Fla. Admin. Code Ann. R. 61B-39.005 - Filing of Multisite Timeshare Plans

(1) Each developer of a multisite timeshare plan pursuant to Section 721.07, Florida Statutes, shall file a multisite registered POS pursuant to Section 721.55, Florida Statutes, and these rules. The multisite registered POS shall:

(a) Include all of the information and disclosures required in Section 721.55, Florida Statutes;

(b) Follow the filing format and forms prescribed in this rule; and

(c) Disclose any additional information prescribed in this rule.

(2) Every multisite registered POS must organize the required information and disclosures in the following manner and format:

(a) The first page shall be the cover page and shall contain the disclosures required in Section 721.55(1), Florida Statutes;

(b) The next consecutive page(s) shall be the table of contents and shall list the sections of the POS by Exhibit #, pursuant to Section 721.55(3), Florida Statutes, as prescribed in BPR Form 503, Table of Contents to Multisite Public Offering Statement, incorporated by reference in Rule 61B-39.002, F.A.C. If any required exhibit is not applicable to a particular filing, the table of contents shall contain a notation to that effect where such exhibit would otherwise be described in the table of contents. However, such notations shall not cause a filing to deviate from either the numbering or order of presentation as prescribed in this rule;

(c) The next consecutive page(s) shall be the index and shall list the sections of the POS text with corresponding subject matter and page number, pursuant to Section 721.55(3), Florida Statutes, as prescribed in DBPR Form TS 6000-4, Index to Multisite Public Offering Statement Text, incorporated herein by reference and effective 12-18-01, a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C. If any required information or disclosure is not applicable to a particular filing, the index shall contain a notation to that effect where such information or disclosure would normally be described in the index. However, such notations shall not cause a filing to deviate from either the order or numbering of presentation as prescribed in this rule;

(d) The next consecutive page(s) shall be labeled "I. Definitions and Abbreviations" and shall list and define alphabetically any terms of art or abbreviations to be used in the multisite POS text or exhibits. The terms and abbreviations used in the multisite POS text shall be consistent with statutorily defined terms and shall not create ambiguity as to statutorily defined terms;

(e) The next consecutive page(s) shall be labeled "II. Required Disclosures" and shall contain any conspicuous type disclosures required by Chapter 721, Florida Statutes, or Chapter 718, Florida Statutes, as applicable, and contained in exhibits that will be provided to purchasers in the purchaser POS;

(f) The next consecutive page(s), if applicable, shall be labeled "IIA. Developer Disclosures" and shall contain the disclosures, as approved by the division, that the developer wishes to appear in a font or type size or style different than the font or type that is used in the overall multisite POS text. For developer disclosures, the developer shall not use a font or type that is larger than the font or type used for conspicuous type disclosures.

(g) The next consecutive pages shall be labeled "III. Public Offering Statement Text" and shall contain the subject matter indicated by, and be organized by section according to, the Index to Public Offering Statement Text, and contain the information and disclosures required in Section 721.55(4), Florida Statutes, in the following order:

1. Sections 1., 1.a., 1.b., 1.c., and 1.d. shall contain the information required in Section 721.55(4)(a), Florida Statutes;

2. Sections 2., 2.a., 2.b., and 2.c. shall contain the information required in Section 721.55(4)(b), Florida Statutes;

3. Sections 3., 3.a., 3.b., and 3.c. shall contain the information required in Sections 721.55(4)(c)1., (c)2., and (c)3., Florida Statutes;

4. Section 4. shall contain the information and conspicuous type disclosure required in Section 721.07(4)(d), Florida Statutes;

5. Section 5. shall contain the information required in Section 721.55(4)(e), Florida Statutes;

6. Sections 6., 6.a., 6.b., 6.c., 6.d., and 6.e. shall contain the information and conspicuous type disclosure required in Sections 721.55(4)(f)1.a., (f)1.b., and (f)1.c., Florida Statutes;

7. Sections 7., 7.a., 7.b., 7.c., 7.d., and 7.e. shall contain the information and conspicuous type disclosure required in Sections 721.55(4)(f)2.a. and (f)2.b., Florida Statutes;

8. Sections 8., 8.a., 8.b., 8.c., and 8.d. shall contain the information and conspicuous type disclosure required in Sections 721.55(4)(f)3., Florida Statutes;

9. Sections 9.a.(1)-a.(2) shall contain the information required in Section 721.55(4)(g)1., Florida Statutes;

10. Sections 9.b.(1)-b.(3) shall contain the information required in Section 721.55(4)(g)2., Florida Statutes;

11. Sections 10. and 10.a.-10.i. shall contain the information required in Section 721.55(4)(h)1.-7., Florida Statutes;

12. Section 11. shall contain the information and conspicuous type disclosure required in Section 721.55(4)(I), Florida Statutes;

13. Section 12. shall contain the conspicuous type disclosure required in Section 721.55(4)(j), Florida Statutes;

14. Section 13. shall contain the information required in Section 721.55(4)(k), Florida Statutes;

15. Sections 14.a.-14.d. shall contain the information required in Section 721.55(4)(l)1.-(l)5., Florida Statutes. In describing each component site, the developer shall be permitted to include pictures, photographs, illustrations, sketches or other pictorial representations of each component site; provided, however, that such representations comply with the requirements of Section 721.553, Florida Statutes, and Section 721.26(5)(a)2., Florida Statutes;

16. Section 15. shall contain the conspicuous type disclosure required in Section 721.55(8)(b), Florida Statutes, if applicable; and

17. Section 16. shall contain, if applicable, the information permitted pursuant to Section 721.55(5), Florida Statutes, unless the division requests that such information be placed in another section of the multisite POS to ensure fair, effective, and meaningful disclosure.

(h) The next consecutive page(s) shall contain the multisite POS exhibits tabbed and labeled by "Exhibit #", as previously listed pursuant to subsection (2)(b) of this rule or required pursuant to Sections 721.55(7)(a)-(7)(k) and 721.55(5), Florida Statutes, including:

1. An exhibit containing the form receipt for timeshare documents to be furnished to purchasers as prescribed in DBPR Form TS 6000-7, Receipt for Timeshare Documents, incorporated by reference in Rule 61B-39.003, F.A.C.;

2. A description of exhibits that will not be provided to purchasers; and

3. An exhibit (consecutively numbered if more than one) for each component site whose accommodations or facilities are either located in this state or with respect to which a timeshare estate or specific timeshare license is offered in this state, pursuant to Section 721.55(7)(l), Florida Statutes. Each such exhibit shall consist of the registered POS for each such component site with contents and format as required for a single-site filed POS pursuant to Section 721.07(5), Florida Statutes, and Rule 61B-39.003, F.A.C.

(3) The indexes and POS text may contain additional subsections which arrange or subdivide the required information in a more individualized fashion and may reference additional exhibits, numbered consecutively after the exhibits mandated in this rule.

(4) Except for the information required by Section 721.55(4)(l), Florida Statutes, the multisite POS text may contain cross-references to information contained in a single-site POS text, attached as an exhibit to the multisite POS text, in lieu of repeating such information in the multisite POS text.

(5) The multisite registered POS shall be accompanied by the following completed and executed forms and documents, where applicable:

(a) BPR Form 517, Multisite Timeshare Filing Statement, incorporated herein by reference and effective 6-12-96, a copy of which may be obtained at the address referenced in subsection 61B-39.002(4), F.A.C.;

(b) DBPR Form TS 6000-8, Certificate of Identical Documents, incorporated by reference in Rule 61B-39.003, F.A.C.;

(c) A fully executed escrow agreement demonstrating that the developer has established an escrow account with an independent escrow agent pursuant to Section 721.08, Florida Statutes;

(d) Pursuant to Section 721.55(6), Florida Statutes, other documents or information that the seller wishes to include in the POS as approved by the division;

(e) An affidavit or other evidence pursuant to Section 721.56(1), Florida Statutes, from each component site managing entity; and

(f) The correct filing fee.

(6) A copy of the multisite purchaser POS, prescribed in Rule 61B-39.004, F.A.C., shall not be required to be filed with the division as a separate document or exhibit, unless requested by the division pursuant to Section 721.55(5), Florida Statutes.

(7) In accordance with Sections 721.53 and 721.56, Florida Statutes, the reservation system facility of a multisite timeshare plan that must be the subject of a subordination and notice to creditors instrument includes any part of the reservation system without which the reservation system could not operate absent the acquisition of any necessary substitute part. Likewise, a terminated managing entity, that owns any part of the reservation system of a multisite timeshare plan must comply with the trust provisions of Section 721.56, Florida Statutes, when any part of the reservation system owned by the managing entity is a part without which the reservation system could not operate absent the acquisition of any necessary substitute part.

Notes

Fla. Admin. Code Ann. R. 61B-39.005

Specific Authority 721.26(6), 721.55 FS. Law Implemented 721.55 FS.

New 5-8-94, Amended 12-11-94, 6-12-96, 12-18-01.

New 5-8-94, Amended 12-11-94, 6-12-96, 12-18-01.