Florida Governor Rick Scott has signed a new timeshare law (the Timeshare Resale Accountability Act) giving consumers better protection against these scams which goes into effective on July 1, 2012.
The Timeshare Resale Accountability Act includes the following provisions:
A timeshare resale advertiser may not misrepresent a pre-existing interest in the owner’s timeshare.
A timeshare resale advertiser may not mislead a customer as to the success rate of the advertiser’s sales.
A timeshare resale advertiser may not provide brokerage or direct sale services.
A timeshare resale advertiser must honor a cancellation request made within 7 days following a signed agreement.
A timeshare resale advertiser must provide a full refund to a timeshare owner within 20 days of a valid cancellation request.
A timeshare resale advertiser must not collect any payment or engage in any resale advertising activities until the timeshare owner delivers a signed written agreement for the services.
A timeshare resale advertiser must also provide a full disclosure statement printed in bold type, with no smaller than a 12-point font, and printed immediately preceding the space provided for the timeshare owner’s signature.
A timeshare advertising agreement must be put in writing.
A company who violates these provisions has committed a violation of the Unfair and Deceptive Trade Practices Act with a penalty not to exceed $15,000 per violation.