The Florida Senate

721.07  Public offering statement.--Prior to offering any timeshare plan, the developer must file a public offering statement with the division for approval as prescribed by s. 721.03, s. 721.55, or this section. Until the division approves such filing, any contract regarding the sale of the timeshare plan which is the subject of the public offering statement is voidable by the purchaser.

(1)  The division shall, upon receiving a public offering statement from a developer, mail to the developer an acknowledgment of receipt. The failure of the division to send such acknowledgment will not, however, relieve the developer from the duty of complying with this section.

(2)(a)  Within 45 days after receipt of a public offering statement which is subject only to this part and is submitted in proper form as prescribed by rule, or within 120 days after receipt of a public offering statement which is subject to part II and is submitted in proper form as prescribed by rule, the division shall determine whether the proposed public offering statement is adequate to meet the requirements of this section and shall notify the developer by mail that the division has either approved the statement or found specified deficiencies in the statement. If the division fails to approve the statement or specify deficiencies in the statement within the period specified in this paragraph, the filing will be deemed approved.

(b)  If the developer fails to respond to any cited deficiencies within 20 days after receipt of the division's deficiency notice, the division may reject the filing. Subsequent to such rejection, a new filing fee pursuant to subsection (4) and a new division initial review period pursuant to paragraph (a) shall apply to any refiling or further review of the rejected filing.

(c)  Within 20 days after receipt of the developer's timely and complete response to any deficiency notice, the division shall notify the developer by mail that the division has either approved the filing, found additional specified deficiencies in it, or determined that any previously specified deficiency has not been corrected. If the division fails to approve or specify additional deficiencies within 20 days after receipt of the developer's timely and complete response, the filing will be deemed approved.

(d)  The division is authorized to enter into an agreement with another state for the purpose of facilitating the processing of out-of-state timeshare instruments or other component site documents pursuant to subsection (5) or part II and for the purpose of facilitating the referral of consumer complaints to the appropriate state.

(e)  The division shall have no authority to determine whether any person has complied with another state's laws or to disapprove any filing, or out-of-state timeshare instrument or component site document, based solely upon the lack or degree of timeshare regulation in another state. The division may require a developer to obtain and provide to the division existing documentation certified by another state relating to an out-of-state filing, timeshare instrument, or component site document and attesting to the compliance of same with the laws of that state. The division may accept evidence of the approval or acceptance of any out-of-state filing, timeshare instrument, or component site document by another state in lieu of requiring a developer to file the out-of-state filing, timeshare instrument, or component site document with the division pursuant to this section. The division may refuse to approve the inclusion of any out-of-state filing, timeshare instrument, or component site document as part of a public offering statement based upon the inability of the developer to establish the compliance of same with the laws of another state.

(3)(a)1.  Any change to an approved filing shall be filed with the division for approval as an amendment prior to becoming effective. The division shall have 20 days after receipt of a proposed amendment to approve or cite deficiencies in the proposed amendment. If the division fails to act within 20 days, the amendment will be deemed approved. If the proposed amendment adds a new component site to an approved multisite timeshare plan, the division's initial period in which to approve or cite deficiencies is 45 days. If the developer fails to adequately respond to any deficiency notice within 30 days, the division may reject the amendment. Subsequent to such rejection, a new filing fee pursuant to subsection (4) and a new division initial review period pursuant to this paragraph shall apply to any refiling or further review of the rejected amendment.

2.  For filings only subject to this part, each approved amendment, other than an amendment made only for the purpose of the addition of a phase or phases to the timeshare plan in the manner described in the timeshare instrument, shall be delivered to a purchaser no later than 10 days prior to closing. For filings made under part II, each approved amendment to the multisite timeshare plan public offering statement, other than an amendment made only for the purpose of the addition, substitution, or deletion of a component site pursuant to part II or the addition of a phase or phases to a component site of a multisite timeshare plan in the manner described in the timeshare instrument, shall be delivered to a purchaser no later than 10 days prior to closing.

3.  Amendments made to a timeshare instrument for a component site located in this state shall only be delivered to those purchasers who will receive a timeshare estate or a specific timeshare license in that component site. Amendments made to a timeshare instrument for a component site not located in this state are not required to be delivered to purchasers.

(b)  At the time amendments, as provided in paragraph (a), are delivered to purchasers, the developer shall provide to those purchasers who have not closed a written statement that if any of such amendments materially alter or modify the offering in a manner which is adverse to the purchaser, the purchaser or lessee will have a 10-day voidability period.

(4)(a)  Upon the filing of a public offering statement, the developer shall pay a filing fee of $2 for each 7 days of annual use availability in each timeshare unit that may be offered as a part of the proposed timeshare plan pursuant to the filing. Commencing January 1, 1995, the division may by rule increase the filing fee up to a maximum of $3 for each 7 days of annual use availability in each timeshare unit that is offered as a part of the proposed timeshare plan.

(b)  Upon the filing of an amendment to an approved public offering statement, other than an amendment adding a phase to the timeshare plan, the developer shall pay a filing fee of $100.

(5)  Every public offering statement filed with the division for a timeshare plan which is not a multistate timeshare plan shall contain the information required by this subsection. The division is authorized to provide by rule the method by which a developer must provide such information to the division.

(a)  A cover page stating only:

1.  The name of the timeshare plan; and

2.  The following statement, in conspicuous type: This public offering statement contains important matters to be considered in acquiring a timeshare period. The statements contained herein are only summary in nature. A prospective purchaser should refer to all references, exhibits hereto, contract documents, and sales materials. You should not rely upon oral representations as being correct. Refer to this document and accompanying exhibits for correct representations. The seller is prohibited from making any representations other than those contained in the contract and this public offering statement.

(b)  A listing of all statements required to be in conspicuous type in the offering statements and in all exhibits thereto.

(c)  A separate index of the contents and exhibits of the public offering statement.

(d)  A text, which shall include, where applicable, the disclosures set forth in paragraphs (e)-(hh) and cross-references to the location in the public offering statement of each exhibit.

(e)  A description of the timeshare plan, including, but not limited to:

1.  Its name and location.

2.  An explanation of the form of timeshare ownership that is being offered, including a statement as to whether any interest in the underlying real property will be conveyed to the purchaser. If the plan is being created or being sold on a leasehold, the location of the lease in the exhibits to the public offering statement shall be stated.

3.  An explanation of the manner in which the apportionment of common expenses and ownership of the common elements has been determined.

(f)  A description of the accommodations and facilities, including, but not limited to:

1.  The number of buildings, the number of units in each building, the number of timeshare periods in each unit, the total number of timeshare periods being offered, the number of bathrooms and bedrooms in each unit, and the total number of units and unit weeks.

2.  The latest date estimated for completion of constructing, finishing, and equipping.

3.  The maximum number of units and timeshare periods that will use the accommodations and facilities. If the maximum number of units or timeshare periods will vary, a description of the basis for variation and the minimum amount of dollars per timeshare period to be spent for additional recreational facilities or for enlargement of such facilities. If the addition or enlargement of facilities will result in a material increase of a purchaser's maintenance expense or rental expense, the maximum increase and limitations thereon shall be stated.

4.  A statement of whether the developer intends to offer whole units in addition to timeshare units.

5.  The duration, in years, of the timeshare plan.

(g)  A description of the recreational and other commonly used facilities that will be used only by purchasers of the plan, including, but not limited to:

1.  Each room and its intended purposes, location, approximate floor area, and capacity in numbers of people.

2.  Each swimming pool and its general location, approximate size, depths, and capacity; its approximate deck size and capacity; and whether the pool is heated.

3.  Each additional facility; the number of each such facility; and its approximate location, approximate size, and approximate capacity.

4.  A general description of the items of personal property and the approximate numbers of each item of personal property that the developer is committing to furnish for each room or other facility or, in the alternative, a representation as to the minimum amount of expenditure that will be made to purchase the personal property for the facility.

5.  The estimated date when each room or other facility will be available for use by the purchaser.

6.  An identification of each room, accommodation, or other facility to be used by purchasers that will not be owned by the purchasers or the association.

7.  A reference to the location in the disclosure materials of the lease or other agreements providing for the use of those facilities.

8.  A description of the terms of the lease or other agreement, including the length of its term; the rent payable, directly or indirectly, by each purchaser; and the total rent payable to the lessor, stated in weekly, monthly, and annual amounts for the entire term of the lease; and a description of any option to purchase the property under any such lease, including the time the option may be exercised, the purchase price or how it is to be determined, the manner of payment, and whether the option may be exercised for a purchaser's share or only as to the entire leased property.

9.  A statement as to whether the developer may provide additional facilities not described above; the general locations and types of such facilities; improvements or changes that may be made; the approximate dollar amounts to be expended; and the estimated maximum additional common expense or cost to the individual purchaser that may be charged during the first annual period of operation of the modified or added facilities.

(h)  A description of the recreational and other commonly used facilities which will not be used exclusively by purchasers of the timeshare plan and which require the payment of any portion of the maintenance and expenses of such facilities, either directly or indirectly, by the purchasers. The description shall include, but not be limited to, the following:

1.  Each building or facility committed to be built.

2.  Facilities not committed to be built except under certain conditions, and a statement of those conditions or contingencies.

3.  As to each facility committed to be built, or which will be committed to be built upon the happening of one of the conditions in subparagraph 2., a statement as to whether it will be owned by the purchasers having the use thereof or by an association or other entity which will be controlled by the purchasers, or others, and the location in the exhibits of the lease or other document providing for use of those facilities.

4.  The year in which each facility will be available for use by the purchasers or, in the alternative, the maximum number of purchasers in the project at the time each of the facilities is committed to be completed.

5.  A general description of the items of personal property and the approximate numbers of each item of personal property that the developer is committing to furnish for each room or other facility or, in the alternative, a representation as to the minimum amount of expenditure that will be made to purchase the personal property for the facility.

6.  If there are leases, descriptions thereof, including the length of their terms, the rents payable, and descriptions of any options to purchase.

(i)1.  If any recreational facilities or other facilities offered by the developer for use by purchasers are to be leased or have club membership associated with them, one of the following statements in conspicuous type: There is a recreational facilities lease associated with this timeshare plan; or, There is a club membership associated with this timeshare plan. There shall be a reference to the location in the disclosure materials where the recreation lease or club membership is described in detail.

2.  If it is mandatory that unit owners pay fees, rent, dues, or other charges under a recreational facilities lease or club membership for the use of the facilities, the applicable statement in conspicuous type:

a.  Membership in the recreational facilities club is mandatory for purchasers;

b.  Purchasers are required, as a condition of ownership, to be lessees under the recreational facilities lease;

c.  Purchasers are required to pay their share of the costs and expenses of maintenance, management, upkeep, replacement, rent, and fees under the recreational facilities lease (or the other instruments providing the facilities); or

d.  A similar statement of the nature of the organization or the manner in which the use rights are created, and that purchasers are required to pay.

Immediately following the applicable statement, the location in the disclosure materials where the development is described in detail shall be stated.

3.  If the developer, or any other person other than the purchasers and other persons having use rights in the facilities, reserves, or is entitled to receive, any rent, fee, or other payment for the use of the facilities, the following statement in conspicuous type: The purchasers or the association(s) must pay rent or land use fees for recreational or other commonly used facilities. Immediately following this statement, the location in the disclosure materials where the rent or land use fees are described in detail shall be stated.

4.  If, in any recreation format, whether leasehold, club, or other, any person other than the association has the right to a lien on the timeshare periods to secure the payment of assessments, rent, or other exactions, a statement in conspicuous type in substantially the following form:

a.  There is a lien or lien right against each timeshare period to secure the payment of rent and other exactions under the recreation lease. A purchaser's failure to make these payments may result in foreclosure of the lien; or

b.  There is a lien or lien right against each timeshare period to secure the payment of assessments or other exactions coming due for the use, maintenance, upkeep, or repair of the recreational or commonly used facilities. A purchaser's failure to make these payments may result in foreclosure of the lien.

Immediately following the applicable statement, the location in the disclosure materials where the lien or lien right is described in detail shall be stated.

(j)  If the developer or any other person has the right to increase or add to the recreational facilities at any time after the establishment of the timeshare plan, without the consent of the purchasers or association being required, a statement in conspicuous type in substantially the following form: Recreational facilities may be expanded or added without consent of the purchasers or the association(s). Immediately following this statement, the location in the disclosure materials where such reserved rights are described shall be stated.

(k)  An explanation of the status of the title to the real property underlying the timeshare plan, including a statement of the existence of any lien, defect, judgment, mortgage, or other encumbrance affecting the title to the property, and how such lien, defect, judgment, mortgage, or other encumbrance will be removed or satisfied prior to closing.

(l)  A description of any judgment against the developer, the managing entity, or owner of the underlying fee, which judgment is material to the timeshare plan; the status of any pending suit to which the developer, the managing entity, or owner of the underlying fee is a party, which suit is material to the timeshare plan; and any other suit which is material to the timeshare plan of which the developer, managing entity, or owner of the underlying fee has actual knowledge. If no judgments or pending suits exist, there shall be a statement of such fact.

(m)  A description of all unusual and material circumstances, features, and characteristics of the real property.

(n)  A description of any financing to be offered to purchasers by the developer or any person or entity in which the developer has a financial interest, together with a disclosure that the description of such financing may be changed by the developer and that any change in the financing offered to prospective purchasers will not be deemed to be a material change.

(o)  A detailed explanation of any financial arrangements which have been provided for completion of all promised improvements.

(p)  A statement as to whether the plan of the developer includes a program of leasing units or timeshare periods rather than selling them, or leasing and selling them subject to such leases. If so, there shall be a description of the plan, including the number and identification of the units and the provisions and term of the proposed leases, and a statement in conspicuous type that: The units (or timeshare periods) may be transferred subject to a lease.

(q)  The name and address of the managing entity; a statement whether the seller may change the managing entity or its control and, if so, the manner by which the seller may change the managing entity; a statement of the arrangements for management, maintenance, and operation of the accommodations and facilities and of other property that will serve the purchasers; and a description of the management arrangement and any contracts for these purposes having a term in excess of 1 year, including the names of the contracting parties, the term of the contract, the nature of the services included, and the compensation, stated for a month and for a year, and provisions for increases in the compensation. Copies of all described contracts shall be attached as exhibits.

(r)  If the developer, or any person other than the purchaser, has the right to retain control of the board of administration of the association for a period of time which may exceed 1 year after the closing of the sale of a majority of the units in that timeshare plan to persons other than successors or concurrent developers and the plan is one in which all purchasers automatically become members of the association, a statement in conspicuous type in substantially the following form: The developer (or other person) has the right to retain control of the association after a majority of the units have been sold. Immediately following this statement, the location in the disclosure materials where this right to control is described in detail shall be stated.

(s)1.  If there are any restrictions upon the sale, transfer, conveyance, or leasing of a timeshare period, a statement in conspicuous type in substantially the following form: The sale, lease, or transfer of timeshare periods is restricted or controlled. Immediately following this statement, the location in the disclosure materials where the restriction, limitation, or control on the sale, lease, or transfer of timeshare periods is described in detail shall be stated.

2.  The following statement in conspicuous type in substantially the following form: The purchase of a timeshare period should be based upon its value as a vacation experience or for spending leisure time, and not considered for purposes of acquiring an appreciating investment or with an expectation that the timeshare period may be resold.

(t)  If the timeshare plan is part of a phase project, a statement to that effect and a complete description of the phasing. Notwithstanding any provisions of s. 718.110, a developer may develop a timeshare condominium in phases if the original declaration of condominium submitting the initial phase to condominium ownership or an amendment to the declaration which has been approved by all of the unit owners and unit mortgagees provides for phasing. Notwithstanding any provisions of s. 718.403 to the contrary, the original declaration of condominium, or an amendment to the declaration adopted pursuant to this subsection, need only generally describe the developer's phasing plan and the land which may become part of the condominium, and, in conjunction therewith, the developer may also reserve all rights to vary his or her phasing plan as to phase boundaries, plot plans and floor plans, unit types, unit sizes and unit type mixes, numbers of units, and recreational areas and facilities with respect to each subsequent phase. There shall be no time limit during which a developer of a timeshare condominium must complete his or her phasing plan, and the developer shall not be required to notify owners of existing timeshare estates of his or her decision not to add one or more proposed phases.

(u)  A description of the restrictions, if any, to be imposed on timeshare periods concerning the use of any of the accommodations or facilities, including statements as to whether there are restrictions upon children and pets, and references to the volumes and pages of the timeshare plan documents where such restrictions are found; or, if such restrictions are contained elsewhere, then a copy of the documents containing the restrictions shall be attached as an exhibit. If there are no restrictions, there shall be a statement of such fact.

(v)  If there is any land that is offered by the developer for use by the purchasers and which is neither owned by them nor leased to them, the association, or any entity controlled by the purchasers, a statement describing the land, how it will serve the timeshare plan, and the nature and term of service. Immediately following this statement, the location in the disclosure materials where the declaration or other instrument creating such servitude is found shall be stated.

(w)  A description of the manner in which utility and other services, including, but not limited to, sewage and waste disposal, water supply, and storm drainage, will be provided and the names of the persons or entities furnishing them.

(x)  An estimated operating budget for the timeshare plan and a schedule of the purchaser's expense shall be attached as an exhibit and shall contain the following information:

1.  The estimated annual expenses of the timeshare plan collectible from purchasers by assessments. The estimated payments by the purchaser for assessments shall also be stated in the estimated amounts for the times when they will be due. Expenses shall also be shown for the shortest timeshare period offered for sale by the developer. If the timeshare plan provides for the offer and sale of units to be used on a nontimeshare basis, the estimated monthly and annual expenses shall be set forth in a separate schedule.

2.  The estimated weekly, monthly, and annual expenses of the purchaser of each timeshare period, other than assessments payable to the managing entity. Expenses which are personal to purchasers that are not uniformly incurred by all purchasers or that are not provided for or contemplated by the timeshare plan documents may be excluded from this estimate.

3.  The estimated items of expenses of the timeshare plan and the managing entity, except as excluded under subparagraph 2., including, but not limited to, the following items, which shall be stated either as management expenses collectible by assessments or as expenses of the purchaser payable to persons other than the managing entity:

a.  Expenses for the managing entity:

(I)  Administration of the managing entity.

(II)  Management fees.

(III)  Maintenance.

(IV)  Rent for recreational and other commonly used facilities.

(V)  Taxes upon timeshare property.

(VI)  Taxes upon leased areas.

(VII)  Insurance.

(VIII)  Security provisions.

(IX)  Other expenses.

(X)  Operating capital.

(XI)  Reserves for deferred maintenance and reserves for capital expenditures. All reserves shall be calculated by a formula which is based upon estimated life and replacement cost of each reserve item. Reserves for deferred maintenance shall include accounts for roof replacement, building painting, pavement resurfacing, replacement of unit furnishings and equipment, and any other component the useful life of which is less than the useful life of the overall structure.

(XII)  Fees payable to the division.

b.  Expenses for a purchaser:

(I)  Rent for the unit, if subject to a lease.

(II)  Rent payable by the purchaser directly to the lessor or agent under any recreational lease or lease for the use of commonly used facilities, which use and payment is a mandatory condition of ownership and is not included in the common expense or assessments for common maintenance paid by the purchasers to the association.

4.  The estimated amounts shall be stated for a period of at least 12 months and may distinguish between the period prior to the time that purchasers elect a majority of the board of administration and the period after that date.

5.  If the developer intends to guarantee the level of assessments, such guarantee must be based upon a good faith estimate of the revenues and expenses of the timeshare plan. The guarantee must include a description of the following:

a.  The specific time period measured in one or more calendar or fiscal years during which the guarantee will be in effect.

b.  A statement that the developer will pay all common expenses incurred in excess of the total revenues of the timeshare plan pursuant to s. 721.15(2) if the developer has excused himself or herself from the payment of assessments during the guarantee period.

c.  The level, expressed in total dollars, at which the developer guarantees the budget. If the developer has reserved the right to extend or increase the guarantee level pursuant to s. 721.15(2), a disclosure must be included to that effect.

6.  If the developer intends to provide a trust fund to defer or reduce the payment of annual assessments, a copy of the trust instrument shall be attached as an exhibit and shall include a description of such arrangement, including, but not limited to:

a.  The specific amount of such trust funds and the source of the funds.

b.  The name and address of the trustee.

c.  The investment methods permitted by the trust agreement.

d.  A statement in conspicuous type that the funds from the trust account may not cover all assessments and that there is no guarantee that purchasers will not have to pay assessments in the future.

(y)  A schedule of estimated closing expenses to be paid by a purchaser or lessee of a timeshare period and a statement as to whether a title opinion or title insurance policy is available to the purchaser and, if so, at whose expense.

(z)  The identity of the developer and the chief operating officer or principal directing the creation and sale of the timeshare plan and a statement of the experience of each in this field or, if no experience, a statement of that fact.

(aa)  A statement of any service, maintenance, or recreation contracts or leases that may be canceled by the purchasers.

(bb)  A statement of the total financial obligation of the purchaser, including the purchase price and any additional charges to which the purchaser may be subject.

(cc)  The name of any person who will or may have the right to alter, amend, or add to the charges to which the purchaser may be subject and the terms and conditions under which such alterations, amendments, or additions may be imposed.

(dd)  An explanation of the purchaser's right of cancellation.

(ee)  A description of the insurance coverage provided for the benefit of the purchasers.

(ff)  A statement as to whether the timeshare plan is participating in an exchange program and, if so, the name and address of the exchange company offering the exchange program.

(gg)  Any other information that the seller, with the approval of the division, desires to include in the public offering statement.

(hh)  Copies of the following documents and plans, to the extent they are applicable, shall be included as exhibits:

1.  The declaration of condominium, or the proposed declaration if the declaration has not been recorded.

2.  The cooperative documents, or the proposed cooperative documents if the documents have not been recorded.

3.  The declaration of covenants and restrictions, or proposed declaration if the declaration has not been recorded.

4.  The articles of incorporation creating the association.

5.  The bylaws of the association.

6.  The ground lease or other underlying lease of the real property on which the timeshare plan is situated.

7.  The management agreement and all maintenance and other contracts regarding the management and operation of the timeshare property which have terms in excess of 1 year.

8.  The estimated operating budget for the timeshare plan and the required schedule of purchasers' expenses.

9.  The floor plan of each type of accommodation and the plot plan showing the location of all accommodations and facilities of the timeshare plan.

10.  The lease of recreational facilities and other facilities which will be used only by purchasers of the timeshare plan.

11.  The lease of facilities used by purchasers and others.

12.  The form of timeshare period lease, if the offer is of a leasehold.

13.  A declaration of servitude of properties serving the accommodations or facilities but not owned by purchasers or leased to them or the association.

14.  The statement of condition of the existing building or buildings, if the offering is of timeshare periods in an operation being converted to condominium or cooperative ownership.

15.  The statement of inspection for termite damage and treatment of the existing improvements, if the timeshare property is a conversion.

16.  The form of agreement for sale or lease of timeshare periods.

17.  The executed agreement for escrow of payments made to the developer prior to closing.

18.  The documents containing any restrictions on use of the property required by paragraph (u).

19.  Any other documents or instruments creating the timeshare plan.

20.  Any contract or lease to be signed by the purchasers.

(ii)  Such other information as is necessary to fairly, meaningfully, and effectively disclose all aspects of the timeshare plan, including, but not limited to, any disclosures made necessary by the operation of s. 721.03(9). However, if a developer has, in good faith, attempted to comply with the requirements of this section, and if, in fact, he or she has substantially complied with the disclosure requirements of this chapter, nonmaterial errors or omissions shall not be actionable.

(jj)  Notwithstanding the provisions of this subsection, the public offering statement for a component site of a multisite timeshare plan filed pursuant to this subsection may contain cross-references to information contained in the related multisite timeshare plan public offering statement filed pursuant to s. 721.55 in lieu of repeating such information.

(6)  The division is authorized to prescribe by rule the form of the approved public offering statement that must be furnished by the developer to each purchaser. The form of the public offering statement that is furnished to purchasers must provide fair, meaningful, and effective disclosure of all aspects of the timeshare plan. For timeshare plans filed pursuant to this part, the developer shall furnish each purchaser with the following:

(a)  A copy of the public offering statement text in the form approved by the division for delivery to purchasers.

(b)  Copies of the exhibits required to be filed with the division pursuant to subparagraphs (5)(hh)1., 2., 4., 5., 8., and 19.

(c)  A receipt for timeshare plan documents and a list describing any exhibit to the public offering statement filed with the division which is not delivered to the purchaser. The division is authorized to prescribe by rule the form of the receipt for timeshare plan documents and the description of exhibits list that must be furnished to the purchaser. The description of documents list utilized by a developer shall be filed with the division for review as part of the public offering statement filing pursuant to this section. The developer shall be required to provide the managing entity with a copy of the approved public offering statement text and exhibits filed with the division and any approved amendments thereto to be maintained by the managing entity as part of the books and records of the timeshare plan pursuant to s. 721.13(3)(d).

(d)  Any other exhibit which the developer includes as part of the public offering statement, provided that the developer first files the exhibit with the division.

(e)  An executed copy of any document which the purchaser signs.

(7)  For purposes of this section, descriptions shall include locations, areas, capacities, numbers, volumes, or sizes and may be stated as approximations or minimums.

History.--s. 1, ch. 81-172; s. 156, ch. 83-216; s. 6, ch. 83-264; s. 3, ch. 84-256; s. 48, ch. 85-62; s. 53, ch. 90-339; s. 6, ch. 91-236; s. 4, ch. 93-58; s. 5, ch. 95-274; s. 893, ch. 97-102; s. 4, ch. 98-36.