The Florida Senate

721.27  Annual fee for each timeshare period in plan.--On January 1 of each year, each managing entity shall collect as a common expense and pay to the division an annual fee equal to the aggregate filing fee calculated pursuant to s. 721.07(4)(a) or s. 721.58, whichever is applicable, based upon the total number of periods of 7-day annual use availability that exist within the timeshare plan at that time. Each developer of a phased timeshare plan shall remit to the managing entity that portion of the annual fee that relates to those timeshare units filed for sale by the developer but not yet declared as part of the condominium or cooperative regime or otherwise committed to the timeshare plan before January 1. If any portion of the annual fee is not paid by March 1, the managing entity shall be assessed a late fee of 10 percent of the amount due or $250, whichever is greater.

History.--s. 1, ch. 81-172; s. 23, ch. 83-264; s. 10, ch. 91-236; s. 11, ch. 93-58; s. 17, ch. 95-274.