RELATING TO TIME SHARING.

Allows an escrow agent to release purchasers' funds to a developer prior to closing if the developer secures the funds with a bond or letter of credit.

SB 971

SD1

RELATING TO TIME SHARE.

Narrows gift and prize disclosure requirements; allows time share booth signage to contain art and design elements and excludes booths in the time share project, or in a hotel owned or operated by the time share developer or affiliate from signage requirements; removes signs and banners from certain disclosure requirements; excludes money paid for an activity, product, or service from prohibition on developer receipt of sums from prospective buyers. (SD1)

RELATING TO MORTGAGE BROKERS AND SOLICITORS.

Exempts time share sales agent from mortgage broker/solicitor licensure requirement if agent is licensed real estate broker or salesperson and time share plan developer is licensed mortgage broker.

RELATING TO FINANCIAL SERVICE LOAN COMPANIES.

Allows financial services loan companies to impose certain fees and charges with regard to a consumer loan unless specifically prohibited by statute or by the commissioner by rule.

SB 953

RELATING TO REAL PROPERTY DISCLOSURES.

Require sellers of residential property to disclose to buyers the close proximity of agricultural lands by including this geographic information in the disclosure statement provided to buyers.

RELATING TO CONDOMINIUMS.

Repeals prohibition on the purchase of deposits or certificates of deposit through a securities broker by a condominium association.

RELATING TO ASSOCIATION OF APARTMENT OWNERS.

Clarifies that contracts entered into between the association of apartment owners and a managing agent or property management company, are to be made available for examination by apartment owners with a duly executed affidavit.

RELATING TO CONDOMINIUM PROPERTY REGIMES.

Requires condominium board of directors to maintain certain financial records for current and prior 4 years available for review by apartment owners.

RELATING TO CONDOMINIUM PROPERTY REGIMES.

Requires association of apartment owners to maintain records apartment owners are entitled to review kept on the property if the association or a resident manager maintains an office on the property.