CS for CS for SB 2358 - Foreclosures Summary

• Establishes trustee foreclosure procedures for timeshare assessment liens (s. 721.855) and mortgage liens (s. 721.856) as alternatives to judicial foreclosure, with streamlined notice, objection, and sale requirements.

• Requires lien disclosure statements in public offering documents warning purchasers that failure to pay assessments may result in judicial or trustee foreclosure and that obligors can object to trustee foreclosure procedures.

• Grants timeshare owners' association officers and directors immunity from monetary damages unless their breach constitutes criminal violation, improper personal benefit, or conduct in bad faith or with wanton disregard.

• Eliminates deficiency judgments in trustee foreclosure sales; obligors are released from liability for amounts secured by the lien regardless of whether sale proceeds are insufficient.

• Modifies lien recording requirements, consolidation procedures for judicial foreclosures, and service provisions; exempts certain solicitors and purchaser referrers from licensing requirements under chapter 475.