| 5843 |
Section 65. Subsection
(11) of section 721.05, Florida |
| 5844 |
Statutes, is amended to read: |
| 5845 |
721.05 Definitions.--As
used in this chapter, the term: |
| 5846 |
(11) "Division"
means the Division of Florida Land Sales, |
| 5847 |
Condominiums, Homeowners'
Associations, and Mobile Homes of the |
| 5848 |
Department of Business and Professional
Regulation. |
| 5849 |
Section 66. Paragraph
(d) of subsection (2) of section |
| 5850 |
721.07, Florida Statutes, is amended to read: |
| 5851 |
721.07 Public
offering statement.--Prior to offering any |
| 5852 |
timeshare plan, the developer must submit a filed
public |
| 5853 |
offering statement to the division for approval
as prescribed by |
| 5854 |
s. 721.03, s. 721.55, or this section. Until the
division |
| 5855 |
approves such filing, any contract regarding the
sale of that |
| 5856 |
timeshare plan is subject to cancellation by the
purchaser |
| 5857 |
pursuant to s. 721.10. |
| 5858 |
(2) |
| 5859 |
(d) A
developer shall have the authority to deliver to |
| 5860 |
purchasers any purchaser public offering
statement that is not |
| 5861 |
yet approved by the division, provided that the
following shall |
| 5862 |
apply: |
| 5863 |
1. At
the time the developer delivers an unapproved |
| 5864 |
purchaser public offering statement to a
purchaser pursuant to |
| 5865 |
this paragraph, the developer shall deliver a
fully completed |
| 5866 |
and executed copy of the purchase contract
required by s. 721.06 |
| 5867 |
that contains the following statement in
conspicuous type in |
| 5868 |
substantially the following form which shall
replace the |
| 5869 |
statements required by s. 721.06(1)(g): |
| 5870 |
|
| 5871 |
The developer is delivering to you a public
offering statement |
| 5872 |
that has been filed with but not yet approved by
the Division of |
| 5873 |
Florida Land Sales, Condominiums, Homeowners'
Associations, and |
| 5874 |
Mobile Homes. Any revisions to the unapproved
public offering |
| 5875 |
statement you have received must be delivered to
you, but only |
| 5876 |
if the revisions materially alter or modify the
offering in a |
| 5877 |
manner adverse to you. After the division
approves the public |
| 5878 |
offering statement, you will receive notice of
the approval from |
| 5879 |
the developer and the required revisions, if any. |
| 5880 |
|
| 5881 |
Your statutory right to cancel this transaction
without any |
| 5882 |
penalty or obligation expires 10 calendar days
after the date |
| 5883 |
you signed your purchase contract or the date on
which you |
| 5884 |
receive the last of all documents required to be
given to you |
| 5885 |
pursuant to section 721.07(6), Florida Statutes,
or 10 calendar |
| 5886 |
days after you receive revisions required to be
delivered to |
| 5887 |
you, if any, whichever is later. If you decide to
cancel this |
| 5888 |
contract, you must notify the seller in writing
of your intent |
| 5889 |
to cancel. Your notice of cancellation shall be
effective upon |
| 5890 |
the date sent and shall be sent to
(Name of Seller) at |
| 5891 |
(Address of Seller) . Any attempt to
obtain a waiver of your |
| 5892 |
cancellation right is void and of no effect.
While you may |
| 5893 |
execute all closing documents in advance, the
closing, as |
| 5894 |
evidenced by delivery of the deed or other
document, before |
| 5895 |
expiration of your 10-day cancellation period, is
prohibited.. |
| 5896 |
|
| 5897 |
2. After
receipt of approval from the division and prior |
| 5898 |
to closing, if any revisions made to the
documents contained in |
| 5899 |
the purchaser public offering statement
materially alter or |
| 5900 |
modify the offering in a manner adverse to a
purchaser, the |
| 5901 |
developer shall send the purchaser such revisions
together with |
| 5902 |
a notice containing a statement in conspicuous
type in |
| 5903 |
substantially the following form: |
| 5904 |
|
| 5905 |
The unapproved public offering statement
previously delivered to |
| 5906 |
you, together with the enclosed revisions, has
been approved by |
| 5907 |
the Division of Florida Land Sales, Condominiums,
Homeowners' |
| 5908 |
Associations, and Mobile Homes.
Accordingly, your cancellation |
| 5909 |
right expires 10 calendar days after you sign
your purchase |
| 5910 |
contract or 10 calendar days after you receive
these revisions, |
| 5911 |
whichever is later. If you have any questions
regarding your |
| 5912 |
cancellation rights, you may contact the division
at [insert |
| 5913 |
division's current address]. |
| 5914 |
|
| 5915 |
3. After
receipt of approval from the division and prior |
| 5916 |
to closing, if no revisions have been made to the
documents |
| 5917 |
contained in the unapproved purchaser public
offering statement, |
| 5918 |
or if such revisions do not materially alter or
modify the |
| 5919 |
offering in a manner adverse to a purchaser, the
developer shall |
| 5920 |
send the purchaser a notice containing a
statement in |
| 5921 |
conspicuous type in substantially the following
form: |
| 5922 |
|
| 5923 |
The unapproved public offering statement
previously delivered to |
| 5924 |
you has been approved by the Division of Florida
Land Sales, |
| 5925 |
Condominiums, Homeowners'
Associations, and Mobile Homes. |
| 5926 |
Revisions made to the unapproved public offering
statement, if |
| 5927 |
any, are either not required to be delivered to
you or are not |
| 5928 |
deemed by the developer, in its opinion, to
materially alter or |
| 5929 |
modify the offering in a manner that is adverse
to you. |
| 5930 |
Accordingly, your cancellation right expired 10
days after you |
| 5931 |
signed your purchase contract. A complete copy of
the approved |
| 5932 |
public offering statement is available through
the managing |
| 5933 |
entity for inspection as part of the books and
records of the |
| 5934 |
plan. If you have any questions regarding your
cancellation |
| 5935 |
rights, you may contact the division at [insert
division's |
| 5936 |
current address]. |
| 5937 |
Section 67. Subsection
(8) of section 721.08, Florida |
| 5938 |
Statutes, is amended to read: |
| 5939 |
721.08 Escrow
accounts; nondisturbance instruments; |
| 5940 |
alternate security arrangements; transfer of
legal title.-- |
| 5941 |
(8) An
escrow agent holding escrowed funds pursuant to |
| 5942 |
this chapter that have not been claimed for a
period of 5 years |
| 5943 |
after the date of deposit shall make at least one
reasonable |
| 5944 |
attempt to deliver such unclaimed funds to the
purchaser who |
| 5945 |
submitted such funds to escrow. In making such
attempt, an |
| 5946 |
escrow agent is entitled to rely on a purchaser's
last known |
| 5947 |
address as set forth in the books and records of
the escrow |
| 5948 |
agent and is not required to conduct any further
search for the |
| 5949 |
purchaser. If an escrow agent's attempt to
deliver unclaimed |
| 5950 |
funds to any purchaser is unsuccessful, the
escrow agent may |
| 5951 |
deliver such unclaimed funds to the division and
the division |
| 5952 |
shall deposit such unclaimed funds in the
Division of Florida |
| 5953 |
Land Sales, Condominiums, Homeowners'
Associations, and Mobile |
| 5954 |
Homes Trust Fund, 30 days after giving notice in
a publication |
| 5955 |
of general circulation in the county in which the
timeshare |
| 5956 |
property containing the purchaser's timeshare
interest is |
| 5957 |
located. The purchaser may claim the same at any
time prior to |
| 5958 |
the delivery of such funds to the division. After
delivery of |
| 5959 |
such funds to the division, the purchaser shall
have no more |
| 5960 |
rights to the unclaimed funds. The escrow agent
shall not be |
| 5961 |
liable for any claims from any party arising out
of the escrow |
| 5962 |
agent's delivery of the unclaimed funds to the
division pursuant |
| 5963 |
to this section. |
| 5964 |
Section 68. Paragraph
(e) of subsection (5) of section |
| 5965 |
721.26, Florida Statutes, is amended to read: |
| 5966 |
721.26 Regulation
by division.--The division has the power |
| 5967 |
to enforce and ensure compliance with the
provisions of this |
| 5968 |
chapter, except for parts III and IV, using the
powers provided |
| 5969 |
in this chapter, as well as the powers prescribed
in chapters |
| 5970 |
498, 718, and 719. In performing its duties, the
division shall |
| 5971 |
have the following powers and duties: |
| 5972 |
(5) Notwithstanding
any remedies available to purchasers, |
| 5973 |
if the division has reasonable cause to believe
that a violation |
| 5974 |
of this chapter, or of any division rule or order
promulgated or |
| 5975 |
issued pursuant to this chapter, has occurred,
the division may |
| 5976 |
institute enforcement proceedings in its own name
against any |
| 5977 |
regulated party, as such term is defined in this
subsection: |
| 5978 |
(e)1. The
division may impose a penalty against any |
| 5979 |
regulated party for a violation of this chapter
or any rule |
| 5980 |
adopted thereunder. A penalty may be imposed on
the basis of |
| 5981 |
each day of continuing violation, but in no event
may the |
| 5982 |
penalty for any offense exceed $10,000. All
accounts collected |
| 5983 |
shall be deposited with the Chief Financial
Officer to the |
| 5984 |
credit of the Division of Florida Land Sales,
Condominiums, |
| 5985 |
Homeowners'
Associations, and Mobile Homes Trust Fund. |
| 5986 |
2.a. If
a regulated party fails to pay a penalty, the |
| 5987 |
division shall thereupon issue an order directing
that such |
| 5988 |
regulated party cease and desist from further
operation until |
| 5989 |
such time as the penalty is paid; or the division
may pursue |
| 5990 |
enforcement of the penalty in a court of
competent jurisdiction. |
| 5991 |
b. If an
owners' association or managing entity fails to |
| 5992 |
pay a civil penalty, the division may pursue
enforcement in a |
| 5993 |
court of competent jurisdiction. |
| 5994 |
Section 69. Section
721.28, Florida Statutes, is amended |
| 5995 |
to read: |
| 5996 |
721.28 Division
of Florida Land Sales, Condominiums, |
| 5997 |
Homeowners' Associations,
and Mobile Homes Trust Fund.--All |
| 5998 |
funds collected by the division and any amounts
paid as fees or |
| 5999 |
penalties under this chapter shall be deposited
in the State |
| 6000 |
Treasury to the credit of the Division of Florida
Land Sales, |
| 6001 |
Condominiums, Homeowners'
Associations, and Mobile Homes Trust |
| 6002 |
Fund created by s. 498.019. |
| 6003 |
Section 70. Paragraph
(c) of subsection (1) of section |
| 6004 |
721.301, Florida Statutes, is amended to read: |
| 6005 |
721.301 Florida
Timesharing, Vacation Club, and |
| 6006 |
Hospitality Program.-- |
| 6007 |
(1) |
| 6008 |
(c) The
director may designate funds from the Division of |
| 6009 |
Florida Land Sales, Condominiums, Homeowners'
Associations, and |
| 6010 |
Mobile Homes Trust Fund, not to exceed $50,000
annually, to |
| 6011 |
support the projects and proposals undertaken
pursuant to |
| 6012 |
paragraph (b). All state trust funds to be
expended pursuant to |
| 6013 |
this section must be matched equally with private
moneys and |
| 6014 |
shall comprise no more than half of the total
moneys expended |
| 6015 |
annually. |