CS for SB 932 - Timeshares

• Revises definition of "timeshare estate" to include beneficial interests in trusts complying with specified requirements, clarifying that timeshare estates are parcels of real property.

• Creates section 721.125 allowing 60 percent of voting interests to extend or terminate timeshare plans after 25 years of existence, with immediate effect upon termination.

• Removes requirement for court approval of trustee dispositions of timeshare trust property and eliminates voting requirements for substitution or automatic deletion of multisite timeshare accommodations and facilities.

• Permits leasehold accommodations and facilities to be added to timeshare trusts with unexpired lease terms disclosed as the term of the timeshare plan.

• Modifies multisite timeshare plan public offering statements to require conspicuous disclosure of component site terms shorter than the overall plan term and changes common expense assessment cap from unlimited increases to 125 percent annually, excluding component site expenses.

• Transfers data transfer obligations for terminated managing entities from section 721.56 to section 721.14, requiring transfer of reservation system data within 90 days.