SB 797 Summary

• Requires time share plan disclosure statements to list primary plan documents (declaration, trust agreement, articles/bylaws, reservation and occupancy rules) and supplementary plan documents (annexation notices, property deeds, activation notices).

• Allows material liens and title defects to be disclosed in the statement, while non-material items may be referenced through a website link instead of being listed directly.

• Permits consultant review of developer filings to accept developer certification that time share interests are free of blanket liens or material encumbrances, rather than requiring review of all encumbrance copies.

• Clarifies disclosure requirements for limited permits allowing existing time share purchasers to buy additional interests in the same plan or out-of-state time share plans from the same developer or affiliated entities.

• Takes effect July 1, 2050.