{"data":{"id":"us-nj/n.j.-stat.-45-15-16.66","jurisdiction":"us-nj","citation":"N.J. Stat. § 45:15-16.66","heading":"Creation of provision for managing entity, duties.","body":"17. a. Before the first sale of a timeshare interest, the developer shall create or provide for a managing entity, which shall be either the developer, a separate manager or management firm, the board of directors of an owners' association, or some combination thereof.\nb.\tThe duties of the managing entity shall include, but not be limited to:\n(1)\tManagement and maintenance of all accommodations constituting the timeshare plan;\n(2)\tCollection of all assessments as provided in the timeshare instrument;\n(3)\tProviding to all purchasers each year an itemized annual budget, which shall include all estimated revenues and expenses;\n(4)\tMaintenance of all books and records concerning the timeshare plan;\n(5)\tScheduling occupancy of accommodations, when purchasers are not entitled to use specific timeshare periods, so that all purchasers will be provided the opportunity to possess and use the accommodations of the timeshare plan which they have purchased; and\n(6)\tPerforming any other functions and duties that are necessary and proper to maintain the accommodations or that are required by the timeshare instrument.\nc.\tIn the event a developer, managing entity or association files a complaint in a foreclosure proceeding involving timeshare interests, the developer, managing entity or association may join in the same action multiple defendant obligers and junior interest holders of separate timeshare interests, provided:\n(1)\tThe foreclosure proceeding involves a single timeshare plan;\n(2)\tThe foreclosure proceeding is filed by a single plaintiff;\n(3)\tThe default and remedy provisions in the written instruments on which the foreclosure proceeding is based are substantially the same for each defendant; and\n(4)\tThe nature of the defaults alleged is the same for each defendant.\nd.\tIn any foreclosure proceeding involving multiple defendants filed under subsection c. of this section, the court shall, if appropriate, sever for separate trial any count of the complaint in which a defense or counterclaim is timely raised by a defendant.\nL.2006, c.63, s.17.","path":["TITLE 45 PROFESSIONS AND OCCUPATIONS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"700207ddabbb88a5f9c5629c3bc5f76e1e55923cf5c931e8030c1eb9ca57efe2","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-45-15-16.65","next":"us-nj/n.j.-stat.-45-15-16.67"},"notice":"GroundRules: Original legal text. Not legal advice."}