Florida Statutes 721.551 – Delivery of multisite timeshare plan purchaser public offering statement
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(1) The division is authorized to prescribe by rule the form of the approved multisite timeshare plan public offering statement that must be furnished by a seller to each purchaser pursuant to this section. The form of the public offering statement that is furnished to purchasers must provide fair, meaningful, and effective disclosure of all aspects of the multisite timeshare plan.
(2) The developer shall furnish each purchaser with the following:
(a) A copy of the approved multisite timeshare plan public offering statement text containing the information required by s. 721.55(1)-(6).
Terms Used In Florida Statutes 721.551
- Component site: means a specific geographic site where a portion of the accommodations and facilities of the multisite timeshare plan are located. See Florida Statutes 721.52
- Developer: includes :(a)1. See Florida Statutes 721.05
- Division: means the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. See Florida Statutes 721.05
- Filed public offering statement: means a public offering statement that has been filed with the division pursuant to…. See Florida Statutes 721.05
- Managing entity: means the person who operates or maintains the timeshare plan pursuant to…. See Florida Statutes 721.05
- Multisite timeshare plan: means any method, arrangement, or procedure with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations or facilities of more than one component site, only through use of a reservation system, whether or not the purchaser is able to elect to cease participating in the plan. See Florida Statutes 721.52
- Public offering statement: means the written materials describing a single-site timeshare plan or a multisite timeshare plan, including a text and any exhibits attached thereto as required by ss. See Florida Statutes 721.05
- Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan other than as security for an obligation. See Florida Statutes 721.05
- Purchaser public offering statement: means that portion of the filed public offering statement which must be delivered to purchasers pursuant to…. See Florida Statutes 721.05
- Seller: means any developer or any other person, or any agent or employee thereof, who offers timeshare interests in the ordinary course of business. See Florida Statutes 721.05
- Specific multisite timeshare plan: means a multisite timeshare plan with respect to which a purchaser receives a specific right to use accommodations and facilities, if any, at one component site of a multisite timeshare plan, together with use rights in the other accommodations and facilities of the multisite timeshare plan created by or acquired through the reservation system. See Florida Statutes 721.52
- timeshare plan: includes :
(a) A "personal property timeshare plan" which means a timeshare plan in which the accommodations are comprised of personal property that is not permanently affixed to real property; and(b) A "real property timeshare plan" which means a timeshare plan in which the accommodations of the timeshare plan are comprised of or permanently affixed to real property. See Florida Statutes 721.05(b) A receipt for multisite timeshare plan documents and a list describing any exhibit to the filed public offering statement which is not delivered to the purchaser. The division is authorized to prescribe by rule the form of the receipt for multisite timeshare plan documents and the description of exhibits list that must be furnished to the purchaser pursuant to this section.(c) If the purchaser will receive an interest in a specific multisite timeshare plan component site located in this state, the developer shall also furnish the purchaser with the information required to be delivered pursuant to s. 721.07(6)(a) and (b) for that component site.(d) Any other exhibit that the developer elects to include as part of the purchaser public offering statement, provided that the developer first files the exhibit with the division.(e) An executed copy of any document which the purchaser signs.(f) The developer shall be required to provide the managing entity of the multisite timeshare plan with a copy of the approved filed public offering statement and any approved amendments thereto to be maintained by the managing entity as part of the books and records of the timeshare plan pursuant to s. 721.13(3)(d).