FL S0818

Revises the definition of "interestholder" in multisite timeshare plans to exclude parties with interests only in single-site timeshare plans or condominiums that are component sites of the multisite plan, clarifying existing law.

Specifies that timeshare instruments and property regime documents establishing component sites are not encumbrances and do not require nondisturbance or subordination instruments.

Separates timeshare plan termination from extension procedures; termination requires 60 percent of voting interests and immediately takes effect, while extension is governed by new section 721.1255.

For timeshare plan terminations, requires the owners' association board to serve as termination trustee with powers to partition or sell former timeshare property, with expenses paid proportionately by tenants in common; allows designation of voting representatives for units in continuing condominiums or cooperatives.

Creates new extension procedures for timeshare plans requiring 66 percent of eligible voting interests present at a meeting (unless timeshare instrument specifies lower percentage), with a 50 percent quorum requirement and 3-year proxy validity.