An Act modernizing time-share extension and termination procedures

This law updates the rules for ending time-share plans in Massachusetts, allowing owners to collectively vote to terminate a property if at least 65% of eligible participants agree. Once this threshold is met, the owners can sign a legally binding agreement to dissolve the plan, which must be recorded with local land offices to take effect. The bill outlines two paths for what happens next: owners can either split the property's value among themselves or sell the entire property through a designated trustee, with proceeds distributed according to their ownership shares. It also clarifies how existing debts and liens are handled during the process and establishes a method for fairly valuing each owner's interest if the original contract does not specify it.