SB 734
Updating requirements for filing fee and annual fee
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill updates the requirements for filing fees and annual fees associated with time-sharing plans in West Virginia. Specifically, it modifies the fees for initial filings and subsequent changes to public offering statements. The bill also establishes an annual fee of 50 cents per time-share period that managing entities must pay to the state division. These changes aim to clarify and standardize the fee structure for time-sharing operations within the state.
Key provisions
- Establishes a filing fee of $500 plus $1 per time-share period for initial public offering statements.
- Sets a $250 fee for changes to public offering statements, only if adding inventory.
- Requires an annual fee of 50 cents per time-share period paid to the division.
- Specifies detailed disclosures required in public offering statements, including information about the developer, accommodations, and potential changes to fees.
- Outlines specific requirements for public offering statements regarding fee simple interests in real property.
- Defines the responsibilities of managing entities regarding annual fee collection and payment.
- Clarifies procedures for division review and approval of public offering statements and changes.
- Mandates the inclusion of specific information in public offering statements, such as cancellation rights and insurance coverage.
Who is affected
- Developers of time-sharing plans
- Managing entities of time-sharing plans
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