The General Assembly declares that the purposes of this article are to recognize that:
(A) Vacation time sharing plans are created as authorized by statute with most of the older vacation time sharing properties based on a horizontal property regime structure, and many of these older vacation time sharing properties are approaching the termination dates set forth in their governing documents, some of which governing documents address termination or extension of the vacation time sharing property and some of which do not address termination or extension.
(B) In order to provide the owners of vacation time sharing interests with the right to terminate vacation time sharing plans or to extend the terms of vacation time sharing plans and preserve the continued use, enjoyment, and tax values of these time sharing properties, the General Assembly further declares that the public policy of this State requires the creation of a statutory method to enable the owners of these vacation time sharing properties to either terminate their vacation time sharing plans or extend the terms of their vacation time sharing plans, notwithstanding contrary provisions in their governing documents which may create uncertainty for purchasers, prospective purchasers, owners, and lenders, and which may discourage the ongoing maintenance, refurbishment, and improvement of these vacation time sharing properties.
HISTORY: 2019 Act No. 66 (H.3754), Section 3, eff May 16, 2019.