H.B. 1220 - Time Sharing Plans Summary

• Eliminates requirement that time share developers file copies of all encumbrances affecting title to time share units as part of the registration process, except for blanket liens and non-disturbance agreements.

• Removes requirement that time share disclosure statements list all encumbrances affecting title to all time share units in a time share plan.

• Requires disclosure statements to include condominium documents description only for time share plans where owners are actual unit owners in fee or under recorded unit lease.

• Allows developers to submit amended disclosure statements for ministerial updates (name, address, contact info, budget, assessments, and taxes) with an effective date no sooner than 20 days after submittal; litigation-related updates require 45-day effective date.

• Defines "plan documents," "primary plan documents," and "supplementary plan documents" to clarify documentation requirements for time share plan registration.