Use this timeshare glossary as a tool to better understand timeshare industry terminology and phrases.
For many years scammers have been taking advantage of consumers looking to divest their unwanted timeshares. Desperate consumers often take cold calling resellers at their word of an easy way out and this normally results in a money loss. Florida recognized this growing timeshare reseller scam epidemic and took a proactive step towards putting an end to timeshare resale scams.
In 2012 Florida Governor Rick Scott signed the Timeshare Resale Accountability Act into law, making Florida one the first states in the country to take a stand against fraudulent timeshare resale activities. This law was put in place to regulate timeshare resales and provide penalties on resellers that:
-Misrepresent that a buyer has an interest in buying a timeshare resale. ( “We have buyers waiting”)
-Collecting payments from sellers before the seller signs a written agreement.
-Failing to provide a refund within 20 days of cancellation.
Companies found to be in violation of this act will face a fine of up to $15,000 for each offense.
By attempting to put an end to deceptive marketing practices, Rick Scott is hoping to empower timeshare owners to make better financial decisions. This law may protect consumers from some misrepresentations but it is far from perfect. The Timeshare Resale Accountability Act does not go after scammers charging large upfront fees to handle your resales. The act also fails to address the operations of unlicensed resellers.
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