CS/CS/HB 453 - Timeshares Summary

• Amends Florida timeshare law to revise definitions, public offering statement requirements, and escrow fund compliance procedures for timeshare plans and multisite timeshare operations.

• Creates new section 721.125 allowing 60% of voting interests to extend or terminate timeshare plans that have existed for at least 25 years, with automatic approval of termination/extension for component sites if authorized person consents.

• Modifies managing entity discharge procedures to require transfer of reservation system data within 90 days, with reasonable transition costs reimbursed as common expenses.

• Eliminates court approval requirement for trustee dispositions of multisite timeshare property and allows substitutions/deletions without voter approval, subject to specific conditions in section 721.552.

• Repeals section 721.54 on nonspecific multisite timeshare plan terms and revises multisite plan disclosure, substitution, and deletion requirements with specified limitations on accommodation changes and purchaser notification procedures.

• Effective date: July 1, 2015.