World Property Channel Update on Florida Timeshare Law

In an article this week called, “Legislation Aimed at Timeshare Resellers,” published by the World Property Channel, writer Francys Vallecillo looks at the progress and the problems of the new Florida timeshare law. As Vallecillo writes:

“Florida is one of several states responding to a lack of consumer protection in the timeshare resale industry. Colorado, Texas, and Nevada have already passed legislation targeting resellers; legislation is pending in Massachusetts and South Carolina.

The Florida bill “added three very important protections for owners and associations,” Jason Gamel, vice president of state government of affairs for ARDA, told WPC.

Under the Florida bill, businesses that resell Florida timeshares must first provide the owner a written agreement outlining terms and conditions of the services offered. They must also place all funds from the consumer into an escrow account until the transfer is complete, with records kept for five years.

The bill covers all timeshares in Florida, regardless of where the owner lives.”

The article, which includes comments by Franz Hanning, chief executive of Wyndham Vacation Ownership and some of my own thoughts, along with those of ARDA’s Jason Gamel,  can be found at World Property Channel., and all the LLC companies support the legislation, but continue to voice the concern that we, as an industry, cannot rely on legislation alone or a single Florida timeshare law to resolve the challenges of the timeshare resale market. The requisite remains that we come together as an united industry and create viable resale alternatives for timeshare owners and vacation club members so that they know from the day they purchase the product that they will always have options and timeshare exit strategies available to them.

Related news on Florida timeshare law from The Timeshare Authority: