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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2014
SENATE BILL NO. 136
BY SENATOR MARTINY
REAL ESTATE. Provides relative to the Louisiana Timesharing Act. (8/1/14)
AN ACT1
To amend and reenact R.S. 9:1131.4(A)(2), relative to the Louisiana Timesharing Act; to2
provide relative to a timeshare plan; to provide for minimum requirements; to3
provide certain terms and conditions; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 9:1131.4(A)(2) is hereby amended and reenacted to read as follows:6
ยง1131.4. Creation of a timeshare plan7
A. * * *8
(2) No person shall sell, offer to sell, solicit, or attempt to solicit the9
purchase of a timeshare interest from any location within the state of Louisiana10
unless such person, or a related entity, has registered with the Louisiana Real Estate11
Commission a timeshare plan for a timeshare project located in the state of Louisiana12
consisting of at least forty twenty-five completed or proposed units, committed to13
either an ownership timeshare interest or a lease timeshare interest where the initial14
rights are or were for a period of not less than twenty years provided however, that:15
(a) If the person or related entity has not previously registered a timeshare16
plan in the state of Louisiana consisting of at least forty twenty-five completed units17 SB NO. 136
SLS 14RS-591 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
with the Louisiana Real Estate Commission, as set forth in this Paragraph, but has1
registered with the Louisiana Real Estate Commission a proposed timeshare plan2
located in the state of Louisiana, as set forth in this Paragraph, consisting of at least3
forty twenty-five units, such person prior to selling, offering to sell, soliciting, or4
attempting to solicit a person for the purchase of a timeshare interest in a timeshare5
plan located in the state of Louisiana, shall provide to the Louisiana Real Estate6
Commission:7
(i) A copy of the contract for construction of the initial fifteen units of the8
timeshare plan,9
(ii) A bond for completion of such construction in an amount satisfactory to10
the Louisiana Real Estate Commission, and11
(iii) All applicable permits required by the appropriate local governmental12
subdivisions, or13
(b) In the event such person, or related entity, intends to sell, offer to sell,14
solicit, or attempt to solicit the purchase of a timeshare interest in a timeshare plan15
located outside of the state of Louisiana from a location within the state of Louisiana16
and if the person, or related entity, has not previously registered a timeshare plan17
located in the state of Louisiana consisting of at least forty twenty-five completed18
units with the Louisiana Real Estate Commission, as set forth in this Paragraph, but19
has registered with the Louisiana Real Estate Commission a proposed timeshare plan20
located in the state of Louisiana, as set forth in this Paragraph, consisting of at least21
forty twenty-five units, such person, prior to selling, offering to sell, soliciting, or22
attempting to solicit the purchase of a timeshare interest in a timeshare plan located23
outside the state of Louisiana from a location within the state of Louisiana shall:24
(i) Obtain a certificate from the Louisiana Real Estate Commission certifying25
that a minimum of fifteen units in such hereinabove required timeshare plan are26
complete for use and occupancy as a timeshare project in accordance with the27
timeshare plan, and28
(ii) Provide the Louisiana Real Estate Commission with a copy of the29 SB NO. 136
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
contract for construction of the remaining units in the timeshare plan, a bond for the1
completion of such construction, and certified copies of all required permits from the2
applicable local governmental subdivision.3
* * *4
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Martiny (SB 136)
Present law regulates timeshares in La.
Present law provides that a timeshare plan must consist of at least 40 units.
Proposed law changes the minimum number of units in a timeshare plan from 40 units to 25
units.
Effective August 1, 2014.
(Amends R.S. 9:1131.4(A)(2))