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2001 SESSION

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HB 2120 Real Estate Time-Share Act.

Introduced by: Leo C. Wardrup, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Real Estate Time-Share Act. Clarifies the definitions of “exchange program” and “incidental benefit.” The bill also expands the definition of “time-share estate occupancy expenses” to include (i) expenses for the formation, organization, operation and administration, including capital contributions thereto, of the association and both its board of directors and its members and (ii) filing fees and annual registration charges of the State Corporation Commission and the Real Estate Board, counsel fees and accountant charges, and reserves for any of the foregoing, which must be paid by the time-share owners. The bill authorizes the association to file a lien for unpaid and past due maintenance fees and for any other charges owing occasioned by the failure of the owner to pay the assessments or maintenance fees, including late charges, interest, postage and handling, attorneys’ fees, recording costs and release fees in addition to the currently authorized lien for unpaid assessments. The bill changes the filing deadline of one year to four years from when the assessment became due for an association to perfect a lien. The bill provides that the cost of recording the memorandum of lien shall be taxed against the owner of the time-share on which the lien is place versus current law that provides that such cost is taxed against the person found liable.


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