CHAPTER 229

H.P. 248 - L.D. 305

An Act To Amend the Lien Procedures for Time-share Estates

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 33 MRSA §593, sub-§5, as amended by PL 1991, c. 197, §2, is further amended to read:

5. Escrow account. If the managing entity collects money for taxes, it shall maintain an escrow account with a financial institution licensed by the State, and deposit any money collected or received for taxes in the escrow account within 10 days after collection or receipt. The escrow account must be established in the names of both the managing entity and the municipality in which the time-share estates are located. No withdrawal may be made from the escrow account without the written agreement of the municipality.

Prior to the delinquency date established by the municipality in which the time-share estates are located, the managing entity shall pay to the municipal tax collector all money deposited in the escrow account for the purpose of tax payment. If the amount paid from the escrow account is not sufficient to discharge all taxes and tax-related costs, due and owing, the managing entity shall either pay the difference and place a lien on those

time-share estates whose owners have not contributed to the escrow account as provided in section 594, or and, if requested by the municipality, provide a list identifying those owners and their interests, including the periods of ownership, to the municipal tax collector who may then proceed to collect the taxes on those interests as allowed by law.