Sec. 1. 33 MRSA §594, sub-§1, as enacted by PL 1983, c. 407, §1, is repealed and the following enacted in its place:

1.__Lien created.__A managing entity has a lien on a time share for any assessment for expenses of the time-share property or fines levied against that time share in accordance with the project instrument from the time the assessment or fine becomes due.__A lien against a time-share estate may be foreclosed as provided in section 595, subsection 1, and a lien against a time- share license may be foreclosed as provided in section 595, subsection 2.__Unless the project instrument otherwise provides, fees, charges, late charges, fines and interest charged in accordance with the project instrument are enforceable as assessments under this section.__If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first installment thereof becomes due.__The managing entity shall record notice of a lien on a time-share estate in the registry of deeds in the county in which the time-share estate is located.__A notice of a lien on a time-share license must be recorded in the public records for the filing of security interests governed by the Uniform Commercial Code.__If there is more than one lien, they may be listed in one filing.

Sec. 2. 33 MRSA §595 is enacted to read:

§595.__Foreclosure or commercial sale of timeshare

1.__Nonjudicial foreclosure of time-share estate.__A time- share owner may grant to a financial institution or other person a mortgage with a power of sale on that owner's time-share estate that is governed by the terms of this section.__The foreclosure of a mortgage with a power of sale or a lien from an assessment created pursuant to section 594 must be conducted pursuant to this section.__The provisions of Title 14, sections 6201 to 6209 do not apply to any such foreclosure.

In the event of a breach of the conditions of the power of sale mortgage or the failure of the time-share owner to pay the assessments as and when due and owing the following procedure must be followed.

A.__Upon default, and after all applicable cure periods have expired, the party seeking to foreclose shall provide written notice of the default to the time-share owner at the owner's last known address by certified mail, return receipt requested and provide a reasonable opportunity to cure of not less than 30 days from the date of the mailing of the notice letter.