The Florida Senate

721.553  Portrayal of proposed component sites.--A seller of a multisite timeshare plan may portray a possible component site to prospective purchasers with no accommodations or facilities located at such component site being available for use by purchasers so long as the seller satisfies the following requirements:

(1)  A developer of a multisite timeshare plan may disseminate oral or written statements to broadcast or print media describing the general geographic location of a possible component site with no obligation on the developer's part to actually add such component site to the multisite timeshare plan or to amend the developer's filing with the division, but only so long as such oral or written statements are not considered advertising material pursuant to s. 721.11(3)(e). For purposes of this subsection, the term "general geographic location" shall mean the boundaries of a state or country.

(2)  A seller may make representations to purchasers in advertising material or in a public offering statement regarding the possible accommodations and facilities of a possible component site only after the developer has entered into a contract to purchase the real property underlying the possible component site, under which contract all contingencies pertaining to zoning, development, and any necessary consents and permits have been either satisfied or waived. However, prior to the satisfaction or waiver of any contractual contingencies pertaining to zoning, development, or any necessary consents and permits, a seller may portray to purchasers in advertising material or in a public offering statement any drawings, renderings, maps, plans, depictions, or other graphic representations of the possible component site or its accommodations or facilities which have been submitted by the developer to any governmental authority for approval for purposes of obtaining building or development permits. The division may require that the developer provide the division with copies of any documents filed by the developer with any governmental authority pursuant to this subsection.

(3)  In the event a seller makes any of the representations permitted by subsection (2), the purchase agreement must contain the following conspicuous disclosure unless and until such time as the developer has committed itself in the timeshare instrument to adding the possible component site to the multisite timeshare plan, at which time the seller may portray the component site pursuant to the timeshare instrument without restriction:

[Description of possible component site] is only a possible component site which may never be added to the multisite timeshare plan (or multisite vacation ownership plan or multisite vacation plan or vacation club). Do not purchase an interest in the multisite timeshare plan (or multisite vacation ownership plan or multisite vacation plan or vacation club) in reliance upon the addition of this component site.

(4)  Anything contained in this chapter to the contrary notwithstanding, a developer or managing entity may communicate with existing purchasers who have closed on their purchases regarding possible component sites without restriction, so long as all oral and written statements made to existing purchasers pursuant to this subsection comply with the provisions of s. 721.11(4).

(5)  Any violation of this section by a developer, seller, or managing entity shall constitute a violation of this chapter. Any violation of this section with respect to a purchaser whose purchase has not yet closed shall be deemed to provide that purchaser with a new 10-day voidability period.

History.--s. 25, ch. 95-274; s. 15, ch. 97-93.