CS for SB 696 - Timeshares

• Exempts timeshare condominiums from certain condominium board election requirements, including provisions on secret ballots, proxy voting, and meeting location restrictions.

• Revises the definition of "timeshare estate" to clarify it includes direct or indirect interests in trusts complying with statutory requirements, provided the trust contains no personal property timeshare interests.

• Modifies reserve calculation requirements for real property timeshare plans to specify funding formulas based on straight-line or pooling accounting methods to cover estimated deferred maintenance or life and replacement costs over the remaining useful life of assets.

• Revises trustee foreclosure procedures for both assessment and mortgage liens by relocating title search requirements from initial affidavit to conditions for exercising the power of sale and adding detailed notice of lis pendens requirements.

• Clarifies notice perfection standards, adds provisions allowing trustees to use third parties to conduct foreclosure sales, and provides safe harbor for trustees making good faith efforts to ascertain obligor signatures on return receipts; effective July 1, 2013.