The Florida Senate

721.551  Delivery of multisite timeshare plan public offering statement.--

(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 filed with the division containing the information required by s. 721.55(1)-(6).

(b)  A receipt for multisite timeshare plan documents and a list describing any exhibit to the public offering statement filed with the division 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 a timeshare estate pursuant to s. 721.57 or a specific timeshare license as defined in s. 721.552(4) in a 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 the component site in which the purchaser will receive an estate or license.

(d)  Any other exhibit that the developer elects to include as part of the public offering statement to be furnished to purchasers, 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 public offering statement text and exhibits filed with the division 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).

History.--s. 23, ch. 95-274.