Bill > H1658

This bill proposes to amend Chapter 183B of existing law by adding a new section, 29C, which allows a time share owner to voluntarily surrender their ownership rights to a time share interval. This surrender can occur at any time, provided the owner has no outstanding payments due to the time share management person or entity (the organization responsible for managing the time share) and has no other liens (legal claims against the property) on their ownership interest. To surrender, the owner must deliver a notarized deed of surrender to the managing entity or, if none exists, to the developer (the original seller of the time share). This deed must clearly state the owner's name, the specific time interval owned, the unit identification, the recipient of the surrender, and that the surrender is being made without any payment or compensation. The bill mandates that the managing entity or developer must accept these deeds of surrender.