The Message at TATOC for Timeshare Resales
Friday, March 20, 2009
Interesting insights discussed at last week’s TATOC Conference.
The European Union has made excellent moves in the past year in refining and strengthening timeshare legislation for European Union member nations. A number of long-needed changes are being put in place and the timeshare industry for timeshare owners, timeshare developers and management companies, and all affiliated will be better for this new legislative effort. HOWEVER, some of the proposed legislative measures could have some unintended and even detrimental results.
The Association for Timeshare Owners Committees
I spoke about these concerns at last week’s TATOC Conference (The Association for Timeshare Owners Committees). In light of the pending EU timeshare legislation, which is now being discussed among the member nations of the EU, there could be unintended consequences for the timeshare resale industry. As I said, I am very much in favor of many of the changes; but the potential for making timeshare advertising illegal on the resale market will do nothing to curb the rogue elements of timeshare sales and will only harm the legitimate timeshare resale companies that provide a proper and successful outlet for owners looking to sell timeshare.
If the upfront fee language in the proposed EU legislation is extended by definition to include timeshare resale advertising, then timeshare resales companies in many European Union member countries could find themselves unable to offer important services needed to help timeshare owners advertise their timeshare on the resale market.
The timeshare industry needs a vibrant and healthy secondary market for timeshare owners. Imagine what would happen to the automobile industry if car owners and car dealers found themselves hamstrung when it came to reselling automobiles.
Legislation of timeshare sales and timeshare resales is necessary. But care must be exercised so new laws are focused on protecting consumers and the industry at large from unscrupulous business people while ensuring that the language of legislation does not overreach its mark, damaging or even shutting out legitimate and beneficial businesses that help people resell timeshare they no longer wish to own.
Follow this link to read the full text of the EU Directive for Timeshare.
OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 January 2009
on the protection of consumers in respect of certain aspects of timeshare, long-term holiday product, resale and exchange contracts