ORLANDO - June 25, 2012 – Florida Governor Rick Scott held a ceremonial signing of the Timeshare Resale Accountability Act on Friday, June 22, making Florida one of the first states in the country to take a bold stand against fraudulent timeshare resale activity. The bill was sponsored by Florida State Senator Andy Gardiner and Florida State Representative Eric Eisnaugle, and supported by Florida Attorney General Pam Bondi. ARDA, along with its Owners’ Coalition (ARDA-ROC), has worked diligently for the passage of this bill since its introduction in the Florida Legislature.
“On behalf of ARDA-ROC timeshare owners, we thank Governor Scott for his support of this Act to protect the integrity of timeshare ownership in Florida,” said Ken McKelvey, ARDA-ROC Chairman.
The Timeshare Resale Accountability Act will protect Florida consumers by putting an end to deceptive marketing practices conducted by fraudulent companies and empowering timeshare consumers to make better decisions about purchasing timeshare resale services. This legislation will, among other things, require timeshare resale companies to disclose all terms and conditions of the services they offer, provide for a right of rescission for consumers to cancel a contract for resale services, and impose penalties on companies that engage in deceptive practices.
“We applaud General Bondi for her leadership. By spearheading this groundbreaking legislation, timeshare consumers in Florida have a level of protection from resale scams,” said Howard Nusbaum, president and CEO of ARDA. “Once again, Florida is creating bellwether legislation that serves the people of Florida and the timeshare industry.”
ARDA and ARDA-ROC have long been concerned by the growing number of fraudulent companies in the timeshare secondary market and have worked together to provide consumers with reliable resale information. This includes the development of a Model Resale Act; specific tips on reviewing resale company business models, costs, and services; as well as consumer advisories to warn owners of specific predatory business practices.
Most recently, ARDA-ROC launched the Timeshare Resale Resource Center to provide comprehensive resale information aimed at educating owners about the resale process, resale companies, and state regulatory resources.
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.