30 Miss. Code. R. 1601-8.12

Current through December 10, 2024

Rule 30-1601-8.12 - Management

A. Before the first sale of a timeshare period, the developer shall create or provide for a managing entity, which may be the developer, a separate management firm, or an owner's association, or some combination thereof.

B. The management entity shall act in the capacity of fiduciary to the purchasers of the timeshare plans.

C. The duties of the management entity shall include, but are not limited to:

(1) Management and maintenance of all accommodations constituting the timeshare plan.

(2) Preparing an itemized annual operating and reserve budget.

(3) The assessment and collection of funds for common expenses.

(4) The assessment and collection of property taxes and casualty insurance and liability insurance against the owners, for which managing entity shall he primarily liable.

(5) Maintenance of all books and records concerning the timeshare plan, and making all of them reasonably available for inspection by any purchaser, or the authorized agent of such purchaser.

(6) Arranging for an annual independent audit to be conducted of all the books and financial records of the timeshare plan by a certified public accountant. A copy of the audit shall be forwarded to the officers of the owner's association; or, if no association exists, the owner of each timeshare period shall be notified in writing that such audit is available upon request.

(7) Scheduling occupancy of the timeshare units so that all purchasers will be provided the use and possession of the accommodations for which they have contracted.

(8) Notifying purchasers of common assessments and the identity of the managing entity.

(9) Performing any other functions and duties that are necessary and proper to maintain the accommodations and operate the owners association as provided in the contract or the timeshare instruments.

(10) Maintaining appropriate insurance as required by Rule 8.9 of these rules.

D. The managing entity shall not be required to provide a reserve budget for any timeshare plan or accommodation for which a timeshare instrument has been approved prior to adoption of these rules.

30 Miss. Code. R. 1601-8.12

Miss. Code Ann. §§ 73-35-35