CS/HB 575 - Vacation and Timeshare Plans Summary

• Electronic Delivery of Documents: Developers may provide public offering statements and related documents electronically to purchasers, who must select their preferred delivery method.

• Incidental Benefits Changes: Removes aggregate value limitations on incidental benefits, prohibits transfer without provider approval, and requires substituted benefits be made available within 30 days if original becomes unavailable.

• Cancellation Rights Protection: Strengthens purchaser cancellation rights by prohibiting any waiver attempts and making closings voidable for up to 5 years if cancellation rights are violated.

• Termination Procedures: Establishes the board of administration as termination trustee with fiduciary duties, allowing interpleader actions for disputed proceeds and setting off unpaid assessments against net proceeds.

• Emergency Powers: Authorizes managing entities to take emergency actions during declared emergencies, including levying special assessments, borrowing funds, and issuing emergency rules without owner votes.