(a) A managing entity that manages two or more single-site time share plans shall not commingle the assessments collected from purchasers of one time share plan with the assessments collected from purchasers of any other single-site plan for which it is the managing entity unless the practice is disclosed in the time share disclosure statement for each time share property and an appropriate statement is included in the declaration required by section 42-103gg for each time share property.
(b) A managing entity that manages a multisite time share plan may deposit assessments collected from purchasers of one time share property into a common account with assessments collected from purchasers of other time share properties participating in the same multisite time share plan only if the practice is disclosed in the time share disclosure statement for each time share property in the multisite time share plan and an appropriate statement is included in the declaration required by section 42-103gg for each time share plan.
(c) Nothing in this section shall be construed to allow a managing entity to commingle assessments of a multisite time share plan with the assessments of a separate multisite time share plan or a time share plan that is not a part of the multisite time share plan.
(d) In matters related to the funds of the owners of time share interests and the association, the managing entity shall have a duty to act in the best interests of each owner of a time share interest in the time share plan and the association.
(P.A. 09-156, S. 22.)
History: P.A. 09-156 effective January 1, 2010.
Structure Connecticut General Statutes
Title 42 - Business, Selling, Trading and Collection Practices
Section 42-103cc. - Short title: Time Share Act.
Section 42-103dd. - Definitions.
Section 42-103ff. - Exempt communications.
Section 42-103hh. - Ownership and conveyance of time share interest.
Section 42-103ll. - Advertisements and promotions. Prohibitions. Disclosures.
Section 42-103mm. - Time share disclosure statement. Written acknowledgment of receipt.
Section 42-103nn. - Exchange disclosure statement. Filing with department. Amendments. Fees.
Section 42-103oo. - Duty and liability of developer.
Section 42-103pp. - Cancellation of purchase contract.
Section 42-103qq. - Purchase contract statements.
Section 42-103rr. - Exchange company. Liability exceptions.
Section 42-103tt. - Unfair trade practices. Use rights compliance. Nonmaterial error or omission.
Section 42-103uu. - Insurance.
Section 42-103vv. - Developer prohibitions. Penalty.
Section 42-103yy. - Assessments. Lien on time share interest. Foreclosure.
Section 42-103zz. - Costs of delinquent assessment collection. Notice to purchaser.
Section 42-103aaa. - Books and records.
Section 42-103bbb. - Time share resale broker requirements. Rebuttable presumption. Exclusions.
Section 42-103ccc. - Time share resale disclosure requirements.
Section 42-103ddd. - Time share resale agreement requirements. Exceptions.