S.B. 797 Summary

• Requires time share plan disclosure statements to list "primary plan documents," which include the time share declaration, trust agreements, articles of incorporation, bylaws, operating agreements, reservation rules, and occupancy regulations.

• Distinguishes "supplementary plan documents" (annexations, property declarations, notices of conveyance) from primary documents, except when supplementary documents establish new classes of time share interests with different rights, in which case they become primary documents subject to disclosure.

• Allows developers to disclose material liens, title defects, and encumbrances directly in the disclosure statement, with non-material items referenced via website link accompanied by a statement that they are not expected to substantially impact property utilization.

• Permits contracted private consultants reviewing developer filings to accept the developer's certification that all encumbrances on title have been reviewed and determined either free of material blanket liens or identified with their impacts, rather than requiring full independent review of all encumbrances.

• Effective date: June 30, 3000.