§ 18-14-303 - Provisions for management and operation of time-share estate programs.
18-14-303. Provisions for management and operation of time-share estate programs.
The time-share instruments for a time-share estate program shall prescribe reasonable arrangements for management and operation of the time-share program and for the maintenance, repair, and furnishing of units, which shall ordinarily include, but need not be limited to, provisions for the following:
(1) Creation of an association of time-share estate owners;
(2) Adoption of bylaws for organizing and operating the association;
(3) Payment of costs and expenses of operating the time-share program and owning and maintaining the units;
(4) Employment and termination of employment of the managing agent for the association;
(5) Preparation and dissemination to owners of an annual budget and of operating statements and other financial information concerning the time-share program;
(6) Adoption of standards and rules of conduct for the use and occupancy of units by owners;
(7) Collection of assessments from owners to defray the expenses of management of the time-share program and maintenance of the units and time-share project;
(8) Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of units by owners, their guests, and other users;
(9) Methods for providing compensating use periods or monetary compensation to an owner if a unit cannot be made available for the period to which the owner is entitled by schedule or by confirmed reservation;
(10) Procedures for imposing a monetary penalty or suspension of an owner's rights and privileges in the time-share program for failure of the owner to comply with provisions of the time-share instruments or the rules of the association with respect to the use of the units. Under these procedures an owner must be given notice and the opportunity to refute or explain the charges against him or her in person or in writing to the governing body of the association before a decision to impose discipline is rendered. Any monetary penalty may be secured by the lien provided for in 18-14-302; and
(11) Employment of attorneys, accountants, and other professional persons as necessary to assist in the management of the time-share program and the units.