Fla. Stat. § 721.07
Prior to offering any timeshare plan, the developer must file a public offering statement with the division for approval as prescribed by s. 721.03, s. 721.55, or this section. Until the division approves such filing, any contract regarding the sale of the timeshare plan which is the subject of the public offering statement is voidable by the purchaser.
(3) (a)1. Any change to an approved filing shall be filed with the division for approval as an amendment prior to becoming effective. The division shall have 20 days after receipt of a proposed amendment to approve or cite deficiencies in the proposed amendment. If the division fails to act within 20 days, the amendment will be deemed approved. If the proposed amendment adds a new component site to an approved multisite timeshare plan, the division's initial period in which to approve or cite deficiencies is 45 days. If the developer fails to adequately respond to any deficiency notice within 30 days, the division may reject the amendment. Subsequent to such rejection, a new filing fee pursuant to subsection (4) and a new division initial review period pursuant to this paragraph shall apply to any refiling or further review of the rejected amendment.
2. For filings only subject to this part, each approved amendment, other than an amendment made only for the purpose of the addition of a phase or phases to the timeshare plan in the manner described in the timeshare instrument, shall be delivered to a purchaser no later than 10 days prior to closing. For filings made under part II, each approved amendment to the multisite timeshare plan public offering statement, other than an amendment made only for the purpose of the addition, substitution, or deletion of a component site pursuant to part II or the addition of a phase or phases to a component site of a multisite timeshare plan in the manner described in the timeshare instrument, shall be delivered to a purchaser no later than 10 days prior to closing.
3. Amendments made to a timeshare instrument for a component site located in this state shall only be delivered to those purchasers who will receive a timeshare estate or a specific timeshare license in that component site. Amendments made to a timeshare instrument for a component site not located in this state are not required to be delivered to purchasers.
(5) Every public offering statement filed with the division for a timeshare plan which is not a multistate timeshare plan shall contain the information required by this subsection. The division is authorized to provide by rule the method by which a developer must provide such information to the division.
(a) A cover page stating only:
1. The name of the timeshare plan; and
2. The following statement, in conspicuous type: This public offering statement contains important matters to be considered in acquiring a timeshare period. The statements contained herein are only summary in nature. A prospective purchaser should refer to all references, exhibits hereto, contract documents, and sales materials. You should not rely upon oral representations as being correct. Refer to this document and accompanying exhibits for correct representations. The seller is prohibited from making any representations other than those contained in the contract and this public offering statement.
(e) A description of the timeshare plan, including, but not limited to:
1. Its name and location.
2. An explanation of the form of timeshare ownership that is being offered, including a statement as to whether any interest in the underlying real property will be conveyed to the purchaser. If the plan is being created or being sold on a leasehold, the location of the lease in the exhibits to the public offering statement shall be stated.
3. An explanation of the manner in which the apportionment of common expenses and ownership of the common elements has been determined.
(f) A description of the accommodations and facilities, including, but not limited to:
1. The number of buildings, the number of units in each building, the number of timeshare periods in each unit, the total number of timeshare periods being offered, the number of bathrooms and bedrooms in each unit, and the total number of units and unit weeks.
2. The latest date estimated for completion of constructing, finishing, and equipping.
3. The maximum number of units and timeshare periods that will use the accommodations and facilities. If the maximum number of units or timeshare periods will vary, a description of the basis for variation and the minimum amount of dollars per timeshare period to be spent for additional recreational facilities or for enlargement of such facilities. If the addition or enlargement of facilities will result in a material increase of a purchaser's maintenance expense or rental expense, the maximum increase and limitations thereon shall be stated.
4. A statement of whether the developer intends to offer whole units in addition to timeshare units.
5. The duration, in years, of the timeshare plan.
(g) A description of the recreational and other commonly used facilities that will be used only by purchasers of the plan, including, but not limited to:
1. Each room and its intended purposes, location, approximate floor area, and capacity in numbers of people.
2. Each swimming pool and its general location, approximate size, depths, and capacity; its approximate deck size and capacity; and whether the pool is heated.
3. Each additional facility; the number of each such facility; and its approximate location, approximate size, and approximate capacity.
4. A general description of the items of personal property and the approximate numbers of each item of personal property that the developer is committing to furnish for each room or other facility or, in the alternative, a representation as to the minimum amount of expenditure that will be made to purchase the personal property for the facility.
5. The estimated date when each room or other facility will be available for use by the purchaser.
6. An identification of each room, accommodation, or other facility to be used by purchasers that will not be owned by the purchasers or the association.
7. A reference to the location in the disclosure materials of the lease or other agreements providing for the use of those facilities.
8. A description of the terms of the lease or other agreement, including the length of its term; the rent payable, directly or indirectly, by each purchaser; and the total rent payable to the lessor, stated in weekly, monthly, and annual amounts for the entire term of the lease; and a description of any option to purchase the property under any such lease, including the time the option may be exercised, the purchase price or how it is to be determined, the manner of payment, and whether the option may be exercised for a purchaser's share or only as to the entire leased property.
9. A statement as to whether the developer may provide additional facilities not described above; the general locations and types of such facilities; improvements or changes that may be made; the approximate dollar amounts to be expended; and the estimated maximum additional common expense or cost to the individual purchaser that may be charged during the first annual period of operation of the modified or added facilities.
(h) A description of the recreational and other commonly used facilities which will not be used exclusively by purchasers of the timeshare plan and which require the payment of any portion of the maintenance and expenses of such facilities, either directly or indirectly, by the purchasers. The description shall include, but not be limited to, the following:
1. Each building or facility committed to be built.
2. Facilities not committed to be built except under certain conditions, and a statement of those conditions or contingencies.
3. As to each facility committed to be built, or which will be committed to be built upon the happening of one of the conditions in subparagraph 2., a statement as to whether it will be owned by the purchasers having the use thereof or by an association or other entity which will be controlled by the purchasers, or others, and the location in the exhibits of the lease or other document providing for use of those facilities.
4. The year in which each facility will be available for use by the purchasers or, in the alternative, the maximum number of purchasers in the project at the time each of the facilities is committed to be completed.
5. A general description of the items of personal property and the approximate numbers of each item of personal property that the developer is committing to furnish for each room or other facility or, in the alternative, a representation as to the minimum amount of expenditure that will be made to purchase the personal property for the facility.
6. If there are leases, descriptions thereof, including the length of their terms, the rents payable, and descriptions of any options to purchase.
(i) 1. If any recreational facilities or other facilities offered by the developer for use by purchasers are to be leased or have club membership associated with them, one of the following statements in conspicuous type: There is a recreational facilities lease associated with this timeshare plan; or, There is a club membership associated with this timeshare plan. There shall be a reference to the location in the disclosure materials where the recreation lease or club membership is described in detail.
2. If it is mandatory that unit owners pay fees, rent, dues, or other charges under a recreational facilities lease or club membership for the use of the facilities, the applicable statement in conspicuous type:
a. Membership in the recreational facilities club is mandatory for purchasers;
b. Purchasers are required, as a condition of ownership, to be lessees under the recreational facilities lease;
c. Purchasers are required to pay their share of the costs and expenses of maintenance, management, upkeep, replacement, rent, and fees under the recreational facilities lease (or the other instruments providing the facilities); or
d. A similar statement of the nature of the organization or the manner in which the use rights are created, and that purchasers are required to pay. Immediately following the applicable statement, the location in the disclosure materials where the development is described in detail shall be stated.
3. If the developer, or any other person other than the purchasers and other persons having use rights in the facilities, reserves, or is entitled to receive, any rent, fee, or other payment for the use of the facilities, the following statement in conspicuous type: The purchasers or the association(s) must pay rent or land use fees for recreational or other commonly used facilities. Immediately following this statement, the location in the disclosure materials where the rent or land use fees are described in detail shall be stated.
4. If, in any recreation format, whether leasehold, club, or other, any person other than the association has the right to a lien on the timeshare periods to secure the payment of assessments, rent, or other exactions, a statement in conspicuous type in substantially the following form:
a. There is a lien or lien right against each timeshare period to secure the payment of rent and other exactions under the recreation lease. A purchaser's failure to make these payments may result in foreclosure of the lien; or
b. There is a lien or lien right against each timeshare period to secure the payment of assessments or other exactions coming due for the use, maintenance, upkeep, or repair of the recreational or commonly used facilities. A purchaser's failure to make these payments may result in foreclosure of the lien. Immediately following the applicable statement, the location in the disclosure materials where the lien or lien right is described in detail shall be stated.
(s) 1. If there are any restrictions upon the sale, transfer, conveyance, or leasing of a timeshare period, a statement in conspicuous type in substantially the following form: The sale, lease, or transfer of timeshare periods is restricted or controlled. Immediately following this statement, the location in the disclosure materials where the restriction, limitation, or control on the sale, lease, or transfer of timeshare periods is described in detail shall be stated.
2. The following statement in conspicuous type in substantially the following form: The purchase of a timeshare period should be based upon its value as a vacation experience or for spending leisure time, and not considered for purposes of acquiring an appreciating investment or with an expectation that the timeshare period may be resold.
(x) An estimated operating budget for the timeshare plan and a schedule of the purchaser's expense shall be attached as an exhibit and shall contain the following information:
(XII) Fees payable to the division.
b. Expenses for a purchaser:
(II) Rent payable by the purchaser directly to the lessor or agent under any recreational lease or lease for the use of commonly used facilities, which use and payment is a mandatory condition of ownership and is not included in the common expense or assessments for common maintenance paid by the purchasers to the association.
4. The estimated amounts shall be stated for a period of at least 12 months and may distinguish between the period prior to the time that purchasers elect a majority of the board of administration and the period after that date.
5. If the developer intends to guarantee the level of assessments, such guarantee must be based upon a good faith estimate of the revenues and expenses of the timeshare plan. The guarantee must include a description of the following:
a. The specific time period measured in one or more calendar or fiscal years during which the guarantee will be in effect.
b. A statement that the developer will pay all common expenses incurred in excess of the total revenues of the timeshare plan pursuant to s. 721.15(2) if the developer has excused himself or herself from the payment of assessments during the guarantee period.
c. The level, expressed in total dollars, at which the developer guarantees the budget. If the developer has reserved the right to extend or increase the guarantee level pursuant to s. 721.15(2), a disclosure must be included to that effect.
6. If the developer intends to provide a trust fund to defer or reduce the payment of annual assessments, a copy of the trust instrument shall be attached as an exhibit and shall include a description of such arrangement, including, but not limited to:
a. The specific amount of such trust funds and the source of the funds.
b. The name and address of the trustee.
c. The investment methods permitted by the trust agreement.
d. A statement in conspicuous type that the funds from the trust account may not cover all assessments and that there is no guarantee that purchasers will not have to pay assessments in the future.
1. The estimated annual expenses of the timeshare plan collectible from purchasers by assessments. The estimated payments by the purchaser for assessments shall also be stated in the estimated amounts for the times when they will be due. Expenses shall also be shown for the shortest timeshare period offered for sale by the developer. If the timeshare plan provides for the offer and sale of units to be used on a nontimeshare basis, the estimated monthly and annual expenses shall be set forth in a separate schedule.
2. The estimated weekly, monthly, and annual expenses of the purchaser of each timeshare period, other than assessments payable to the managing entity. Expenses which are personal to purchasers that are not uniformly incurred by all purchasers or that are not provided for or contemplated by the timeshare plan documents may be excluded from this estimate.
3. The estimated items of expenses of the timeshare plan and the managing entity, except as excluded under subparagraph 2., including, but not limited to, the following items, which shall be stated either as management expenses collectible by assessments or as expenses of the purchaser payable to persons other than the managing entity:
a. Expenses for the managing entity:
(hh) Copies of the following documents and plans, to the extent they are applicable, shall be included as exhibits:
1. The declaration of condominium, or the proposed declaration if the declaration has not been recorded.
2. The cooperative documents, or the proposed cooperative documents if the documents have not been recorded.
3. The declaration of covenants and restrictions, or proposed declaration if the declaration has not been recorded.
4. The articles of incorporation creating the association.
5. The bylaws of the association.
6. The ground lease or other underlying lease of the real property on which the timeshare plan is situated.
7. The management agreement and all maintenance and other contracts regarding the management and operation of the timeshare property which have terms in excess of 1 year.
8. The estimated operating budget for the timeshare plan and the required schedule of purchasers' expenses.
9. The floor plan of each type of accommodation and the plot plan showing the location of all accommodations and facilities of the timeshare plan.
10. The lease of recreational facilities and other facilities which will be used only by purchasers of the timeshare plan.
11. The lease of facilities used by purchasers and others.
12. The form of timeshare period lease, if the offer is of a leasehold.
13. A declaration of servitude of properties serving the accommodations or facilities but not owned by purchasers or leased to them or the association.
14. The statement of condition of the existing building or buildings, if the offering is of timeshare periods in an operation being converted to condominium or cooperative ownership.
15. The statement of inspection for termite damage and treatment of the existing improvements, if the timeshare property is a conversion.
16. The form of agreement for sale or lease of timeshare periods.
17. The executed agreement for escrow of payments made to the developer prior to closing.
18. The documents containing any restrictions on use of the property required by paragraph (u).
19. Any other documents or instruments creating the timeshare plan.
20. Any contract or lease to be signed by the purchasers.
(6) The division is authorized to prescribe by rule the form of the approved public offering statement that must be furnished by the developer to each purchaser. The form of the public offering statement that is furnished to purchasers must provide fair, meaningful, and effective disclosure of all aspects of the timeshare plan. For timeshare plans filed pursuant to this part, the developer shall furnish each purchaser with the following:
History.--s. 1, ch. 81-172; s. 156, ch. 83-216; s. 6, ch. 83-264; s. 3, ch. 84-256; s. 48, ch. 85-62; s. 53, ch. 90-339; s. 6, ch. 91-236; s. 4, ch. 93-58; s. 5, ch. 95-274; s. 893, ch. 97-102; s. 4, ch. 98-36.