FOR IMMEDIATE RELEASE:
Timeshare Resale Accountability Act Passes Committee
Tampa, Florida – February 2, 2012:
Last week, the Timeshare Resale Accountability Act passed the Business and Consumer Affairs Subcommittee of Florida. The bill, proposed in October 2011, protects timeshare sellers with a number of provisions that guard against timeshare scams and deceptive practices by timeshare resale companies.
“Timeshare properties are a vital part of Florida’s tourism and resort industry,” said Representative Eric Eisnaugle, a major sponsor of the bill. “People who purchase these properties should be protected from the misleading and deceptive practices being used by dishonest timeshare resale companies.” According to the Florida Office of the Attorney General, the proposed legislation including the following provisions:
• A timeshare resale advertiser may not misrepresent a pre-existing interest in the owner’s timeshare.
• A timeshare resale advertiser may not mislead a customer as to the success rate of the advertiser’s sales.
• A timeshare resale advertiser may not provide brokerage or direct sale services.
• A timeshare resale advertiser must honor a cancellation request made within 7 days following a signed agreement.
• A timeshare resale advertiser must provide a full refund by a timeshare owner within 20 days of a valid cancellation request.
• A timeshare resale advertiser must not collect any payment or engage in any resale advertising activities until the timeshare owner delivers a signed written agreement for the services.
• A timeshare resale advertiser must also provide a full disclosure statement printed in bold type, with no smaller than a 12-point font, and printed immediately preceding the space provided for the timeshare owner’s signature.
• A timeshare advertising agreement must be put in writing.
• A company who violates these provisions has committed a violation of the Unfair and Deceptive Trade Practices Act with a penalty not to exceed $15,000 per violation.
Last year, timeshare scams were among consumers’ biggest complaints. The Timeshare Resale Accountability Act is an important step in protecting timeshare sellers. The bill is now headed to the floor, where we hope for its safe passage!
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Timeshare Broker Sales is a timeshare resale company that has assembled a group of dedicated timeshare experts with more than two decades of timeshare industry experience. All of our agents are licensed REALTORS® and timeshare experts, committed to giving our clients the highest level of value and service. Our experts help timeshare owners sell timeshare with No Upfront Fees, as well as help buyers purchase the perfect timeshare resale at deep discounts.