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Chapter 721 Florida Statutes

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Chapter 721 Florida Statutes Department of Business CHAPTER 721 and FLORIDA STATUTES Professional Regulation THE FLORIDA VACATION PLAN AND TIMESHARING ACT Division of Florida Condominiums, And Timeshares, Chapters 61B-37 through 41, And Mobile Homes Florida Administrative Code Northwood Centre 1940 North Monroe Street Tallahassee, Florida 32399-1030 Includes laws enacted through the 2015 Legislative Session NOTICE TO RECIPIENT Chapter 721 of the Florida Statutes, also known as The Florida Vacation Plan and Timesharing Act, is a chapter of law that governs timeshares in the State of Florida. The Florida Vacation Plan and Timesharing Act should be read in conjunction with Chapters 61B-37 through 41, Florida Administrative Code. The administrative rules are promulgated by the Division of Florida Condominiums, Timeshares, and Mobile Homes to interpret, enforce, and implement Chapter 721, Florida Statutes. Division of Florida Condominiums, Timeshares, and Mobile Homes Northwood Centre 1940 North Monroe Street Tallahassee, FL 32399-1030 (850) 488-1122 This publication was undertaken expressly for the convenience of those who frequently refer to The Florida Vacation Plan and Timesharing Act, and is not in any way intended to be an official published version of the law. F.S. 2015 VACATION AND TIMESHARE PLANS Ch. 721 CHAPTER 721 VACATION AND TIMESHARE PLANS PART I VACATION PLANS AND TIMESHARING (ss. 721.01-721.32) PART II VACATION CLUBS (ss. 721.50-721.58) PART III FORECLOSURE OF LIENS ON TIMESHARE INTERESTS (ss. 721.80-721.86) PART IV COMMISSIONER OF DEEDS (ss. 721.96-721.98) PART I 721.23 Securities. 721.24 Firesafety. VACATION PLANS AND TIMESHARING 721.25 Zoning and building. 721.26 Regulation by division. 721.01 Short title. 721.265 Service of process. 721.02 Purposes. 721.27 Annual fee for each timeshare unit in plan. 721.03 Scope of chapter. 721.28 Division of Florida Condominiums, Time- 721.04 Saving clause. shares, and Mobile Homes Trust Fund. 721.05 Definitions. 721.29 Recording. 721.056 Supervisory duties of developer. 721.301 Florida Timesharing, Vacation Club, and 721.06 Contracts for purchase of timeshare inter- Hospitality Program. ests. 721.32 Effect of ch. 2000-302. 721.065 Resale purchase agreements. 721.07 Public offering statement. 721.01 Short title.ÐThis chapter shall be known 721.071 Trade secrets. and may be cited as the ªFlorida Vacation Plan and 721.075 Incidental benefits. Timesharing Act.º 721.08 Escrow accounts; nondisturbance instru- History.Ðs. 1, ch. 81-172; s. 2, ch. 91-236. ments; alternate security arrangements; transfer of legal title. 721.02 Purposes.ÐThe purposes of this chapter 721.09 Reservation agreements; escrows. are to: 721.10 Cancellation. (1) Give statutory recognition to real property time- 721.11 Advertising materials; oral statements. share plans and personal property timeshare plans in 721.111 Prize and gift promotional offers. this state. 721.12 Recordkeeping by seller. (2) Establish procedures for the creation, sale, 721.121 Recordkeeping by resale service providers exchange, promotion, and operation of timeshare plans. and lead dealers. (3) Provide full and fair disclosure to the purchasers 721.125 Extension or termination of timeshare plans. and prospective purchasers of timeshare plans. 721.13 Management. (4) Require every timeshare plan offered for sale or 721.14 Discharge of managing entity. created and existing in this state to be subjected to the 721.15 Assessments for common expenses. provisions of this chapter. 721.16 Liens for overdue assessments; liens for (5) Require full and fair disclosure of terms, condi- labor performed on, or materials furnished tions, and services by resale service providers acting on to, a timeshare unit. behalf of consumer timeshare resellers or on behalf of 721.165 Insurance. prospective consumer resale purchasers, regardless of 721.17 Transfer of interest; resale transfer agree- the business model employed by the resale service ments. provider. 721.18 Exchange programs; filing of information and (6) Recognize that the tourism industry in this state other materials; filing fees; unlawful acts in is a vital part of the state's economy; that the sale, connection with an exchange program. promotion, and use of timeshare plans is an emerging, 721.19 Provisions requiring purchase or lease of dynamic segment of the tourism industry; that this timeshare property by owners' association segment of the tourism industry continues to grow, or purchasers; validity. both in volume of sales and in complexity and variety of 721.20 Licensing requirements; suspension or re- product structure; and that a uniform and consistent vocation of license; exceptions to applica- method of regulation is necessary in order to safeguard bility; collection of advance fees for listings Florida's tourism industry and the state's economic well- unlawful. being. In order to protect the quality of Florida timeshare 721.205 Resale service providers; disclosure obliga- plans and the consumers who purchase them, it is the tions. intent of the Legislature that this chapter be interpreted 721.21 Purchasers' remedies. broadly in order to encompass all forms of timeshare 721.22 Partition. plans with a duration of at least 3 years that are created 1 Ch. 721 VACATION AND TIMESHARE PLANS F.S. 2015 with respect to accommodations and facilities that are However, the management and operation of any located in the state or that are offered for sale in the accommodations or facilities located in Florida is state as provided herein, including, but not limited to, subject to Florida law and may give rise to enforcement condominiums, cooperatives, undivided interest camp- action regardless of the location of any offer. grounds, cruise ships, vessels, houseboats, and re- creational vehicles and other motor vehicles, and (c) All timeshare accommodations or facilities which including vacation clubs, multisite vacation plans, and are located outside the state but offered for sale in this multiyear vacation and lodging certificates. state shall be governed by the following: History.Ðs. 1, ch. 81-172; s. 1, ch. 83-264; s. 47, ch. 85-62; s. 3, ch. 91-236; s. 1. The offering for sale in this state of timeshare 1, ch. 2004-279; s. 1, ch. 2012-76. accommodations and facilities located outside the state 721.03 Scope of chapter.Ð is subject only to the provisions of ss. 721.01-721.12, (1) This chapter applies to all timeshare plans 721.18, 721.20, 721.21, 721.26, 721.28, and part II. consisting of more than seven timeshare periods over 2. The division shall not require a developer of a period of at least 3 years in which the accommoda- timeshare accommodations or facilities located outside tions and facilities, if any, are located within this state or of this state to make changes in any timeshare offered within this state; provided that: instrument to conform to the provisions of s. 721.07 (a) With respect to a timeshare plan containing or s. 721.55. The division shall have the power to require accommodations or facilities located in this state which disclosure of those provisions of the timeshare instru- has previously been filed with and approved by the ment that do not conform to s. 721.07 or s. 721.55 as the division and which is offered for sale in other jurisdic- director determines is necessary to fairly, meaningfully, tions within the jurisdictional limits of the United States, and effectively disclose all aspects of the timeshare the offering or sale of the timeshare plan in such plan. jurisdictions shall not be subject to the provisions of 3. Except as provided in this subparagraph, the this chapter. division shall have no authority to determine whether (b) With respect to a timeshare plan containing any person has complied with another state's laws or to accommodations or facilities located in this state which disapprove any filing out-of-state, timeshare instrument, is offered for sale outside the jurisdictional limits of the or component site document, based solely upon the lack United States, such offer or sale shall be exempt from or degree of timeshare regulation in another state. The the requirements of this chapter, provided that the division may require a developer to obtain and provide developer shall either file the timeshare plan with the to the division existing documentation relating to an out- division for approval pursuant to this chapter, or pay an of-state filing, timeshare instrument, or component site exemption registration fee of $100 and file the following document and prove compliance of same with the laws minimum information pertaining to the timeshare plan of that state. In this regard, the division may accept any with the division for approval: evidence of the approval or acceptance of any out-of- 1. The name and address of the timeshare plan. state filing, timeshare instrument, or component site 2. The name and address of the developer and document by another state in lieu of requiring a seller, if any. developer to file the out-of-state filing, timeshare 3. The location and a brief description of the instrument, or component site document with the accommodations and facilities, if any, that are located division pursuant to this section, or the division may in this state. accept an opinion letter from an attorney or law firm 4. The number of timeshare interests and time- opining as to the compliance of such out-of-state filing, share periods to be offered. timeshare instrument, or component site document with 5. The term of the timeshare plan. the laws of another state. The division may refuse to 6. A copy of the timeshare instrument relating to approve the inclusion of any out-of-state filing, time- the management and operation of accommodations and share instrument, or component site document as part facilities, if any, that are located in this state.
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