HB 13 Summary

• Requires developers of time share plans using title-holding trusts to submit a title report showing that title to the time share units has been conveyed to the trustee, but eliminates the requirement for subsequent title reports on that property.

• Requires developers of time share plans using a notice of time share plan to submit a title report showing the notice has been recorded on title, but eliminates the requirement for subsequent title reports on that property.

• Requires developers using alternative arrangements to protect buyers from future blanket liens to submit a title report showing recordation of all required documents, but eliminates the requirement for subsequent title reports on that property.

• Protects time share purchasers from foreclosure of blanket liens (such as mortgages) on the property by ensuring developers must demonstrate upfront that protective mechanisms are in place, then eliminates repetitive compliance requirements.