New Jersey § 45:15-16

§ 45:15-16.

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. b. The duties of the managing entity shall include, but not be limited to: (1) Management and maintenance of all accommodations constituting the timeshare plan; (2) Collection of all assessments as provided in the timeshare instrument; (3) Providing to all purchasers each year an itemized annual budget, which shall include

all estimated revenues and expenses; (4) Maintenance of all books and records concerning the timeshare plan; (5) Scheduling 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 (6) Performing any other functions and duties that are necessary and proper to maintain

the accommodations or that are required by the timeshare instrument. c. In 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: (1) The foreclosure proceeding involves a single timeshare plan; (2) The foreclosure proceeding is filed by a single plaintiff; (3) The default and remedy provisions in the written instruments on which the foreclosure

proceeding is based are substantially the same for each defendant; and (4) The nature of the defaults alleged is the same for each defendant. d. In 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.