09 LC 38
0841/AP
House
Bill 608 (AS PASSED HOUSE AND SENATE)
By:
Representatives Weldon of the
3rd,
Willard of the
49th,
Lane of the
167th,
Jacobs of the
80th,
Powell of the
171st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 5 of Chapter 3 of Title 44 of the Official Code of
Georgia Annotated, relating to general provisions relative to time-share
projects and programs, so as to provide for definitions; to provide that a
time-share estate shall include certain interests; to provide for certain
actions when such interests are held in trust; to provide for certain fiduciary
requirements to an owners' association; to provide for related matters; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 5 of Chapter 3 of Title 44 of the Official Code of Georgia
Annotated, relating to general provisions relative to time-share projects and
programs, is amended by adding a new paragraph to and revising paragraph (21) of
Code Section 44-3-162, relating to definitions regarding time-share estates, as
follows:
"(12.1)
'Owners' association' means an association made up of all owners of time-share
intervals in a time-share
program."
"(21)
'Time-share estate' means an ownership or leasehold interest in real property
divided into measurable chronological
periods,
including real property interests held in irrevocable trust wherein all owners
of the time-share program or the owners' association of the time-share program
are express beneficiaries of such trust and the trustee is independent of the
developer; provided, however, that if such real property interests are held in
trust, conveyance of the property to the trust shall be free of all financial
liens and encumbrances or shall include a recorded nondisturbance
agreement."
SECTION
2.
Said
part is further amended by deleting "and" at the end of paragraph (13), by
replacing the period at the end of paragraph (14) with "; and", and by adding a
new paragraph to Code Section 44-3-170, relating to time-share use program
management and operation, as follows:
"(15)
An owners' association shall act as a fiduciary to the purchasers of a
time-share program."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.