PUBLIC Law Chapter 572

	3.__Foreclosure of mortgage not containing power of sale.__In the
event of a breach of the conditions of a mortgage on a time-share
estate that does not contain a power of sale, the holder of the
mortgage may conduct a nonjudicial foreclosure of the interest of
the time-share owner in the time-share estate pursuant to
subsection 1 if, at the same time the holder gives written notice
of default to the time-share owner as provided in subsection 1,
paragraph A, the holder also gives written notice to the time-share
owner stating that unless the time-share owner objects in writing
to the nonjudicial foreclosure within the 30-day period required by
subsection 1, paragraph A, the holder will proceed to conduct the
foreclosure pursuant to subsection 1.__The holder must explain in
the notice that the time-share owner has the right to a judicial
foreclosure conducted pursuant to Title 14, chapter 713 if the
owner asserts the objection within the specified time period and
must include with the notice an objection form together with an
envelope addressed to the holder.__Failure of a time-share owner to
object as required by this subsection in a timely manner is deemed
a waiver of the owner's right to a judicial foreclosure pursuant to
Title 14, chapter 713, which may include judicial foreclosure by
way of court action.

4.__Forfeiture of deficiency claim.__If the holder of the
mortgage conducts a nonjudicial foreclosure pursuant to this
section, the holder forfeits the holder's right to pursue a claim
for any deficiency in the payment of the time-share owner's
obligations resulting from the application of the proceeds of the
sale to such obligations.

If the holder of a security interest in a time-share license
conducts a nonjudicial foreclosure pursuant to this section, the
holder forfeits the holder's right to pursue a claim for any
deficiency in the payment of the time-share owner's obligations
resulting from the application of the proceeds of the sale to
such obligations.

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