(a) During any period of time in which a timeshare association has entered into a contract with a manager or management firm to provide some or all of the management services to the timeshare plan, both the board of administration and the manager or management firm are considered the managing entity of the timeshare plan and are jointly and severally responsible for the faithful discharge of the duties of the managing entity.
(b) The managing entity shall act in the capacity of a fiduciary to the purchasers of the timeshare plan. No penalty imposed by the Department pursuant to section 1116 of this chapter against any managing entity for breach of fiduciary duty may be assessed as a common expense of any timeshare plan.
(c) Any timeshare association or other managing entity shall keep among its business records a complete list of the names and mailing addresses of all owners of timeshare interests in the timeshare plan. The timeshare association or managing entity shall update this list no less frequently than every six months. Notwithstanding any other provision of this chapter, the timeshare association or managing entity may not publish this list or any portion of this list of owners or provide a copy of the list or any portion of the list to any owner or to any third party, or use or sell the list for commercial purposes, except as required to accomplish legitimate association business. For the purposes of this section, “legitimate association business” includes, but is not limited to, a proxy solicitation for any purpose, including, but not limited to, the recall of one or more of the board members elected by the owners, or disposition of timeshare interests acquired by the timeshare association.
(d) The timeshare association or other managing entity shall mail to those owners listed on the list of owners, materials provided by any owner, upon the written request of that owner, if the purpose of the mailing is to advance legitimate owners’ association business. A mailing requested for the purpose of advancing legitimate owners’ association business must occur within 30 days after receipt of a request from an owner. The board of directors of the timeshare association is responsible for determining the appropriateness of any requested mailing. The owner who requests the mailing must reimburse the timeshare association in advance for the timeshare association’s actual costs in performing the mailing.
(e) The timeshare association or other managing entity shall make available for inspection to the Department any books and records of the timeshare plan upon the request of the Department. The Department may enforce this subsection by making direct application to the Superior Court.
(f) Any failure of the managing entity to faithfully discharge the fiduciary duty to purchasers imposed by this section or otherwise to comply with the provision of this section violates this chapter.