7842176, 61B-40.0062 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 7842176

Notice of Proposed Rule

Department:

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Division:

Division of Florida Condominiums, Timeshares and Mobile Homes

Chapter:

TIMESHARE ACCOUNTING AND FINANCIAL REPORTING REQUIREMENTS SCOPE; BOOKS AND FINANCIAL RECORDS; BUDGETS; GUARANTEES; RESERVES; FINANCIAL REPORTING

Overview

RULE:

61B-40.0062

Waiver of Reserves

PURPOSE:

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.

RULEMAKING AUTHORITY:

718.501(1)(f), 721.03(2), 721.26(6) FS.

LAW:

718.112(2)(f), 721.03(3), 721.07(5)(t) FS.

PRINT PUBLISH DATE:

10/30/2009 Vol. 35/43

COMMENTS:

From 10/30/2009 To 11/20/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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