Timeshare Industry Celebrates Passage of Timeshare Resale Accountability Act, Affords Consumer Protections
Timeshare Industry Supporting Similar Efforts in Other States
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ORLANDO, FL – March 9, 2012 – Today, the American Resort Development Association (ARDA) and the American Resort Development Association Resort Owners’ Coalition (ARDA-ROC) celebrated the Florida Legislature’s passage of the Timeshare Resale Accountability Act, sponsored by Florida State Senator Andy Gardiner and Florida State Representative Eric Eisnaugle and supported by Florida Attorney General Pam Bondi.
“Florida has taken a giant step in providing consumer protection against fraudulent and deceptive business practices utilized by unsavory timeshare resellers,” said Howard Nusbaum, president and CEO of ARDA. “The timeshare industry plays an increasingly significant role in Florida’s recovering economy as tourism returns and grows in the state. ARDA and ARDA-ROC salute General Bondi, Senator Andy Gardiner, and Representative Eric Eisnaugle for their hard work that made this a reality,” Nusbaum continued.
The Timeshare Resale Accountability Act protects Florida consumers and helps put an end to deceptive marketing practices conducted by fraudulent timeshare resale companies that have been targeting consumers under the guise of offering a service to help sell their timeshare product. Specifically, timeshare owners will be given more information to make better decisions about purchasing timeshare resale services. For example, the legislation seeks greater transparency and will require, among other things, timeshare resale companies to disclose all terms and conditions of their business relationship with a consumer, provide for a right of rescission for consumers to cancel a contract for resale services, and impose penalties on companies who continue these deceptive practices.
Nearly 25 percent of all timeshare resorts in the United States are located in Florida, and these resorts represent a large and growing share of Florida’s tourism market. The Timeshare Resale Accountability Act is proactive legislation that is vital to ensuring the long-term health of a key sector of Florida’s tourism industry by protecting timeshare owners and legitimate businesses alike.
ARDA and ARDA-ROC are also supporting resale legislation in other states such as Colorado and Utah. Aimed at targeting fraudulent resale company practices, the legislation focuses on a different but equally important area of consumer protection related to services offered by timeshare transfer companies.
The timeshare industry continues to work to ensure transparency in both the buying and selling process. Over the years, ARDA and its members have provided information on the resale process to consumers, monitored resale company practices, held symposiums for its members, and created think tanks with industry leaders to discuss the best solutions to ensure consumer protections and adherence to resale standards.
For further information about the timeshare secondary market including resales, visit the ARDA-ROC Timeshare Resale Resource Center.
The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has almost 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC). For more information, visit www.arda.org or ARDA’s consumer website at www.VacationBetter.org.