SB2049 Summary

• Adds definitions for "primary plan documents" (constituent documents of time share plan) and "supplementary plan documents" (annexation notices, property declarations, and instruments modifying the plan).

• Amends time share disclosure statement requirements to replace notice of liens and title defects with a list of primary plan documents and statement that supplementary documents are on file with the director.

• Eliminates requirement for developers to submit current disclosure statements, unit descriptions, financial statements, and title insurance/abstracts with renewal applications.

• Requires developers to submit copies of supplementary plan documents (or representative samples if director agrees) and allows submission of encumbrance documents using any electronic record format acceptable to the director.

• Exempts developers from submitting copies of federal/state/local laws, maps, land court certificates, and other judicial documents referenced in title reports or evidence of title unless specifically requested by the director.