New Jersey Lawmakers Protect Timeshare Consumers
Friday, October 13, 2006
At the end of October, a new state law, S-1321, The New Jersey Real Estate Timeshare Act, will come into effect, placing rigorous demands on companies that sell new timeshares. The intent is to “ensure that the sale process is transparent and buyers are better protected,” according to the October 11, 2006 edition of www.northjersey.com.
New Jersey’s new law will place regulatory authority for timeshares appropriately in the hands of the New Jersey Real Estate Commission, rather than splitting it with the Department of Community Affairs. The new law will require timeshare companies to adhere to tougher escrow controls. It also mandates that developers prepare and publish a public offering statement providing detailed information about the responsibilities and rights of timeshare ownership.
The new law, which was signed by Governor Jon Corzine on August 2, will cover all timeshares sold by a company located within the state of New Jersey, whether or not the property itself is a New Jersey timeshare.
This is an excellent step forward for those buying timeshares directly from resorts or developers. But remember, there are more cost-effective, easier ways…
At SellMyTimeshareNOW.com, we have built transparency into our daily business. When it comes to the selling or reselling of timeshares, there is only one acceptable way to run a business: put all your cards on the table and invite consumers to scrutinize your methods. We do it every day at SellMyTimeshareNOW.com. Check out our website, talk with our sales reps, and see for yourself how we do business.