First Regular Session H.B. 2639
PROPOSED
SENATE AMENDMENTS TO H.B. 2639
(Reference to House engrossed bill)
Page 1, line 9, strike "both:"
Strike lines 10 through 15
Line 16, strike "2."
Page 2, line 6, strike "disclosure" insert "disclosures"
Between lines 6 and 7, insert:
"A. The purchase agreement must Contain a separate disclosure document that discloses all of the following in at least ten‑point type:
1. If the purchaser signs the purchase agreement, the purchaser has ten days to cancel the purchase agreement without a penalty.
2. If the PURCHASER signs the purchase agreement, the purchaser may be responsible for paying maintenance fees, taxes and other assessments every year for the duration of ownership.
3. timeshares are not investments.
5. The purchaser has the right to file a consumer complaint with the attorney general."
Reletter to conform
Line 7, strike "an" insert "a purchase"; after "agreement" strike remainder of line
Line 8, strike "timeshare interest"
Strike lines 39 through 45
Strike page 3
Page 4, strike lines 1 through 11, insert:
"C. If there are blank spaces in the purchase agreement or the disclosure documents prescribed by this section, the contract is voidable."
Reletter to conform
Line 12, after "must" insert "separately initial each disclosure prescribed by subsection A of this section,"; after "disclosure" insert "prescribed by subsection B of this section"
Line 14, strike the first "disclosure" insert "disclosures"; after the period insert "an INITIALED copy of the separate disclosure prescribed by subsection A of this section and"; after the second "disclosure" insert "prescribed by subsection B of this section"
Lines 17 and 19, strike "disclosure" insert "disclosures"
Amend title to conform