Florida Regulations 61B-39.002: Public Offering Statement and Purchase Agreement Requirements
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(1) Each registered public offering statement shall:
(a) Be paginated numerically in consecutive order within each tabbed section;
(b) Wherever possible, be printed on both sides of each page in 10-point size and on 8 1/2” × 11” paper;
(c) Be securely bound along the left margin, fastened between firm removable covers, and submitted in an expandable file folder;
(d) Contain a divider with a labeled tab between each prescribed portion of the POS corresponding to BPR Form 503, Table of Contents to Multisite Public Offering Statement, effective 6-12-96, or DBPR Form 6000-9, Table of Contents to Single-Site/ Component Site Public Offering Statement, effective 12-18-01, both incorporated herein by reference a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C.; and
(e) Not contain conspicuous type except where required by statute or rule, or as permitted by the division pursuant to Section 721.07(5)(gg), F.S.
(2) All POS disclosures required to be in conspicuous type pursuant to statute or rule shall be made in bold font.
(3) The registered POS shall be submitted to the division in the English language and any reference, in an approval letter of the division, to the documents comprising the registered POS shall be to such documents in the English language. A developer may use non-English versions of the filed documents if: (i) any such document is an accurate translation of the English version that has been approved by the division, and (ii) the developer has identified each translated document in a completed, executed statement using the form prescribed in BPR form 511, Statement of Translation, incorporated herein by reference and effective 3-23-97, a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C. Upon request by the division, a developer shall promptly deliver to the division a copy of any translated document that has been or is being used in an offering.
(4) Where brackets [ ] appear on the forms referenced in these rules, the words or symbols between the brackets are intended to solicit any applicable information relevant to the developer. Copies of the forms referenced in these rules may be obtained by writing: Department of Business and Professional Regulation, Division of Condominiums, Timeshares, and Mobile Homes, 2601 Blair Stone Road, Tallahassee, Florida 32399-1030.
(5) Approval by the division of a POS shall not be promoted to the public as an endorsement by the division of the developer or the timeshare plan or be used to induce the purchase of an interest in a timeshare plan.
(6) Within 30 days after recording any timeshare instrument, the developer shall provide the division with a copy of the recorded instrument.
(7) The division shall notify a developer within the first ten business days of the statutory review period prescribed in Sections 721.07(2)(a) and 721.07(3)(a)1., F.S., if a POS submitted to the division for review is not in the format required by these rules.
(8) The substance of the definition of the term “”notify”” as defined in Fl. Admin. Code R. 61B-39.001, shall be disclosed in the purchase agreement executed by a purchaser immediately following the space in the contract reserved for the signature of the purchaser, disclosed as a footnote to the disclosure required by Section 721.06(1)(g) or 721.065(2)(c), F.S.
(9) A developer of a multisite timeshare plan may combine the Receipt for Multisite Timeshare Documents for which a form is provided in Fl. Admin. Code R. 61B-39.005, and the Receipt for Single-Site/Component Site Timeshare Documents for which a form is provided in Fl. Admin. Code R. 61B-39.003, into a single Receipt for Timeshare Documents with respect to any one component site, provided that such developer follows the general format provided in the aforementioned forms and the resulting single form is approved by the division.
(10) It shall be a violation of Florida Statutes Chapter 721, for any person to interfere with the delivery of a notice of cancellation by a purchaser.
Rulemaking Authority 721.07, 721.26(6), 721.55, 721.551 FS. Law Implemented 721.03, 721.03(1)(c)3., 721.06, 721.065, 721.55, 721.551 FS. History-New 6-12-96, Amended 3-23-97, 12-18-01.
Terms Used In Florida Regulations 61B-39.002
- Contract: A legal written agreement that becomes binding when signed.
- Statute: A law passed by a legislature.
(b) Wherever possible, be printed on both sides of each page in 10-point size and on 8 1/2” × 11” paper;
(c) Be securely bound along the left margin, fastened between firm removable covers, and submitted in an expandable file folder;
(d) Contain a divider with a labeled tab between each prescribed portion of the POS corresponding to BPR Form 503, Table of Contents to Multisite Public Offering Statement, effective 6-12-96, or DBPR Form 6000-9, Table of Contents to Single-Site/ Component Site Public Offering Statement, effective 12-18-01, both incorporated herein by reference a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C.; and
(e) Not contain conspicuous type except where required by statute or rule, or as permitted by the division pursuant to Section 721.07(5)(gg), F.S.
(2) All POS disclosures required to be in conspicuous type pursuant to statute or rule shall be made in bold font.
(3) The registered POS shall be submitted to the division in the English language and any reference, in an approval letter of the division, to the documents comprising the registered POS shall be to such documents in the English language. A developer may use non-English versions of the filed documents if: (i) any such document is an accurate translation of the English version that has been approved by the division, and (ii) the developer has identified each translated document in a completed, executed statement using the form prescribed in BPR form 511, Statement of Translation, incorporated herein by reference and effective 3-23-97, a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C. Upon request by the division, a developer shall promptly deliver to the division a copy of any translated document that has been or is being used in an offering.
(4) Where brackets [ ] appear on the forms referenced in these rules, the words or symbols between the brackets are intended to solicit any applicable information relevant to the developer. Copies of the forms referenced in these rules may be obtained by writing: Department of Business and Professional Regulation, Division of Condominiums, Timeshares, and Mobile Homes, 2601 Blair Stone Road, Tallahassee, Florida 32399-1030.
(5) Approval by the division of a POS shall not be promoted to the public as an endorsement by the division of the developer or the timeshare plan or be used to induce the purchase of an interest in a timeshare plan.
(6) Within 30 days after recording any timeshare instrument, the developer shall provide the division with a copy of the recorded instrument.
(7) The division shall notify a developer within the first ten business days of the statutory review period prescribed in Sections 721.07(2)(a) and 721.07(3)(a)1., F.S., if a POS submitted to the division for review is not in the format required by these rules.
(8) The substance of the definition of the term “”notify”” as defined in Fl. Admin. Code R. 61B-39.001, shall be disclosed in the purchase agreement executed by a purchaser immediately following the space in the contract reserved for the signature of the purchaser, disclosed as a footnote to the disclosure required by Section 721.06(1)(g) or 721.065(2)(c), F.S.
(9) A developer of a multisite timeshare plan may combine the Receipt for Multisite Timeshare Documents for which a form is provided in Fl. Admin. Code R. 61B-39.005, and the Receipt for Single-Site/Component Site Timeshare Documents for which a form is provided in Fl. Admin. Code R. 61B-39.003, into a single Receipt for Timeshare Documents with respect to any one component site, provided that such developer follows the general format provided in the aforementioned forms and the resulting single form is approved by the division.
(10) It shall be a violation of Florida Statutes Chapter 721, for any person to interfere with the delivery of a notice of cancellation by a purchaser.
Rulemaking Authority 721.07, 721.26(6), 721.55, 721.551 FS. Law Implemented 721.03, 721.03(1)(c)3., 721.06, 721.065, 721.55, 721.551 FS. History-New 6-12-96, Amended 3-23-97, 12-18-01.