Current through Register 2021 Notice Reg. No. 52, December 24, 2021
The developer of a time-share plan which is the subject of an
outstanding public report shall report to the Bureau pursuant to Section
11226(f)(1), relevant details concerning any material change in the time-share
plan. A material change in the time-share plan includes, but shall not be
limited to, the following:
(a)
Deletion of an accommodation from the time-share plan or addition of an
accommodation not authorized under an existing time-share public report for the
time-share plan.
(b) Change in the
name or form of organization of the developer such as incorporation,
dissolution of a corporation or a change in the corporate or fictitious
business name.
(c) Change in the
methods of conveyancing of time-share interests such as the use of real
property sales contracts.
(d)
Change in purchase money handling procedures previously submitted to the Bureau
including but not limited to a change in the escrow depository or the creation
of an encumbrance affecting more than one timeshare interest in the time-share
plan.
(e) Resignation of the
trustee or other change in any of the terms of the trust agreement for the
time-share plan.
(f) The existence
of either of the following conditions with respect to the corpus of the trust.
(1) Insufficient funds in the trust to
satisfy the trust fund provision for payment of debt service, property taxes,
assessments and/or insurance premiums for the trust property.
(2) Insufficient non-delinquent installment
sales contracts and/or promissory notes to satisfy the provision of the trust
agreement for payment of the aggregate principal balance owing under a blanket
encumbrance against the trust properties.
(g) Any legal or physical condition rendering
an accommodation of the time-share plan unusable by time-share owners for one
year or more.
(h) Litigation
undertaken by a governmental entity or time-share owners' association seeking
to prohibit or restrict the dedication of an accommodation to the time-share
plan.
(i) An annual budget for a
time-share project which will necessitate a regular annual assessment that is
more than 20 percent greater than the regular annual assessment in the
certified budget for the immediately preceding year.
(j) An amendment to any provision of the
recorded time-share plan or declaration.
(k) A change in any aspect of the offering
for the time-share plan which will cause information in the current public
report for the project to be incorrect or misleading.
Notes
Cal. Code Regs. Tit.
10, §
2806
Note: Authority cited: Section
11281,
Business and Professions Code. Reference: Section
11226,
Business and Professions Code.
1. New section filed
1-9-85; effective thirtieth day thereafter (Register 85, No. 2). For prior
history, see Register 83, No. 30.
2. Amendment of subsection (a)(1)
filed 4-2-86; effective thirtieth day thereafter (Register 86, No.
14).
3. Amendment of subsection (a)(1) filed 11-16-87; operative 12-
16-87 (Register 87, No. 47).
4. Amendment of subsections (b)(3) and
NOTE, and adoption of subsection (b)(4) filed 4-7-92; operative 5-7-92
(Register 92, No. 14).
5. New subsection (a)(3) and amendment of
Note filed 4-1-93; operative 5-1-93 (Register 93, No. 14).
6.
Amendment of section and Note filed 12-30-97; operative 1-29-98 (Register 98,
No. 1).
7. Amendment moving section 2806 from article 21.1 to
article 12.2. and repealer and new section filed 5-5-2005; operative 7-1-2005
(Register 2005, No. 18).
8. Change without regulatory effect
amending first paragraph and subsection (d) filed 6-30-2014 pursuant to section
100, title 1, California Code of Regulations (Register
2014, No. 27).
