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