Implement changes required by Chapter 2010-134, Laws of Florida, requiring lien disclosure information in all new timeshare public offering statements filed with the division which are not multisite timeshare plans.

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Division of Florida Condominiums, Timeshares and Mobile Homes

Rule No.: RULE TITLE
61B-39.003: Filing of Single-Site Timeshare Plans
PURPOSE AND EFFECT: Implement changes required by Chapter 2010-134, Laws of Florida, requiring lien disclosure information in all new timeshare public offering statements filed with the division which are not multisite timeshare plans.
SUMMARY: is rule amendment provides the location where the lien disclosure information must appear in the public offering statement. It also provides for circumstances where the division has already approved the disclosure in another location in the POS and where the managing entity does not intend to implement the use of the trustee foreclosure procedure.
Other rules incorporating this rule: This rule is referenced in Rules 61B-39.002, 61B-39.004, 61B-39.005, 61B-39.006, 61B-39.008 and 61B-41.003, F.A.C.
Effect on Other Rules: The amendments to this rule will not affect Rule 61B-39.002, 61B-39.006 or 61B-39.008. Compliance with paragraphs 61B-39.004(1)(a) and 61B-39.005(2)(h), F.A.C., will now require the new elements of the POS added by this amendment to Rule 61B-39.003, F.A.C.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 721.07(5), 721.26(6) FS.
LAW IMPLEMENTED: 721.05, 721.06(1), 721.07(5), (6), 721.52(4), (5) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: November 29, 2010, 10:00 a.m.
PLACE: he Northwood Centre, Suite 16, Conference Room, 1940 N. Monroe Street, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 48 hours before the workshop/meeting by contacting: Sharon A. Malloy, Senior Management Analyst II at [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: ron A. Malloy, Senior Management Analyst II, Division of Florida Condominiums, Timeshares, and Mobile Homes, 1940 North Monroe Street, Tallahassee, Florida 32311-1030, [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

61B-39.003 Filing of Single-Site Timeshare Plans.

(1) No change.

(2) Every single-site registered POS must organize the required information and disclosures in the following manner and format:

(a) through (f) No change.

(g) The next consecutive pages shall be labeled “III. Public Offering Statement Text” and shall contain the subject matter indicated by, and be organized by section according to, the Index to Public Offering Statement Text, and contain the information and disclosures required in Sections 721.07(5)(e)-(jj)(ii), 721.55, F.S., in the following order:

1. through 17. No change.

18. Section 7.d. shall contain the information required in Sections 721.07(5)(p)1., and (p)2., and (5)(ii), and (jj), F.S.;

19. No change.

(3) through (6) No change.

(7) The developer of a single-site timeshare plan shall not be required to amend the single-site POS in order to relocate, reorder, rearrange, or renumber the statement in conspicuous type required by Section 721.07(5)(jj), F.S., if such statement is in a section of the POS other than Section 7.d. and such single-site POS has been approved by the division; provided however, that in any subsequent amendment the developer shall amend the POS to place the statement in Section 7.d.

(8) The developer of a single-site timeshare plan with a POS approved by the division prior to the division’s implementation of Section 721.07(5)(jj), F.S., shall not be required to amend the single-site POS to include the statement in conspicuous type contained in Section 721.07(5)(jj), F.S., until such time that the managing entity intends to implement the use of the trustee foreclosure procedure permitted pursuant to Section 721.855, F.S.

Rulemaking Authority 721.07(5), 721.26(6) FS. Law Implemented 721.05, 721.06(1)(g), 721.07(5), (6), 721.52(4), (5) FS. History–New 5-8-94, Amended 12-11-94, 6-12-96, 12-18-01, 12-10-09,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael Cochran, Director, Division of Florida Condominiums, Timeshares, and Mobile Homes, 1940 North Monroe Street, Tallahassee, Florida 32399-1030
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: harlie Liem, Secretary, Department of Business and Professional Regulation
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 19, 2010
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 3, 2010