LD 1932
pg. 2
Page 1 of 7 An Act To Implement Model Time-share Foreclosure Procedures Page 3 of 7
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LR 2960
Item 1

 
B.__If, after expiration of the 30-day period under paragraph
A, the time-share owner has not cured the default in the
manner prescribed, the party seeking to foreclose shall
conduct a public auction under the conditions described in
this paragraph.

 
(1)__Notice under this paragraph must be given as
follows.

 
(a)__Notice of the sale must be published once in
a public newspaper with a general circulation in
the town or county in which the time-share
property is situated.__The publication must be not
later than 30 days before the date of the sale,
calculated by excluding the date of publication of
the first notice and the date of sale.

 
(b)__A written notice of the time, date and place
of the auction must be mailed to the last known
address of the time-share owner of record by
certified mail, return receipt requested at least
30 days prior to the date of sale.__The notice of
sale also must be sent by certified mail, return
receipt requested to all persons having a lien on
the time-share estate at least 30 days prior to
the date of the foreclosure sale.

 
(c)__The notice must contain:

 
(i)__The name of the time-share owner;

 
(ii)__The date, time and place of the
foreclosure sale;

 
(iii)__A general description of the time-
share estate; and

 
(iv)__The terms of the sale.

 
If more than one time-share estate is to be
included in the foreclosure sale, all such time-
share estates may be combined into one notice of
sale, with one property description, as described
in division (d) or (e).

 
(d)__The notice of foreclosure for foreclosing on
the lien of a time-share estate must be printed in
substantially the following form:


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