The Timeshare Resale Accountability Act

Tue, Jun 26, 2012

General Legal Issues

Florida’s Timeshare Resale Accountability Act goes into effect on July 1, 2012. Many timeshare owners have been waiting a long time for this type of law. The law provides protection for timeshare owners who are looking to sell their timeshare off, and then fall prey to unscrupulous resale companies.

The usual scam works like this: A timeshare owner is looking to sell a timeshare for various reasons. They contact a company who says they can sell the timeshare for a fee. The owner pays this company the fee up front and then never sees anything happen and their money disappear. They are left with a timeshare they do not want and have lost a lot of money.

Representative Eric Eisnaugle introduced Florida House Bill 1001, now called the Timeshare Resale Accountability Act. Passed in April 2012, the law will help protect timeshare owners by modifying Chapter 721 in the Florida State Statutes—a statute that affects Vacation and Timeshare Plans. It requires more documentation of “potential” buyers, caps fees, etc. It also provides harsh penalties for companies that are committing this type of fraud.

Attorney General Pam Bondi’s statement about the new law is found here. And, as usual, the FTC has some great information on their website about how to spot and avoid scams. The type of research you should do before entering into a contract to sell a timeshare is just like that you should do before signing any other contract. Ask around for recommendations, do some research, and keep up with current info about scams and false promises.

SmithLaw knows that many residents of our area may have fallen victim to this type of fraud and hope that this new law provides some relief and peace of mind. It is hard to be stuck with a timeshare that you cannot use or afford in today’s tough economic times.

Image Credit: The Pug Father

,

Leave a Reply

You must be logged in to post a comment.