Barb Kerchner Attends Enactment Ceremony of Timeshare Resale Accountability Act
On June 22, 2012 Florida Governor Rick Scott officially signed into law the Timeshare Resale Accountability Act, a new bill aimed at tackling fraud by timeshare resale companies. Island One Resorts Vice President of Business & ComplianceBarbara Kerchnerattended the ceremony as the company's representative for the vacation ownership industry.
The Timeshare Resale Accountability Act was enacted to protect Florida consumers, and help 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. The new Act requires full and fair disclosure of the terms and conditions of services being offered, a reasonable rescission period for consumers to cancel a contract and penalties for those individuals and companies that engage in misleading and fraudulent practices. The bill will become effective July 1, 2012.
"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.
