557A.10  Arrangement for management and operation of a time-share use program.
  The time-share instruments for a time-share use program shall prescribe reasonable arrangements for management and operation of the program and for the maintenance, repair, and furnishing of units which shall include, but not be limited to, provisions for the following:
  1.  Standards and procedures for upkeep, repair, and interior furnishing of units and for providing of janitorial, cleaning, linen, and similar services to the units during use periods.
  2.  Adoption of standards and rules of conduct governing the use and occupancy of units by time-share use owners.
  3.  Payment of the costs and expenses of operating the time-share program.
  4.  Selection of a managing agent to act on behalf of the developer.
  5.  Preparation and dissemination to time-share use owners of an annual budget and operating statements and other financial information concerning the time-share program.
  6.  Procedures for establishing the rights of time-share use owners to the use of units by prearrangement or under a first-reserved, first-served priority system.
  7.  Organization of a management advisory board consisting of time-share use owners including an enumeration of rights and responsibilities of the advisory board.
  8.  Procedures for imposing and collecting assessment or use fees from time-share use owners as necessary to defray costs of management of the time-share program and in providing materials and services to the units.
  9.  Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of units by time-share use owners, their guests, and other users.
  10.  Methods for providing compensating use periods or monetary compensation to a time-share use owner if a unit cannot be made available for the period to which the owner is entitled by schedule or by a confirmed reservation.
  11.  Procedures for imposing a monetary penalty or suspension of a time-share use owner’s rights and privileges in the time-share program for failure of the owner to comply with the time-share instruments or the rules established by the developer with respect to the use of the units. The time-share use owner shall be given notice and the opportunity to refute or explain the charges in person or in writing to the management advisory board before a decision to impose discipline is rendered.
  12.  Procedures for disclosure at cost to requesting time-share users of a list of the names and mailing addresses of all current time-share owners in the time-share program.
85 Acts, ch 155, §10
Referred to in §557A.3