A. Before the closing of the first timeshare sale, the developer shall designate a managing entity which may be the developer, the association or a management firm.
B. The management entity shall be responsible for:
1. Managing and maintaining all accommodations and facilities of the timeshare plan;
2. Collecting any assessment for common expenses;
3. Providing each owner with an itemized annual budget including all receipts and expenditures;
4. Maintaining all books and records concerning the timeshare plan on the timeshare property and making the books and records available for inspection by an owner;
5. Scheduling occupancy of units if each owner does not acquire a specific timeshare period so that each owner receives the use of the timeshare plan's accommodations and facilities to which the owner is entitled;
6. Performing all other duties necessary to maintain the accommodations or facilities as provided in the management contract or other agreement;
7. Hiring and supervising an employee or agent to perform a function described in subsections B1 through B6 of this section.
C. A timeshare instrument that provides for the developer or an agent selected by the developer to manage the timeshare property until an association or the owners assume the role of managing entity shall include provisions for:
1. Termination by the association or owners;
2. Termination of contracts for goods and services for the timeshare property or units entered into during the period the developer served as the managing entity;
3. A regular accounting at least annually by the developer to the association or owners as to all matters affecting the timeshare property;
4. Immediate termination of the developer as managing entity by the association or owners and assumption of management functions by the association in the case of abandonment or substantial breakdown of management services for the timeshare plan.
D. Prior to the closing of the first timeshare sale, the developer shall deposit with the management entity sufficient funds or cash equivalent for a one year reserve for the maintenance of the common area of the timeshare property. Such reserve fund shall be maintained by the owners throughout the life of the timeshare property and be adjusted to reflect the costs of maintenance as defined in this section for each ensuing year.
E. Projects which exist prior to the effective date hereof which convert to timeshare shall be required to comply with this section. The one year reserve for management and maintenance costs shall be deposited at the beginning of the fiscal year subsequent to the formal approval of the conversion and maintained for the life of the project as provided hereinabove.
F. Timeshare property or timeshare units which exist prior to the effective date hereof and which do not formally convert to timeshare pursuant to subsection 3-3-4C of this chapter shall not be required to comply with this section.
G. In carrying out its functions, the managing entity shall have the right to file an assessment lien against any timeshare owner consistent with the terms and conditions of Idaho Code section 55-1518, as amended or subsequently codified. (1990 Code)