(1) The developer shall file a proposed amendment with the division within 20 business days after any change to an approved filing, as defined in these rules. An amendment shall be deemed approved or effective upon written approval by the division unless other required parties, as defined in these rules, must also approve the amendment. In the latter case the amendment shall be deemed approved or effective upon both written approval by the division and appropriate approval by all other required parties.

Terms Used In Florida Regulations 61B-39.007

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
    (2) An amendment to the form of purchase agreement or the receipt for timeshare documents or any other document of which a fully executed copy must be given to the purchaser pursuant to Section 721.07(6) or 721.551, Florida Statutes, and these rules, does not need to be given to a purchaser pursuant to Section 721.07(3)(a)2., Florida Statutes, unless such purchaser is being required to re-execute such document(s).
    (3) Every proposed amendment filed with the division must clearly delineate amended language by underlining added language and striking through language being deleted.
    (4) In addition to the amendment filing fee, each filing of a proposed amendment shall be accompanied by a cover sheet containing the following information:
    (a) Name and physical location of the timeshare plan to which the proposed amendment applies;
    (b) Developer’s name and mailing address;
    (c) Division Identification Number;
    (d) Identification of the document to which the amendment applies;
    (e) Book, page number, and county where the documents creating the timeshare plan are recorded, if applicable; and
    (f) A statement summarizing and explaining each proposed amendment including the page numbers and paragraphs of the POS being amended.
    (5) Division approval of a proposed amendment shall not be promoted to the public as a division endorsement of the developer or the timeshare plan or be used to induce the purchase of an interest in the timeshare plan.
    (6) Notwithstanding the provisions of these rules, the written statement required by Section 721.07(3)(b), Florida Statutes, shall contain a disclosure in substantially the following language: “”Under Florida law, you are entitled to void your purchase contract, within 10 days from receipt of this amendment, if the amendment materially alters or modifies the offering in a manner which is adverse to you.””
    (7) Amendments which materially alter or modify the offering in a manner which is adverse to some, but not all, purchasers shall not be construed to confer a right to the 10-day voidability period on the purchasers who are not adversely affected. This rule shall not be construed to relieve any duty of the developer pursuant to Section 721.07(3)(a), Florida Statutes.
    (8) An approved amendment to any of the documents required by Fl. Admin. Code R. 61B-39.004, to constitute the portion of the purchaser POS for one component site of a multisite timeshare plan shall be delivered to purchasers of only that particular component site pursuant to Section 721.07(3)(a)2., Florida Statutes, and these rules. However, such amendment shall not be considered an approved amendment to the purchaser POS given to a purchaser at any other component site of the multisite timeshare plan.
Specific Authority 721.26(6) FS. Law Implemented 721.07(3)(a), 721.06 FS. History-New 5-8-94, Amended 6-12-96, 12-18-01.