Louisiana Revised Statutes 9:1131.21 – Assessment for timeshare interest expenses
Terms Used In Louisiana Revised Statutes 9:1131.21
- Common elements: means all portions of timeshare property other than units. See Louisiana Revised Statutes 9:1131.2
- Developer: means the person, or any successor or assignee of such person, who creates the timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 9:1131.2
- Managing entity: means an entity with the duty to manage and operate the timeshare plan and/or the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Owner: means any person who owns or is a co-owner of a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Timeshare association: means a corporation owned by the timeshare interest owners and through which the timeshare interest owners manage and regulate the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Timeshare documents: means all of the documents, by whatever names denominated, and any amendments thereto, which establish the timeshare plan, create and govern the rights and relationships of owners, and govern the use and operation of the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Timeshare expenses: means any expenditures, fees, charges, or other liabilities for which an owner of a timeshare interest is liable as a result of the ownership of the timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
- Timeshare property: means one or more timeshare units subject to the same timeshare plan, together with any common elements or any other immovable property, or rights therein, appurtenant to those units. See Louisiana Revised Statutes 9:1131.2
- Timeshare unit: means a unit which is the subject of a timeshare plan. See Louisiana Revised Statutes 9:1131.2
- Unit: means immovable property, or a portion thereof, designated for separate occupancy. See Louisiana Revised Statutes 9:1131.2
A. Until timeshare expense assessments are made against the timeshare interests, the developer shall pay all timeshare expenses. After any timeshare expense assessment has been made against the owners, timeshare expense assessments must be made at least annually, based on a budget adopted at least annually by the managing entity.
B.(1) Except for assessments under Subsections C, D, and E of this Section, all timeshare expenses must be assessed against all the timeshare interests in accordance with the allocation set forth in the timeshare documents. The allocation of total common expenses set forth in the timeshare documents may vary on any reasonable basis, including but not limited to timeshare unit size, timeshare unit type, timeshare unit location, specific identification, or a combination of these factors, if the percentage interest in the common elements attributable to each timeshare interest equals the share of the total common expenses allocable to that interest. The share of a timeshare interest in the common expenses allocable to the timeshare interest may vary on any reasonable basis if the timeshare interest’s share of its parcel’s common expense allocation is equal to that timeshare interest’s share of the percentage interest in common elements attributable to such interest.
(2) No owner of a timeshare interest may be excused from the payment of its proportional share of the common expenses, except that the developer may be excused from the payment of such common expenses which would have been assessed against those units during a stated period of time during which the developer has guaranteed in writing to each timeshare interest owner or to the association that the expenses for the common elements would not increase over a stated dollar amount. If such a guarantee is given, the developer is obligated to pay any amount of common expenses incurred during the guarantee period, which was not produced by the assessments at the guarantee level from other timeshare interest owners. Any past due assessment or installment thereof bears interest at the rate established by the managing entity or timeshare documents not to exceed twelve percent per annum.
C. Any timeshare expense benefiting fewer than all of the owners must be assessed exclusively against the owners benefited.
D. Repealed by Acts 2003, No. 978, §3.
E. If any timeshare interest expense is caused by the misconduct of any owner, the timeshare association may assess that expense exclusively against that owner’s timeshare interest.
F. The provisions of this Section shall apply only to timeshare interests in timeshare property located in Louisiana.
G. No owner of a timeshare interest may be excused from the payment of his share of the common expenses unless all owners are likewise excused. Past due assessments may bear interest at the legal rate or some lesser rate established by the managing entity.
Added by Acts 1983, No. 552, §1; Acts 1984, No. 943, §1, eff. July 20, 1984; Acts 1985, No. 999, §3; Acts 2003, No. 978, §§1 and 3.
{{NOTE: SEE ACTS 1985, NO. 999, §5.}}