California Business and Professions Code

§ 11242

BPC § 11242 Effective Jan 1, 2020Div. 4 · Part 2 · Ch. 2 · Art. 2

Statute text

(a)In any time-share plan, the developer may undertake to pay a portion of the assessments otherwise payable by each purchaser (“buy down subsidy”). Any developer undertaking to pay a buy down subsidy shall do both of the following:

(1)Enter into a contract with the association that specifies in detail the obligations of the developer and the methods to be used in valuing the goods and services furnished under the time-share plan.

(2)Furnish the association with an executed copy of the subsidization contract within 10 days after closing of escrow of the first sale or lease of a time-share interest.

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Legislative history

Amended by Stats. 2019, Ch. 153, Sec. 2. (SB 578) Effective January 1, 2020.