HB 405

1	A bill to be entitled
2	An act relating to vacation and timeshare plans; amending
3	s. 721.03, F.S.; revising the formula for funding reserve
4	accounts for conversions; authorizing a seller to offer
5	timeshare interests in a timeshare plan located outside of
6	this state without filing a public offering statement for
7	such out-of-state timeshare plan; providing criteria for
8	such offers; requiring certain notice; providing for a
9	fee; conforming cross-references and terminology; amending
10	s. 721.05, F.S.; revising the definition of the term "one-
11	to-one purchaser to accommodation ratio"; providing
12	definitions for the terms "lead dealer," "personal contact
13	information," and "resale service provider"; amending s.
14	721.07, F.S.; revising information required to be
15	contained in filed public offering statements for certain
16	timeshare plans; authorizing the Division of Florida Land
17	Sales, Condominiums, and Mobile Homes to accept alternate
18	forms of timeshare disclosure statements; conforming
19	cross-references; amending s. 721.075, F.S.; conforming
20	terminology; amending s. 721.11, F.S.; revising provisions
21	relating to advertising and oral statements to include
22	those made by resale service providers; providing that a
23	seller or resale service provider may not misrepresent or
24	falsely imply that the resale service provider is
25	affiliated with, or obtained personal contact information
26	from, a developer, managing entity, or exchange company;
27	creating s. 721.121, F.S.; providing recordkeeping
28	requirements for resale service providers and lead
29	dealers; providing that the failure to produce such
30	records in any civil or criminal action relating to the
31	wrongful possession or wrongful use of personal contact
32	information shall lead to a presumption that the personal
33	contact information was wrongfully obtained; providing
34	what constitutes wrongful use of such personal contact
35	information; providing for recovery of certain damages and
36	attorney's fees and costs; amending s. 721.13, F.S.;
37	providing that failure to obtain and maintain required
38	insurance coverage constitutes a breach of the managing
39	entity's fiduciary duty; authorizing funding of reserve
40	accounts to be waived or reduced; providing the managing
41	entity with certain rights and powers; providing language
42	to be included in public offering statements; providing
43	recordkeeping requirements; requiring the managing entity
44	to make certain records available to the division under
45	certain circumstances; conforming cross-references;
46	amending s. 721.15, F.S.; providing that amounts expended
47	for any insurance coverage required by law or by the
48	timeshare instrument to be maintained by the owners'
49	association shall be exempt from assessment of common
50	expenses; providing that any determination by a timeshare
51	association of whether assessments exceed 115 percent of
52	assessments for the prior fiscal year shall exclude
53	anticipated expenses for required insurance coverage;
54	amending s. 721.165, F.S.; revising provisions relating to
55	insurance; requiring managing entities to use due
56	diligence to obtain certain types of insurance; providing
57	factors that a managing entity must take into account in
58	determining whether the insurance obtained is adequate;
59	providing that insurance coverage may be subject to
60	certain requirements; authorizing the managing entity to
61	apply any existing reserves for certain purposes;
62	exempting the managing entity from liability for certain
63	claims; amending s. 721.20, F.S.; revising licensing
64	requirements for sellers of timeshare plans; amending ss.
65	721.55 and 721.552, F.S.; conforming cross-references and
66	terminology; amending s. 721.97, F.S.; authorizing the
67	Governor to appoint commissioners of deeds to take
68	acknowledgments, proofs of execution, or oaths in
69	international waters; providing an effective date.
70
71	Be It Enacted by the Legislature of the State of Florida:
72
73	Section 1.  Paragraph (b) of subsection (1), paragraph (e)
74	of subsection (3), and subsection (10) of section 721.03,
75	Florida Statutes, are amended, and subsection (11) is added to
76	that section, to read:
77	721.03  Scope of chapter.--
78	(1)  This chapter applies to all timeshare plans consisting
79	of more than seven timeshare periods over a period of at least 3
80	years in which the accommodations and facilities, if any, are
81	located within this state or offered within this state; provided
82	that:
83	(b)  With respect to a timeshare plan containing
84	accommodations or facilities located in this state which is
85	offered for sale outside the jurisdictional limits of the United
86	States, such offer or sale shall be exempt from the requirements
87	of this chapter, provided that the developer shall either file
88	the timeshare plan with the division for approval pursuant to
89	this chapter, or pay an exemption registration fee of $100 and
90	file the following minimum information pertaining to the
91	timeshare plan with the division for approval:
92	1.  The name and address of the timeshare plan.
93	2.  The name and address of the developer and seller, if
94	any.
95	3.  The location and a brief description of the
96	accommodations and facilities, if any, that are located in this
97	state.
98	4.  The number of timeshare interests and timeshare periods
99	to be offered.
100	5.  The term of the timeshare plan.
101	6.  A copy of the timeshare instrument relating to the
102	management and operation of accommodations and facilities, if
103	any, that are located in this state.
104	7.  A copy of the budget required by s. 721.07(5)(t)(u) or
105	s. 721.55(4)(h)5., as applicable.
106	8.  A copy of the management agreement and any other
107	contracts regarding management or operation of the
108	accommodations and facilities, if any, that are located in this
109	state, and which have terms in excess of 1 year.
110	9.  A copy of the provision of the purchase contract to be
111	utilized in offering the timeshare plan containing the following
112	disclosure in conspicuous type immediately above the space
113	provided for the purchaser's signature:
114
115	The offering of this timeshare plan outside the jurisdictional
116	limits of the United States of America is exempt from regulation
117	under Florida law, and any such purchase is not protected by the
118	State of Florida. However, the management and operation of any
119	accommodations or facilities located in Florida is subject to
120	Florida law and may give rise to enforcement action regardless
121	of the location of any offer.
122	(3)  A timeshare plan which is subject to the provisions of
123	chapter 718 or chapter 719, if fully in compliance with the
124	provisions of this chapter, is exempt from the following:
125	(e)  Part VI of chapter 718 and part VI of chapter 719,
126	relating to conversion of existing improvements to the
127	condominium or cooperative form of ownership, respectively,
128	provided that a developer converting existing improvements to a
129	timeshare condominium or timeshare cooperative must comply with
130	ss. 718.606, 718.608, 718.61, and 718.62, or ss. 719.606,
131	719.608, 719.61, and 719.62, if applicable, and, if the existing
132	improvements received a certificate of occupancy more than 18
133	months before such conversion, one of the following:
134	1.  The accommodations and facilities shall be renovated
135	and improved to a condition such that the remaining useful life
136	in years of the roof, plumbing, air-conditioning, and any
137	component of the structure which has a useful life less than the
138	useful life of the overall structure is equal to the useful life
139	of accommodations or facilities that would exist if such
140	accommodations and facilities were newly constructed and not
141	previously occupied.
142	2.  The developer shall fund reserve accounts for capital
143	expenditures and deferred maintenance for the roof, plumbing,
144	air-conditioning, and any component of the structure the useful
145	life of which is less than the useful life of the overall
146	structure. The reserve accounts shall be funded for each
147	component in an amount equal to the product of the estimated
148	current replacement cost of such component as of the date of
149	such conversion (as disclosed and substantiated by a certificate
150	under the seal of an architect or engineer authorized to
151	practice in this state) multiplied by a fraction, the numerator
152	of which shall be the age remaining life of the component in
153	years (as disclosed and substantiated by a certificate under the
154	seal of an architect or engineer authorized to practice in this
155	state) and the denominator of which shall be the total useful
156	life of the component in years (as disclosed and substantiated
157	by a certificate under the seal of an architect or engineer
158	authorized to practice in this state). Alternatively, the
159	reserve accounts may be funded for each component in an amount
160	equal to the amount that, except for the application of this
161	subsection, would be required to be maintained pursuant to s.
162	718.618(1) or s. 719.618(1). The developer shall fund the
163	reserve accounts contemplated in this subparagraph out of the
164	proceeds of each sale of a timeshare interest, on a pro rata
165	basis, in an amount not less than a percentage of the total
166	amount to be deposited in the reserve account equal to the
167	percentage of ownership allocable to the timeshare interest
168	sold. When an owners' association makes an expenditure of
169	reserve account funds before the developer has initially sold
170	all timeshare interests, the developer shall make a deposit in
171	the reserve account if the reserve account is insufficient to
172	pay the expenditure. Such deposit shall be at least equal to
173	that portion of the expenditure which would be charged against
174	the reserve account deposit that would have been made for any
175	such timeshare interest had the timeshare interest been
176	initially sold. When a developer deposits amounts in excess of
177	the minimum reserve account funding, later deposits may be
178	reduced to the extent of the excess funding.
179	3.  The developer shall provide each purchaser with a
180	warranty of fitness and merchantability pursuant to s.
181	718.618(6) or s. 719.618(6).
182	(10)  A developer or seller may not offer any number of
183	timeshare interests that would cause the total number of
184	timeshare interests offered to exceed a one-to-one use right
185	purchaser to use night requirement accommodation ratio.
186	(11)(a)  A seller may offer timeshare interests in a real
187	property timeshare plan located outside of this state without
188	filing a public offering statement for such out-of-state real
189	property timeshare plan pursuant to s. 721.07 or s. 721.55,
190	provided all of the following criteria have been satisfied:
191	1.  The seller shall provide a disclosure statement to each
192	prospective purchaser of such out-of-state timeshare plan. The
193	disclosure statement for a single-site timeshare plan shall
194	contain information otherwise required under s. 721.07(5)(e)?
195	(cc) and the exhibits required by s. 721.07(5)(ff)1., 2., 3.,
196	4., 5., 7., 8., and 20. The disclosure statement for a multisite
197	timeshare plan shall contain information otherwise required
198	under s. 721.55(4) and (5) and the exhibits required under s.
199	721.55(7). If a developer has, in good faith, attempted to
200	comply with the requirements of this subsection and if the
201	developer has substantially complied with the disclosure
202	requirements of this subsection, nonmaterial errors or omissions
203	shall not be actionable. With respect to any offer for an out-
204	of-state timeshare plan made pursuant to this subsection, the
205	delivery by the seller to a prospective purchaser of the
206	disclosure statement required by this subparagraph shall be
207	deemed to satisfy any requirement of this chapter regarding a
208	public offering statement.
209	2.  The seller shall utilize and furnish to each purchaser
210	of an out-of-state timeshare plan offered under this subsection
211	a fully completed and executed copy of a purchase contract that
212	contains the statement set forth in s. 721.065(2)(c) in
213	conspicuous type located immediately prior to the space in the
214	contract reserved for the purchaser's signature. The purchase
215	contract shall also contain the initial purchase price and any
216	additional charges to which the purchaser may be subject in
217	connection with the purchase of the timeshare plan, such as
218	financing, or that will be collected from the purchaser on or
219	before closing, such as the current year's annual assessment for
220	common expenses.
221	3.  All purchase contracts for out-of-state timeshare plans
222	offered under this subsection must also contain the following
223	statements in conspicuous type:
224
225	This timeshare plan has not been reviewed or approved by
226	the State of Florida.
227
228	The timeshare interest you are purchasing requires certain
229	procedures to be followed in order for you to use your
230	interest. These procedures may be different from those
231	followed in other timeshare plans. You should read and
232	understand these procedures prior to purchasing.
233
234	4.a.  An out-of-state timeshare plan may only be offered
235	pursuant to this subsection by the seller on behalf of:
236	(I)  The developer of a timeshare plan that has been
237	approved by the division within the preceding 7 years pursuant
238	to s. 721.07 or s. 721.55, or concerning which an amendment by
239	the developer has been approved by the division within the
240	preceding 7 years, which timeshare plan has been neither
241	terminated nor withdrawn; or
242	(II)  A developer under common ownership or control with a
243	developer described in sub-sub-subparagraph (I), provided that
244	any common ownership shall constitute at least a 50-percent
245	ownership interest.
246	b.  An out-of-state timeshare plan may only be offered
247	pursuant to this subsection to a person who already owns a
248	timeshare interest in a timeshare plan filed by a developer
249	described in sub-subparagraph a.
250	5.  Any seller of an out-of-state timeshare plan offered
251	pursuant to this subsection shall be required to provide notice
252	of such plan to the division on a form prescribed by the
253	division, along with payment of a one-time fee not to exceed
254	$1,000 per filing.
255	(b)  Timeshare plans offered pursuant to this subsection
256	shall be exempt from the requirements of ss. 721.06, 721.065,
257	721.07, 721.27, 721.55, and 721.58 in addition to the exemptions
258	otherwise applicable to accommodations and facilities located
259	outside of the state pursuant to subparagraph (1)(c)1.
260	(c)  Any escrow account required to be established by s.
261	721.08 for any out-of-state timeshare plan offered under this
262	subsection may be maintained in the situs jurisdiction provided
263	the escrow agent submits to personal jurisdiction in this state
264	in a form satisfactory to the division.
265	Section 2.  Subsection (25) of section 721.05, Florida
266	Statutes, is amended, and subsections (42), (43), and (44) are
267	added to that section, to read:
268	721.05  Definitions.--As used in this chapter, the term:
269	(25)  "One-to-one use right purchaser to use night
270	requirement accommodation ratio" means that the sum of the
271	nights that owners are entitled to use in a given 12-month
272	period shall not exceed the number of nights available for use
273	by those owners during the same 12-month period. No individual
274	timeshare unit may be counted as providing more than 365 use
275	nights per 12-month period or more than 366 use nights per 12-
276	month period that includes February 29. The use rights of each
277	owner shall be counted without regard to whether the owner's use
278	rights have been suspended for failure to pay assessments or
279	otherwise the ratio of the number of purchasers eligible to use
280	the accommodations of a timeshare plan on a given day to the
281	number of accommodations available for use within the plan on
282	that day, such that the total number of purchasers eligible to
283	use the accommodations of the timeshare plan during a given
284	calendar year never exceeds the total number of accommodations
285	available for use in the timeshare plan during that year. For
286	purposes of calculation under this subsection, each purchaser
287	must be counted at least once, and no individual timeshare unit
288	may be counted more than 365 times per calendar year (or more
289	than 366 times per leap year). A purchaser who is delinquent in
290	the payment of timeshare plan assessments shall continue to be
291	considered eligible to use the accommodations of the timeshare
292	plan for purposes of this subsection notwithstanding any
293	application of s. 721.13(6).
294	(42)  "Lead dealer" means any person who sells or otherwise
295	provides a resale service provider or any other person with
296	personal contact information for five or more owners of
297	timeshare interests. In the event a lead dealer is not a natural
298	person, the term shall also include the natural person providing
299	personal contact information to a resale service provider or
300	other person on behalf of the lead dealer entity. The term does
301	not include developers, managing entities, or exchange companies
302	to the extent they provide others with personal contact
303	information about owners of timeshare interests in their own
304	timeshare plans or members of their own exchange programs.
305	(43)  "Personal contact information" means any information
306	that can be used to contact the owner of a specific timeshare
307	interest, including, but not limited to, the owner's name,
308	address, telephone number, and e-mail address.
309	(44)  "Resale service provider" means any person who uses
310	unsolicited telemarketing, direct mail, or e-mail in connection
311	with the offering of resale brokerage or resale advertising
312	services to owners of timeshare interests. The term does not
313	include developers, managing entities, or exchange companies to
314	the extent they offer resale brokerage or resale advertising
315	services to owners of timeshare interests in their own timeshare
316	plans or members of their own exchange programs.
317	Section 3.  Paragraphs (n) through (v) of subsection (5) of
318	section 721.07, Florida Statutes, are redesignated as paragraphs
319	(m) through (u), present paragraphs (m) and (v) of that
320	subsection are amended, and subsection (7) is added to that
321	section, to read:
322	721.07  Public offering statement.--Prior to offering any
323	timeshare plan, the developer must submit a filed public
324	offering statement to the division for approval as prescribed by
325	s. 721.03, s. 721.55, or this section. Until the division
326	approves such filing, any contract regarding the sale of that
327	timeshare plan is subject to cancellation by the purchaser
328	pursuant to s. 721.10.
329	(5)  Every filed public offering statement for a timeshare
330	plan which is not a multisite timeshare plan shall contain the
331	information required by this subsection. The division is
332	authorized to provide by rule the method by which a developer
333	must provide such information to the division.
334	(m)  A description of any financing to be offered to
335	purchasers by the developer or any person or entity in which the
336	developer has a financial interest, together with a disclosure
337	that the description of such financing may be changed by the
338	developer and that any change in the financing offered to
339	prospective purchasers will not be deemed to be a material
340	change.
341	(u)(v)  For any timeshare plan for which the purchase or
342	closing of timeshare interests is not subject to the
343	requirements of the Real Estate Settlement Procedures Act, 12
344	U.S.C. s. 2601 et seq., a schedule of estimated closing expenses
345	to be paid by a purchaser or lessee of a timeshare interest.
346	(v)  and A statement as to whether a title opinion or title
347	insurance policy is available to the purchaser and, if so, at
348	whose expense.
349	(ff)  Copies of the following documents and plans, to the
350	extent they are applicable, shall be included as exhibits to the
351	filed public offering statement provided, if the timeshare plan
352	has not been declared or created at the time of the filing, the
353	developer shall provide proposed documents:
354	1.  The declaration of condominium.
355	2.  The cooperative documents.
356	3.  The declaration of covenants and restrictions.
357	4.  The articles of incorporation creating the owners'
358	association.
359	5.  The bylaws of the owners' association.
360	6.  Any ground lease or other underlying lease of the real
361	property associated with the timeshare plan. In the case of a
362	personal property timeshare plan, any lease of the personal
363	property associated with the personal property timeshare plan.
364	7.  The management agreement and all maintenance and other
365	contracts regarding the management and operation of the
366	timeshare property which have terms in excess of 1 year.
367	8.  The estimated operating budget for the timeshare plan
368	and the required schedule of purchasers' expenses.
369	9.  The floor plan of each type of accommodation and the
370	plot plan showing the location of all accommodations and
371	facilities declared as part of the timeshare plan and filed with
372	the division.
373	10.  The lease for any facilities.
374	11.  A declaration of servitude of properties serving the
375	accommodations and facilities, but not owned by purchasers or
376	leased to them or the owners' association.
377	12.  Any documents required by s. 721.03(3)(e) as the
378	result of the inclusion of a timeshare plan in the conversion of
379	the building to condominium or cooperative ownership.
380	13.  The form of agreement for sale or lease of timeshare
381	interests.
382	14.  The executed agreement for escrow of payments made to
383	the developer prior to closing and the form of any agreement for
384	escrow of ad valorem tax escrow payments, if any, to be made
385	into an ad valorem tax escrow account pursuant to s. 192.037(6).
386	15.  The documents containing any restrictions on use of
387	the property required by paragraph (r) (s).
388	16.  A letter from the escrow agent or filing attorney
389	confirming that the escrow agent and its officers, directors, or
390	other partners are independent pursuant to the requirements of
391	this chapter.
392	17.  Any nondisturbance and notice to creditors instrument
393	required by s. 721.08.
394	18.  In the case of any personal property timeshare plan in
395	which the accommodations and facilities are located on or in a
396	documented vessel or foreign vessel as provided in s.
397	721.08(2)(c)3.e., a copy of the certificate of ownership of such
398	vessel and either a copy of the certificate of documentation or
399	certificate of registry of such vessel.
400	19.  An executed affidavit given under oath by an attorney
401	licensed to practice law in any jurisdiction in the United
402	States stating that the attorney has researched the applicable
403	laws of the jurisdiction in which governing law has been
404	established and the laws of the jurisdiction in which the vessel
405	is registered, and has found that the timeshare instrument
406	complies with the provisions of s. 721.08(2)(c)3.e.(II)(C) and
407	(III).
408	20.  Any other documents or instruments creating the
409	timeshare plan.
410	(7)  The division may accept an alternate form of timeshare
411	disclosure statement under an agreement with another state. At a
412	minimum, the alternate form of timeshare disclosure statement
413	must have provisions substantially similar to this section. The
414	division may adopt rules pursuant to ss. 120.536(1) and 120.54
415	to implement this subsection.
416	Section 4.  Paragraph (d) of subsection (1) of section
417	721.075, Florida Statutes, is amended to read:
418	721.075  Incidental benefits.--Incidental benefits shall be
419	offered only as provided in this section.
420	(1)  Accommodations, facilities, products, services,
421	discounts, or other benefits which satisfy the requirements of
422	this subsection shall be subject to the provisions of this
423	section and exempt from the other provisions of this chapter
424	which would otherwise apply to such accommodations or facilities
425	if and only if:
426	(d)  The continued availability to purchasers of timeshare
427	plan accommodations on no greater than a one-to-one use right
428	purchaser to use night requirement accommodation ratio is not
429	dependent upon continued availability of the incidental benefit.
430	Section 5.  Subsection (4) of section 721.11, Florida
431	Statutes, is amended to read:
432	721.11  Advertising materials; oral statements.--
433	(4)  No advertising or oral statement made by any seller or
434	resale service provider shall:
435	(a)  Misrepresent a fact or create a false or misleading
436	impression regarding the timeshare plan or promotion thereof.
437	(b)  Make a prediction of specific or immediate increases
438	in the price or value of timeshare interests.
439	(c)  Contain a statement concerning future price increases
440	by a seller which are nonspecific or not bona fide.
441	(d)  Contain any asterisk or other reference symbol as a
442	means of contradicting or substantially changing any previously
443	made statement or as a means of obscuring a material fact.
444	(e)  Describe any facility that is not required to be built
445	or that is uncompleted unless the improvement is conspicuously
446	labeled as "NEED NOT BE BUILT," "PROPOSED," or "UNDER
447	CONSTRUCTION." If the facility is labeled "NEED NOT BE BUILT" or
448	"PROPOSED," the seller may indicate the estimated date that such
449	facility will be made part of the timeshare plan. If the
450	facility is labeled "UNDER CONSTRUCTION," the estimated date of
451	completion must be included.
452	(f)  Misrepresent the size, nature, extent, qualities, or
453	characteristics of the offered accommodations or facilities.
454	(g)  Misrepresent the amount or period of time during which
455	the accommodations or facilities will be available to any
456	purchaser.
457	(h)  Misrepresent the nature or extent of any incidental
458	benefit.
459	(i)  Make any misleading or deceptive representation with
460	respect to the contents of the public offering statement and the
461	contract or the rights, privileges, benefits, or obligations of
462	the purchaser under the contract or this chapter.
463	(j)  Misrepresent the conditions under which a purchaser
464	may exchange the right to use accommodations or facilities in
465	one location for the right to use accommodations or facilities
466	in another location.
467	(k)  Misrepresent the availability of a resale or rental
468	program or resale or rental opportunity offered by or on behalf
469	of the developer.
470	(l)  Contain an offer or inducement to purchase which
471	purports to be limited as to quantity or restricted as to time
472	unless the numerical quantity or time limit applicable to the
473	offer or inducement is clearly stated.
474	(m)  Imply that a facility is available for the exclusive
475	use of purchasers if the facility will actually be shared by
476	others or by the general public.
477	(n)  Purport to have resulted from a referral unless the
478	name of the person making the referral can be produced upon
479	demand of the division.
480	(o)  Misrepresent the source of the advertising or
481	statement by leading a prospective purchaser to believe that the
482	advertising material is mailed by a governmental or official
483	agency, credit bureau, bank, or attorney, if that is not the
484	case.
485	(p)  Misrepresent the value of any prize, gift, or other
486	item to be awarded in connection with any prize and gift
487	promotional offer, as described in s. 721.111, or any incidental
488	benefit.
489	(q)  Misrepresent or falsely imply that the resale service
490	provider is affiliated with, or obtained personal contact
491	information from, a developer, managing entity, or exchange
492	company.
493	Section 6.  Section 721.121, Florida Statutes, is created
494	to read:
495	721.121  Recordkeeping by resale service providers and lead
496	dealers.--
497	(1)  Resale service providers and lead dealers shall
498	maintain the following records for a period of 5 years from the
499	date each piece of personal contact information is obtained:
500	(a)  The name, home address, work address, home telephone
501	number, work telephone number, and cellular telephone number of
502	the lead dealer from which the personal contact information was
503	obtained.
504	(b)  A copy of a current government-issued photographic
505	identification for the lead dealer from which the personal
506	contact information was obtained, such as a driver's license,
507	passport, or military identification card.
508	(c)  The date, time, and place of the transaction at which
509	the personal contact information was obtained, along with the
510	amount of consideration paid and a signed receipt from the lead
511	dealer or copy of a canceled check.
512	(d)  A copy of all pieces of personal contact information
513	obtained in the exact form and media in which they were
514	received.
515	(e)  If personal contact information was directly
516	researched and assembled by the resale service provider or lead
517	dealer and not obtained from another lead dealer, a complete
518	written description of the sources from which personal contact
519	information was obtained, the methodologies used for researching
520	and assembling it, the items set forth in paragraphs (a) and (b)
521	for the individuals who performed the work, and the date such
522	work was done.
523	(2)  In any civil or criminal action relating to the
524	wrongful possession or wrongful use of personal contact
525	information by a resale service provider or lead dealer, any
526	failure by a resale service provider or lead dealer to produce
527	the records required by subsection (1) shall lead to a
528	presumption that the personal contact information was wrongfully
529	obtained.
530	(3)  Any use by a resale service provider or lead dealer of
531	personal contact information that is wrongfully obtained
532	pursuant to this section shall be considered wrongful use of
533	such personal contact information by the resale service provider
534	or lead dealer, as applicable. Any party who establishes that a
535	resale service provider or lead dealer wrongfully obtained or
536	wrongfully used personal contact information with respect to
537	owners of a timeshare plan or members of an exchange program
538	shall, in addition to any other remedies that may be available
539	in law or equity, be entitled to recover from such resale
540	service provider or lead dealer an amount equal to $1,000 for
541	each owner about whom personal contact information was
542	wrongfully obtained or used. Upon prevailing, the plaintiff in
543	any such action shall also be entitled to recover reasonable
544	attorney's fees and costs.
545	Section 7.  Paragraph (c) is added to subsection (2) of
546	section 721.13, Florida Statutes, paragraph (c) of subsection
547	(3) of that section is amended, and subsection (12) is added to
548	that section, to read:
549	721.13  Management.--
550	(2)
551	(c)  Failure by a managing entity to obtain and maintain
552	insurance coverage as required under s. 721.165 during any
553	period of developer control of the managing entity shall
554	constitute a breach of the managing entity's fiduciary duty.
555	(3)  The duties of the managing entity include, but are not
556	limited to:
557	(c)1.  Providing each year to all purchasers an itemized
558	annual budget which shall include all estimated revenues and
559	expenses. The budget shall be in the form required by s.
560	721.07(5)(t)(u). The budget shall be the final budget adopted by
561	the managing entity for the current fiscal year. The final
562	adopted budget is not required to be delivered if the managing
563	entity has previously delivered a proposed annual budget for the
564	current fiscal year to purchasers in accordance with chapter 718
565	or chapter 719 and the managing entity includes a description of
566	any changes in the adopted budget with the assessment notice and
567	a disclosure regarding the purchasers' right to receive a copy
568	of the adopted budget, if desired. The budget shall contain, as
569	a footnote or otherwise, any related party transaction
570	disclosures or notes which appear in the audited financial
571	statements of the managing entity for the previous budget year
572	as required by paragraph (e). A copy of the final budget shall
573	be filed with the division for review within 30 days after the
574	beginning of each fiscal year together with a statement of the
575	number of periods of 7-day annual use availability that exist
576	within the timeshare plan, including those periods filed for
577	sale by the developer but not yet committed to the timeshare
578	plan, for which annual fees are required to be paid to the
579	division under s. 721.27.
580	2.  Notwithstanding anything contained in chapter 718 or
581	chapter 719 to the contrary, the board of administration of an
582	owners' association which serves as the managing entity may from
583	time to time reallocate reserves for deferred maintenance and
584	capital expenditures required by s. 721.07(5)(t)(u)3.a.(XI) from
585	any deferred maintenance or capital expenditure reserve account
586	to any other deferred maintenance or capital expenditure reserve
587	account or accounts in its discretion without the consent of
588	purchasers of the timeshare plan. Funds in any deferred
589	maintenance or capital expenditure reserve account may not be
590	transferred to any operating account without the consent of a
591	majority of the purchasers of the timeshare plan. The managing
592	entity may from time to time transfer excess funds in any
593	operating account to any deferred maintenance or capital
594	expenditure reserve account without the vote or approval of
595	purchasers of the timeshare plan. In the event any amount of
596	reserves for accommodations and facilities of a timeshare plan
597	containing timeshare licenses or personal property timeshare
598	interests exists at the end of the term of the timeshare plan,
599	such reserves shall be refunded to purchasers on a pro rata
600	basis.
601	3.  With respect to any timeshare plan that has a managing
602	entity that is an owners' association, reserves may be waived or
603	reduced by a majority vote of those voting interests that are
604	present, in person or by proxy, at a duly called meeting of the
605	owners' association. If a meeting of the purchasers has been
606	called to determine whether to waive or reduce the funding of
607	reserves and no such result is achieved or a quorum is not
608	attained, the reserves as included in the budget shall go into
609	effect.
610	(12)(a)  In addition to any other rights granted by the
611	rules and regulations of the timeshare plan, the managing entity
612	of a timeshare plan is authorized to manage the reservation and
613	use of accommodations using those processes, analyses,
614	procedures, and methods that are in the best interests of the
615	owners as a whole to efficiently manage the timeshare plan and
616	encourage the maximum use and enjoyment of the accommodations
617	and other benefits made available through the timeshare plan.
618	The managing entity shall have the right to forecast anticipated
619	reservation and use of the accommodations, including the right
620	to take into account current and previous reservation and use of
621	the accommodations, information about events that are scheduled
622	to occur, seasonal use patterns, and other pertinent factors
623	that affect the reservation or use of the accommodations. In
624	furtherance of the provisions of this subsection, the managing
625	entity is authorized to reserve accommodations, in the best
626	interests of the owners as a whole, for the purposes of
627	depositing such reserved use with an affiliated exchange program
628	or renting such reserved accommodations in order to facilitate
629	the use or future use of the accommodations or other benefits
630	made available through the timeshare plan.
631	(b)  A statement in conspicuous type, in substantially the
632	following form, shall appear in the public offering statement as
633	provided in s. 721.07:
634
635	The managing entity shall have the right to forecast
636	anticipated reservation and use of the accommodations of
637	the timeshare plan and is authorized to reasonably reserve,
638	deposit, or rent the accommodations for the purpose of
639	facilitating the use or future use of the accommodations or
640	other benefits made available through the timeshare plan.
641
642	(c)  The managing entity shall maintain copies of all
643	records, data, and information supporting the processes,
644	analyses, procedures, and methods utilized by the managing
645	entity in its determination to reserve accommodations of the
646	timeshare plan pursuant to this subsection for a period of 5
647	years from the date of such determination. In the event of an
648	investigation by the division for failure of a managing entity
649	to comply with this subsection, the managing entity shall make
650	all such records, data, and information available to the
651	division for inspection, provided that if the managing entity
652	complies with the provisions of s. 721.071, any such records,
653	data, and information provided to the division shall constitute
654	a trade secret pursuant to that section.
655	Section 8.  Paragraph (c) of subsection (2) of section
656	721.15, Florida Statutes, is amended, and subsection (11) is
657	added to that section, to read:
658	721.15  Assessments for common expenses.--
659	(2)
660	(c)  For the purpose of calculating the obligation of a
661	developer under a guarantee pursuant to paragraph (b), amounts
662	expended for any insurance coverage required by law or by the
663	timeshare instrument to be maintained by the owners' association
664	and depreciation expenses related to real property shall be
665	excluded from common expenses incurred during the guarantee
666	period, except that for real property that is used for the
667	production of fees, revenues, or other income, depreciation
668	expenses shall be excluded only to the extent that they exceed
669	the net income from the production of such fees, revenues, or
670	other income. Any special assessment imposed for amounts
671	excluded from the developer guarantee pursuant to this paragraph
672	shall be paid proportionately by all owners of timeshare
673	interests, including the developer with respect to the timeshare
674	interests owned by the developer, in accordance with the
675	timeshare instrument.
676	(11)  Notwithstanding any provision of chapter 718 or
677	chapter 719 to the contrary, any determination by a timeshare
678	association of whether assessments exceed 115 percent of
679	assessments for the prior fiscal year shall exclude anticipated
680	expenses for insurance coverage required by law or by the
681	timeshare instrument to be maintained by the association.
682	Section 9.  Section 721.165, Florida Statutes, is amended
683	to read:
684	721.165  Insurance.--
685	(1)  Notwithstanding any provision contained in the
686	timeshare instrument or in this chapter, chapter 718, or chapter
687	719 to the contrary, the seller, initially, and thereafter the
688	managing entity, shall use due diligence to obtain adequate
689	casualty be responsible for obtaining insurance as a common
690	expense of the timeshare plan to protect the timeshare property
691	against all reasonably foreseeable perils, in such covered
692	amounts and subject to such reasonable exclusions and reasonable
693	deductibles as are consistent with the provisions of this
694	section accommodations and facilities of the timeshare plan in
695	an amount equal to the replacement cost of such accommodations
696	and facilities. Failure to obtain and maintain the insurance
697	required by this subsection during any period of developer
698	control of the managing entity shall constitute a breach of s.
699	721.13(2)(a) by the managing entity, unless the managing entity
700	can show that, despite such failure, it exercised due diligence
701	to obtain and maintain the insurance required by this
702	subsection.
703	(2)  In making the determination as to whether the
704	insurance obtained pursuant to subsection (1) is adequate, the
705	managing entity shall take into account the following factors,
706	among others as may be applicable:
707	(a)  Available insurance coverages and related premiums in
708	the marketplace.
709	(b)  Amounts of any related deductibles, types of
710	exclusions, and coverage limitations.
711	(c)  The probable maximum loss relating to the insured
712	timeshare property during the policy term.
713	(d)  The extent to which a given peril is insurable under
714	commercially reasonable terms.
715	(e)  Amounts of any deferred maintenance or replacement
716	reserves on hand.
717	(f)  Geography and any special risks associated with the
718	location of the timeshare property.
719	(g)  The age and type of construction of the timeshare
720	property.
721	(3)  Notwithstanding any provision contained in this
722	section or in the timeshare instrument to the contrary,
723	insurance shall be procured and maintained by the managing
724	entity for the timeshare property as a common expense of the
725	timeshare plan against such perils, in such coverages, and
726	subject to such reasonable deductions or reasonable exclusions
727	as may be required by:
728	(a)  An institutional lender to a developer, for so long as
729	such lender holds a mortgage encumbering any interest in or lien
730	against a portion of the timeshare property; or
731	(b)  Any holder or pledgee of, or any institutional lender
732	having a security interest in, a pool of promissory notes
733	secured by mortgages or other security interests relating to the
734	timeshare plan, executed by purchasers in connection with such
735	purchasers' acquisition of timeshare interests in such timeshare
736	property, or any agent, underwriter, placement agent, trustee,
737	servicer, custodian, or other portfolio manager acting on behalf
738	of such holder, pledgee, or institutional lender, for so long as
739	any such notes and mortgages or other security interests remain
740	outstanding.
741	(4)  Notwithstanding any provision contained in the
742	timeshare instrument or in this chapter, chapter 718, or chapter
743	719 to the contrary, the managing entity is authorized to apply
744	any existing reserves for deferred maintenance and capital
745	expenditures toward payment of insurance deductibles or the
746	repair or replacement of the timeshare property after a casualty
747	without regard to the purposes for which such reserves were
748	originally established.
749	(5)  Notwithstanding any provision in the timeshare
750	instrument or in this chapter, chapter 607, chapter 617, chapter
751	718, or chapter 719 to the contrary:
752	(a)  The managing entity shall not be liable for any claims
753	relating to the insufficiency or inadequacy of any insurance
754	procured or maintained pursuant to this section other than
755	claims based on the gross negligence or willful misconduct of
756	the managing entity in procuring or maintaining such insurance.
757	(b)  The managing entity shall not be liable for any claims
758	relating to the insufficiency or inadequacy of any insurance
759	procured or maintained pursuant to this section under any
760	circumstances if the managing entity's plan for insurance
761	coverage is approved, or if the insurance coverage actually
762	procured by the managing entity is ratified, by a majority of
763	the owners of the timeshare plan, including any developer,
764	present in person or by proxy at a properly noticed meeting
765	called for such purpose. A minimum quorum of 15 percent of all
766	owners of the timeshare plan, including any developer, shall be
767	required to attend the owner meeting contemplated by this
768	paragraph in person or by proxy.
769	(c)  The failure of the managing entity to request or
770	obtain approval or ratification of an insurance plan or
771	insurance coverage shall not be evidence of the gross negligence
772	or willful misconduct of the managing entity pursuant to
773	paragraph (a).
774	(6)(2)  A copy of each policy of insurance in effect shall
775	be made available for reasonable inspection by purchasers and
776	their authorized agents.
777	Section 10.  Subsections (1) and (2) of section 721.20,
778	Florida Statutes, are amended to read:
779	721.20  Licensing requirements; suspension or revocation of
780	license; exceptions to applicability; collection of advance fees
781	for listings unlawful.--
782	(1)  Any seller of a timeshare plan must be a licensed real
783	estate broker, broker associate, or sales associate as defined
784	in s. 475.01; however, any individual, corporation, partnership,
785	trust, joint venture, or other entity that sells, exchanges, or
786	leases its own timeshare interests, and any employee of such
787	seller, regardless of whether such employee is paid a commission
788	or other compensation to make such sales, exchanges, or leases
789	of the seller's own timeshare interests to or with such seller's
790	customers, shall be exempt from the provisions of chapter 475,
791	except as provided in s. 475.011.
792	(2)  Any person Solicitors who engages engage only in the
793	solicitation of prospective purchasers and any purchaser who
794	refers no more than 20 people to a developer per year or who
795	otherwise provides testimonials on behalf of a developer is are
796	exempt from the provisions of chapter 475.
797	Section 11.  Paragraphs (f) and (h) of subsection (4) and
798	paragraph (l) of subsection (7) of section 721.55, Florida
799	Statutes, are amended to read:
800	721.55  Multisite timeshare plan public offering
801	statement.--Each filed public offering statement for a multisite
802	timeshare plan shall contain the information required by this
803	section and shall comply with the provisions of s. 721.07,
804	except as otherwise provided therein. The division is authorized
805	to provide by rule the method by which a developer must provide
806	such information to the division. Each multisite timeshare plan
807	filed public offering statement shall contain the following
808	information and disclosures:
809	(4)  A text, which shall include, where applicable, the
810	information and disclosures set forth in paragraphs (a)-(l).
811	(f)  If the provisions of s. 721.552 and the timeshare
812	instrument permit additions, substitutions, or deletions of
813	accommodations or facilities, the public offering statement must
814	include substantially the following information:
815	1.  Additions.--
816	a.  A description of the basis upon which new
817	accommodations and facilities may be added to the multisite
818	timeshare plan; by whom additions may be made; and the
819	anticipated effect of the addition of new accommodations and
820	facilities upon the reservation system, its priorities, its
821	rules and regulations, and the availability of existing
822	accommodations and facilities.
823	b.  The developer must disclose the existence of any cap on
824	annual increases in common expenses of the multisite timeshare
825	plan that would apply in the event that additional
826	accommodations and facilities are made a part of the plan.
827	c.  The developer shall also disclose any extent to which
828	the purchasers of the multisite timeshare plan will have the
829	right to consent to any proposed additions; if the purchasers do
830	not have the right to consent, the developer must include the
831	following disclosure in conspicuous type:
832
833	Accommodations and facilities may be added to this
834	multisite timeshare plan (or multisite vacation ownership plan
835	or multisite vacation plan or vacation club) without the consent
836	of the purchasers. The addition of accommodations and facilities
837	to the plan may result in the addition of new purchasers who
838	will compete with existing purchasers in making reservations for
839	the use of available accommodations and facilities within the
840	plan, and may also result in an increase in the annual
841	assessment against purchasers for common expenses.
842
843	2.  Substitutions.--
844	a.  A description of the basis upon which new
845	accommodations and facilities may be substituted for existing
846	accommodations and facilities of the multisite timeshare plan;
847	by whom substitutions may be made; the basis upon which the
848	determination may be made to cause such substitutions to occur;
849	and any limitations upon the ability to cause substitutions to
850	occur.
851	b.  The developer shall also disclose any extent to which
852	purchasers will have the right to consent to any proposed
853	substitutions; if the purchasers do not have the right to
854	consent, the developer must include the following disclosure in
855	conspicuous type:
856
857	New accommodations and facilities may be substituted for
858	existing accommodations and facilities of this multisite
859	timeshare plan (or multisite vacation ownership plan or
860	multisite vacation plan or vacation club) without the consent of
861	the purchasers. The replacement accommodations and facilities
862	may be located at a different place or may be of a different
863	type or quality than the replaced accommodations and facilities.
864	The substitution of accommodations and facilities may also
865	result in an increase in the annual assessment against
866	purchasers for common expenses.
867
868	3.  Deletions.--A description of any provision of the
869	timeshare instrument governing deletion of accommodations or
870	facilities from the multisite timeshare plan. If the timeshare
871	instrument does not provide for business interruption insurance
872	in the event of a casualty, or if it is unavailable, or if the
873	instrument permits the developer, the managing entity, or the
874	purchasers to elect not to reconstruct after casualty under
875	certain circumstances or to secure replacement accommodations or
876	facilities in lieu of reconstruction, the public offering
877	statement must contain a disclosure that during the
878	reconstruction, replacement, or acquisition period, or as a
879	result of a decision not to reconstruct, purchasers of the plan
880	may temporarily compete for available accommodations on a
881	greater than one-to-one use right purchaser to use night
882	requirement accommodation ratio.
883	(h)  A description of the purchaser's liability for common
884	expenses of the multisite timeshare plan, including the
885	following:
886	1.  A description of the common expenses of the plan,
887	including the method of allocation and assessment of such common
888	expenses, whether component site common expenses and real estate
889	taxes are included within the total common expense assessment of
890	the multisite timeshare plan, and, if not, the manner in which
891	timely payment of component site common expenses and real estate
892	taxes shall be accomplished.
893	2.  A description of any cap imposed upon the level of
894	common expenses payable by the purchaser. In no event shall the
895	total common expense assessment for the multisite timeshare plan
896	in a given calendar year exceed 125 percent of the total common
897	expense assessment for the plan in the previous calendar year.
898	3.  A description of the entity responsible for the
899	determination of the common expenses of the multisite timeshare
900	plan, as well as any entity which may increase the level of
901	common expenses assessed against the purchaser at the multisite
902	timeshare plan level.
903	4.  A description of the method used to collect common
904	expenses, including the entity responsible for such collections,
905	and the lien rights of any entity for nonpayment of common
906	expenses. If the common expenses of any component site are
907	collected by the managing entity of the multisite timeshare
908	plan, a statement to that effect together with the identity and
909	address of the escrow agent required by s. 721.56(3).
910	5.  If the purchaser will receive an interest in a
911	nonspecific multisite timeshare plan, a statement that a
912	multisite timeshare plan budget is attached to the public
913	offering statement as an exhibit pursuant to paragraph (7)(c).
914	The multisite timeshare plan budget shall comply with the
915	provisions of s. 721.07(5)(t)(u).
916	6.  If the developer intends to guarantee the level of
917	assessments for the multisite timeshare plan, such guarantee
918	must be based upon a good faith estimate of the revenues and
919	expenses of the multisite timeshare plan. The guarantee must
920	include a description of the following:
921	a.  The specific time period, measured in one or more
922	calendar or fiscal years, during which the guarantee will be in
923	effect.
924	b.  A statement that the developer will pay all common
925	expenses incurred in excess of the total revenues of the
926	multisite timeshare plan, if the developer is to be excused from
927	the payment of assessments during the guarantee period.
928	c.  The level, expressed in total dollars, at which the
929	developer guarantees the assessments. If the developer has
930	reserved the right to extend or increase the guarantee level, a
931	disclosure must be included to that effect.
932	7.  If required under applicable law, the developer shall
933	also disclose the following matters for each component site:
934	a.  Any limitation upon annual increases in common
935	expenses;
936	b.  The existence of any bad debt or working capital
937	reserve; and
938	c.  The existence of any replacement or deferred
939	maintenance reserve.
940	(7)  The following documents shall be included as exhibits
941	to the filed public offering statement, if applicable:
942	(l)1.  If the multisite timeshare plan contains any
943	component sites located in this state, the information required
944	by s. 721.07(5) pertaining to each such component site unless
945	exempt pursuant to s. 721.03.
946	2.  If the purchaser will receive a timeshare estate
947	pursuant to s. 721.57, or an interest in a specific multisite
948	timeshare plan, in a component site located outside of this
949	state but which is offered in this state, the information
950	required by s. 721.07(5) pertaining to that component site,
951	provided, however, that the provisions of s. 721.07(5)(t)(u)
952	shall only require disclosure of information related to the
953	estimated budget for the timeshare plan and purchaser's expenses
954	as required by the jurisdiction in which the component site is
955	located.
956	Section 12.  Paragraph (b) of subsection (1), paragraph (g)
957	of subsection (2), and subsection (3) of section 721.552,
958	Florida Statutes, are amended to read:
959	721.552  Additions, substitutions, or deletions of
960	component site accommodations or facilities; purchaser remedies
961	for violations.--Additions, substitutions, or deletions of
962	component site accommodations or facilities may be made only in
963	accordance with the following:
964	(1)  ADDITIONS.--
965	(b)  Any person who is authorized by the timeshare
966	instrument to make additions to the multisite timeshare plan
967	pursuant to this subsection shall act as a fiduciary in such
968	capacity in the best interests of the purchasers of the plan as
969	a whole and shall adhere to the demand balancing standard set
970	forth in s. 721.56(6) in connection with such additions.
971	Additions that are otherwise permitted may be made only so long
972	as a one-to-one use right purchaser to use night requirement
973	accommodation ratio is maintained at all times.
974	(2)  SUBSTITUTIONS.--
975	(g)  The person who is authorized by the timeshare
976	instrument to make substitutions to the multisite timeshare plan
977	pursuant to this subsection shall act as a fiduciary in such
978	capacity in the best interests of the purchasers of the plan as
979	a whole and shall adhere to the demand balancing standard set
980	forth in s. 721.56(6) in connection with such substitutions.
981	Substitutions that are otherwise permitted may be made only so
982	long as a one-to-one use right purchaser to use night
983	requirement accommodation ratio is maintained at all times.
984	(3)  DELETIONS.--
985	(a)  Deletion by casualty.--
986	1.  Pursuant to s. 721.165, the timeshare instrument
987	creating the multisite timeshare plan must provide for casualty
988	insurance for the accommodations and facilities of the multisite
989	timeshare plan in an amount equal to the replacement cost of
990	such accommodations or facilities. The timeshare instrument must
991	also provide that in the event of a casualty that results in
992	accommodations or facilities being unavailable for use by
993	purchasers, the managing entity shall notify all affected
994	purchasers of such unavailability of use within 30 days after
995	the event of casualty.
996	2.  The timeshare instrument must also provide for the
997	application of any insurance proceeds arising from a casualty to
998	either the replacement or acquisition of additional similar
999	accommodations or facilities or to the removal of purchasers
1000	from the multisite timeshare plan so that purchasers will not be
1001	competing for available accommodations on a greater than one-to-
1002	one use right purchaser to use night requirement accommodation
1003	ratio.
1004	3.  If the timeshare instrument does not provide for
1005	business interruption insurance, or if it is unavailable, or if
1006	the instrument permits the developer, the managing entity, or
1007	the purchasers to elect not to reconstruct after casualty under
1008	certain circumstances or to secure replacement accommodations or
1009	facilities in lieu of reconstruction, purchasers of the plan may
1010	temporarily compete for available accommodations on a greater
1011	than one-to-one use right purchaser to use night requirement
1012	accommodation ratio. The decision whether or not to reconstruct
1013	shall be made as promptly as possible under the circumstances.
1014	4.  Any replacement of accommodations or facilities
1015	pursuant to this paragraph shall be made upon the same basis as
1016	required for substitution as set forth in subparagraph (2)(b)2.
1017	(b)  Deletion by eminent domain.--
1018	1.  The timeshare instrument creating the multisite
1019	timeshare plan must also provide for the application of any
1020	proceeds arising from a taking under eminent domain proceedings
1021	to either the replacement or acquisition of additional similar
1022	accommodations or facilities or to the removal of purchasers
1023	from the multisite timeshare plan so that purchasers will not be
1024	competing for available accommodations on a greater than one-to-
1025	one use right purchaser to use night requirement accommodation
1026	ratio.
1027	2.  Any replacement of accommodations or facilities
1028	pursuant to this paragraph shall be made upon the same basis as
1029	required for substitution set forth in subparagraph (2)(b)2.
1030	(c)  Automatic deletion.--The timeshare instrument may
1031	provide that a component site will be automatically deleted upon
1032	the expiration of its term in a timeshare plan other than a
1033	nonspecific multisite timeshare plan or as otherwise provided in
1034	the timeshare instrument. However, the timeshare instrument must
1035	also provide that in the event a component site is deleted from
1036	the plan in this manner, a sufficient number of purchasers of
1037	the plan will also be deleted so as to maintain no greater than
1038	a one-to-one use right purchaser to use night requirement
1039	accommodation ratio.
1040	Section 13.  Subsection (1) of section 721.97, Florida
1041	Statutes, is amended to read:
1042	721.97  Timeshare commissioner of deeds.--
1043	(1)  The Governor may appoint commissioners of deeds to
1044	take acknowledgments, proofs of execution, or oaths in any
1045	foreign country, in international waters, or in any possession,
1046	territory, or commonwealth of the United States outside the 50
1047	states. The term of office is 4 years. Commissioners of deeds
1048	shall have authority to take acknowledgments, proofs of
1049	execution, and oaths in connection with the execution of any
1050	deed, mortgage, deed of trust, contract, power of attorney, or
1051	any other writing to be used or recorded in connection with a
1052	timeshare estate, personal property timeshare interest,
1053	timeshare license, any property subject to a timeshare plan, or
1054	the operation of a timeshare plan located within this state;
1055	provided such instrument or writing is executed outside the
1056	United States. Such acknowledgments, proofs of execution, and
1057	oaths must be taken or made in the manner directed by the laws
1058	of this state, including but not limited to s. 117.05(4),
1059	(5)(a), and (6), Florida Statutes 1997, and certified by a
1060	commissioner of deeds. The certification must be endorsed on or
1061	annexed to the instrument or writing aforesaid and has the same
1062	effect as if made or taken by a notary public licensed in this
1063	state.
1064	Section 14.  This act shall take effect July 1, 2007.

CODING: Words stricken are deletions; words underlined are additions.