Amend the bill, as and if amended, page 8, by striking lines 1 through 16, in Section 27-32-55(C), as contained in SECTION 2, and inserting therein the following:
/ (C)(1) No person shall knowingly participate, for consideration or with the expectation of consideration, in any plan or scheme, a purpose of which is to transfer a resale vacation time sharing interest to a person or entity that the person knows or reasonably should know does not have the ability, means, or intent to pay all assessments and taxes associated with ownership of the resale vacation time sharing interest that are due or that come due during the transferee's ownership.
(2) Failure to pay assessments or taxes that are due or that come due within four years after acquisition of a resale vacation time sharing interest by a transferee who acquires the resale vacation time sharing interest for commercial purposes and not for personal use and enjoyment creates a rebuttable presumption of a violation of this section.
(3) Payment of all assessments and taxes for four years by or on behalf of a transferee shall satisfy subsection (2).
(4) It is considered a violation of this section if there is any transfer, series of transfers, or other action made or taken by any person for the purpose of circumventing this section. /
Renumber sections to conform.
Amend title to conform.