The bill relates to the Florida Vacation Plan and Timesharing Act.
The bill specifies that certain provisions relating to condominium board elections do not apply to timeshare
condominiums. It revises and provides definitions related to timeshare resale transfers.
It revises the formula for calculating reserves set aside for deferred maintenance. The bill
requires an estoppel letter in certain timeshare resale transfer transactions. It prohibits
certain activities related to offering timeshare interest transfer services, and requires
resale transfer agreements to contain specified information. It requires establishment of
an escrow account for certain purposes, and provides requirements and duties for the
escrow agent. It also provides for penalties and applicability.
The bill makes several changes to the foreclosure process for timeshare estates when a trustee is involved.
These changes are procedural in nature.This bill gives regulatory authority for timeshare resale complaints to the Department of Business and Professional Regulation.
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