61B-40.0062: Waiver of Reserves
PURPOSE AND EFFECT: Section 721.13(3)(c)3., Florida Statutes, allows for the waiver or reduction of reserves for capital expenditures and deferred maintenance in a Florida timeshare plan. The purpose of this rule amendment is to delete subsection 61B-40.0062(2), F.A.C., which conflicts with Section 721.13(3)(c)3., Florida Statutes, by prohibiting the waiver or reduction of reserves in Florida timeshare plans.
SUMMARY: This rule addresses reserve funding for capital expenditures and deferred maintenance in Florida timeshare plans.
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: 718.501(1)(f), 721.03(2), 721.26(6) FS.
LAW IMPLEMENTED: 718.112(2)(f), 721.03(3), 721.07(5)(t) 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(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: November 23, 2009, 9:00 a.m.
PLACE: The 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 (850)488-1631. 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: Sharon A. Malloy, Senior Management Analyst II, Division of Florida Condominiums, Timeshares, and Mobile Homes, 1940 North Monroe Street, Tallahassee, Florida 32311-1030, (850)488-1631
THE FULL TEXT OF THE PROPOSED RULE IS:
61B-40.0062 Waiver of Reserves.
(1) Annual vote required to waive funding requirements. For condominium timeshare plans any vote to waive or reduce the funding of reserves required by Section 718.112(2)(f)2. or 721.07(5)(t)(u), F.S., shall be effective for only one annual budget. In a multi-condominium association no waiver or reduction of the funding of reserves shall be effective as to a particular condominium unless:
(1)(a) Conducted at a duly called meeting of the association;
(2)(b) The same percentage of voting interests of the condominium as is otherwise otherwide required for a quorum of the association is present, or represented by proxy; and
(3)(c) A majority of those voting interests in that condominium that are present, or represented by proxy, vote to waive or reduce the funding of reserves.
(2) Waivers prohibited for non-condominium timeshare plans. For non-condominium timeshare plans, reserves required by Section 721.07(5)(u), F.S., shall be included on the proposed annual budget and shall not be waived or reduced.
Rulemaking Specific Authority 718.501(1)(f), 721.03(2), 721.26(6) FS. Law Implemented 718.112(2)(f), 721.03(3), 721.07(5)(t)(u) FS. History–New 2-5-96, Amended 12-18-01,________.