and upon receipt of the cash 863
or certified funds due from the highest bidder, the trustee 864
shall issue to the highes t bidder a certificate of sale stating 865
that a foreclosure conforming to the requirements of this 866
section has occurred, including the time, location, and date of 867
the sale;, that the timeshare interest was sold ;, the amounts 868
secured by the lien;, and the amount of the highest bid. A copy 869
of the certificate of sale must shall be mailed by certified 870
mail or, registered mail, or permitted delivery service, return 871
receipt requested, or by permitted delivery service and first -872
class mail, postage prepaid, to all persons entitled to receive 873
a notice of sale under subsection (6). 874
(14) ACTIONS FOR FAILURE TO FOLLOW THE TRUSTEE FORECLOSURE 875
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PROCEDURE.— 876
(b) Any trustee who intentionally violates the provisions 877
of this section concerning the trustee foreclosure procedu re 878
commits a felony of the third degree, punishable as provided in 879
s. 775.082, s. 775.083, or s. 775.084. A trustee who incorrectly 880
ascertains that the obligor signed the return receipt as 881
required in subsection (5) does not violate this section if the 882
trustee made a good faith effort to properly ascertain that the 883
obligor signed the return receipt in accordance with subsection 884
(5). 885
Section 14. Paragraph (a) of subsection (3), paragraphs 886
(a) and (b) of subsection (5), paragraph (b) of subsection (6), 887
paragraph (f) of subsection (7), and paragraph (b) of subsection 888
(13) of section 721.856, Florida Statutes, are amended to read: 889
721.856 Procedure for the trustee foreclosure of mortgage 890
liens.—The provisions of this section establish a trustee 891
foreclosure procedure for mortgage liens. 892
(3) OBLIGOR'S RIGHTS. — 893
(a) The obligor may object to the lienholder's use of the 894
trustee foreclosure procedure for a specific default within 20 895
days after receipt of the notice required under subsection (5) 896
any time before the sale of the timeshare interest under 897
subsection (7) by delivering a written objection to the trustee 898
using the objection form provided for in subsection (5). If the 899
trustee receives the written objection from the obligor, the 900
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trustee may not proceed with the trustee foreclosure procedure 901
as to the default specified in the notice of default and intent 902
to foreclose under subsection (5), and the lienholder may 903
proceed thereafter only with a judicial foreclosure action as to 904
that specified default. 905
(5) NOTICE OF DEFAULT AND INTENT TO FORECLOSE. — 906
(a) In any foreclosure proceeding under this section, the 907
trustee is required to notify the obligor of the proceeding by 908
sending the obligor a written notice of default and intent to 909
foreclose to the notice add ress of the obligor by certified mail 910
or, registered mail, or permitted delivery service, return 911
receipt requested;, and by first-class mail, postage prepaid ; or 912
permitted delivery service and first -class mail, postage 913
prepaid, as follows: 914
1. The notice of default and intent to foreclose must 915
shall identify the obligor, the notice address of the obligor, 916
the legal description of the timeshare interest, the nature of 917
the default, the amounts secured by the lien, and a per diem 918
amount to account for further accrual of the amounts secured by 919
the lien and must shall state the method by which the obligor 920
may cure the default, including the period of time after the 921
date of the notice of default and intent to foreclose within 922
which the obligor may cure the default. 923
2. The notice of default and intent to foreclose must 924
shall include an objection form with which the obligor can 925
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object to the use of the trustee foreclosure procedure by 926
signing and returning the objection form to the trustee. The 927
objection form must shall identify the obligor, the notice 928
address of the obligor, the timeshare interest, and the return 929
address of the trustee and must shall state: "The undersigned 930
obligor exercises the obligor's right to object to the use of 931
the trustee foreclosure procedure contained in section 721.856, 932
Florida Statutes." 933
3. The notice of default and intent to foreclose must 934
shall also contain a statement in substantially the following 935
form: 936
If you fail to cure the default as set forth in this notice or 937
take other appropriate action with regard to this foreclosure 938
matter, you risk losing ownership of your timeshare interest 939
through the trustee foreclosure procedure established in section 940
721.856, Florida Statutes. You may choose to sign and send to 941
the trustee, within 20 days after receipt of this notice, the 942
enclosed objection form, exercising your right to object to the 943
use of the trustee foreclosure procedure. Upon the trustee's 944
receipt of your signed objection form, the foreclosure of the 945
lien with respect to the default specified in this notice is 946
shall be subject to the judicial foreclosure procedure only. You 947
have the right to cure your default in the manner set forth in 948
this notice at any time before the trustee's sale of your 949
timeshare interest. If you do not object to the use of the 950
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trustee foreclosure procedure, you will not be subject to a 951
deficiency judgment even if the proceeds from the sale of your 952
timeshare interest are insufficie nt to offset the amounts 953
secured by the lien. 954
4. The trustee must shall also mail a copy of the notice 955
of default and intent to foreclose, without the objection form, 956
to the notice address of any junior interestholder by certified 957
mail or, registered mail, or permitted delivery service, return 958
receipt requested;, and by first-class mail, postage prepaid ; or 959
permitted delivery service and first -class mail, postage 960
prepaid. 961
5. Notice under this paragraph is considered perfected 962
upon the trustee receiving the return receipt bearing the 963
signature of the obligor or junior interestholder, as 964
applicable, within 30 calendar days after the trustee sent the 965
notice under this paragraph. Notice under this paragraph is not 966
perfected if: 967
a. The notice is returned as undeliverable within 30 968
calendar days after the trustee sent the notice; 969
b. The trustee cannot, in good faith, ascertain from the 970
receipt that the obligor or junior interestholder, as 971
applicable, is the person who signed the receipt because all or 972
a portion of the obligor's or junior interestholder's name is 973
not on the signed receipt or the trustee cannot otherwise 974
determine that the obligor or junior interestholder signed the 975
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receipt; or 976
b.c. The receipt from the obligor or junior 977
interestholder, as a pplicable, is returned or refused within 30 978
calendar days after the trustee sent the notice. 979
(b) If the notice required by paragraph (a) is returned as 980
undeliverable within 30 calendar days after the trustee sent the 981
notice, the trustee must shall perform a diligent search and 982
inquiry to obtain a different address for the obligor or junior 983
interestholder. For purposes of this paragraph, any address 984
known and used by the lienholder for sending regular mailings or 985
other communications from the lienholder to the obligor or 986
junior interestholder, as applicable, must shall be included 987
with other addresses produced from the diligent search and 988
inquiry, if any. 989
1. If the trustee's diligent search and inquiry produces 990
an address different from the notice address , the trustee must 991
shall mail a copy of the notice by certified mail or, registered 992
mail, or permitted delivery service, return receipt requested ;, 993
and by first-class mail, postage prepaid ; or permitted delivery 994
service and first-class mail, postage prepai d, to the new 995
address. Notice under this subparagraph is considered perfected 996
upon the trustee receiving the return receipt bearing the 997
signature of the obligor or junior interestholder, as 998
applicable, within 30 calendar days after the trustee sent the 999
notice under this subparagraph. Notice under this subparagraph 1000
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is not perfected if the receipt from the obligor or junior 1001
interestholder is refused or, returned, or the trustee cannot, 1002
in good faith, ascertain that the obligor or junior 1003
interestholder, as app licable, is the person who signed the 1004
receipt because all or a portion of the obligor's or junior 1005
interestholder's name is not on the signed receipt or because 1006
the trustee cannot otherwise determine that the obligor or 1007
junior interestholder signed the rece ipt. If the trustee does 1008
not perfect notice under this subparagraph, the trustee must 1009
shall perfect service in the manner set forth in paragraph (c). 1010
2. If the trustee's diligent search and inquiry does not 1011
locate a different address for the obligor or j unior 1012
interestholder, as applicable, the trustee may perfect notice 1013
against that person under paragraph (c). 1014
(6) NOTICE OF SALE. — 1015
(b) The trustee must shall send a copy of the notice of 1016
sale within 3 business days after the date it is submitted for 1017
recording, by first-class mail or permitted delivery service and 1018
first-class mail, postage prepaid, to the notice addresses of 1019
the obligor and any junior interesth older. 1020
(7) MANNER OF SALE. — 1021
(f) On the date of the sale and upon receipt of the cash 1022
or certified funds due from the highest bidder, the trustee 1023
shall issue to the highest bidder a certificate of sale stating 1024
that a foreclosure conforming to the requir ements of this 1025
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section has occurred, including the time, location, and date of 1026
the sale;, that the timeshare interest was sold ;, the amounts 1027
secured by the lien;, and the amount of the highest bid. A copy 1028
of the certificate of sale must shall be mailed by certified 1029
mail or, registered mail, or permitted delivery service, return 1030
receipt requested, or by permitted delivery service and first -1031
class mail, postage prepaid, to all persons entitled to receive 1032
a notice of sale under subsection (6). 1033
(13) ACTIONS FOR FAILURE TO FOLLOW THE TRUSTEE FORECLOSURE 1034
PROCEDURE.— 1035
(b) Any trustee who intentionally violates the provisions 1036
of this section concerning the trustee foreclosure procedure 1037
commits a felony of the third degree, punishable as provided in 1038
s. 775.082, s. 775.083, or s. 775.084. A trustee who incorrectly 1039
ascertains that the obligor signed the return receipt as 1040
required in subsection (5) does not violate this section if the 1041
trustee made a good faith effort to properly ascertain that it 1042
is the obligor who sig ned the return receipt in accordance with 1043
subsection (5). 1044
Section 15. Subsection (5) is added to section 721.86, 1045
Florida Statutes, to read: 1046
721.86 Miscellaneous provisions. — 1047
(5) Mediation, a settlement conference, or any other 1048
effort to resolve a f oreclosure is not required once a default 1049
in a judicial foreclosure of an assessment lien or mortgage lien 1050
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has been issued. 1051
Section 16. For the purpose of incorporating the amendment 1052
made by this act to section 721.11, Florida Statutes, in a 1053
reference thereto, paragraph (d) of subsection (1) of section 1054
721.09, Florida Statutes, is reenacted to read: 1055
721.09 Reservation agreements; escrows. — 1056
(1) 1057
(d) A seller who has filed a reservation agreement and an 1058
escrow agreement under this section may advertis e the 1059
reservation agreement program if the advertising material meets 1060
the following requirements: 1061
1. The seller complies with the provisions of s. 721.11 1062
with respect to such advertising material. 1063
2. The advertising material is limited to a general 1064
description of the proposed timeshare plan, including, but not 1065
limited to, a general description of the type, number, and size 1066
of accommodations and facilities and the name of the proposed 1067
timeshare plan. 1068
3. The advertising material contains a statement tha t the 1069
advertising material is being distributed in connection with an 1070
approved reservation agreement filing only and that the seller 1071
cannot offer an interest in the timeshare plan for sale until a 1072
filed public offering statement has been filed with the div ision 1073
under this chapter. 1074
Section 17. For the purpose of incorporating the amendment 1075
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made by this act to section 721.11, Florida Statutes, in a 1076
reference thereto, subsection (6) of section 721.111, Florida 1077
Statutes, is reenacted to read: 1078
721.111 Prize and gift promotional offers. — 1079
(6) All advertising material to be distributed in 1080
connection with a prize and gift promotional offer shall 1081
contain, in addition to the information required pursuant to the 1082
provisions of s. 721.11, the following disclosures : 1083
(a) A description of the prize, gift, or other item that 1084
the prospective purchaser will actually receive, including, if 1085
the price is in excess of $50, the manufacturer's suggested 1086
retail price or, if none is available, the verifiable retail 1087
value. If the value is $50 or less, the description shall 1088
contain a statement of such. 1089
(b) All rules, terms, requirements, and preconditions 1090
which must be fulfilled or met before a prospective purchaser 1091
may claim any prize, gift, or other item involved in the prize 1092
and gift promotional plan, including whether the prospective 1093
purchaser is required to attend a sales presentation in order to 1094
receive the prize, gift, or other item. 1095
(c) The date upon which the offer expires. 1096
(d) If the number of prizes, gifts, or oth er items to be 1097
awarded is limited, a statement of the number of items that will 1098
be awarded. 1099
(e) The method by which prizes, gifts, or other items are 1100
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to be awarded. 1101
Section 18. This act shall take effect upon becoming a 1102
law. 1103