N.J. Stat. § 45:15-16.66

Current through L. 2024, c. 62.

Section 45:15-16.66 - Creation of provision for managing entity, duties

a. Before the first sale of a timeshare interest, the developer shall create or provide for a managing entity, which shall be either the developer, a separate manager or management firm, the board of directors of an owners' association, or some combination thereof.

b. The duties of the managing entity shall include, but not be limited to:

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

(2) Collection of all assessments as provided in the timeshare instrument;

(3) Providing to all purchasers each year an itemized annual budget, which shall include all estimated revenues and expenses;

(4) Maintenance of all books and records concerning the timeshare plan;

(5) Scheduling occupancy of accommodations, when purchasers are not entitled to use specific timeshare periods, so that all purchasers will be provided the opportunity to possess and use the accommodations of the timeshare plan which they have purchased; and

(6) Performing any other functions and duties that are necessary and proper to maintain the accommodations or that are required by the timeshare instrument.

c. In the event a developer, managing entity or association files a complaint in a foreclosure proceeding involving timeshare interests, the developer, managing entity or association may join in the same action multiple defendant obligers and junior interest holders of separate timeshare interests, provided:

(1) The foreclosure proceeding involves a single timeshare plan;

(2) The foreclosure proceeding is filed by a single plaintiff;

(3) The default and remedy provisions in the written instruments on which the foreclosure proceeding is based are substantially the same for each defendant; and

(4) The nature of the defaults alleged is the same for each defendant.

d. In any foreclosure proceeding involving multiple defendants filed under subsection c. of this section, the court shall, if appropriate, sever for separate trial any count of the complaint in which a defense or counterclaim is timely raised by a defendant.

N.J.S. § 45:15-16.66

Added by L. 2006, c. 63, s. 17, eff. 10/31/2006.