Timeshare Scam Tips
By Juliette Fairley
NEW YORK (MainStreet)–When Robert Burk received a phone call from Timeshare Mega Media in 2009 about selling his Lake Tahoe timeshare, the electronics engineer jumped at the opportunity.
“I was unemployed at the time, and they offered to resell it for $22,000,” said Burke who originally purchased the $14,000 timeshare in exchange for one week in the condo every other year.
The 53-year-old gave the Florida-based company $2,450 up front to make the proposed resale deal happen.
“Timeshare Mega Media kept me going for a long time, assuring me that a sale was in the works but most calls were never returned,” Burk said. “I got tired of the runaround and filed a complaint with the state of Florida.”
It turns out that the resale offer was fake and Timeshare Mega Media didn’t really have a buyer for Burk’s Lake Tahoe timeshare.
“They did have a license issued in Florida for telemarketing, but Timeshare Mega Media was not licensed to sell property,” said Burk, who has since recovered $1,900 of the money he lost.
Burk is one of the more than 13,000 written timeshare resale complaints in the Federal Trade Commission (FTC) database since 2009.
“Con artists take advantage of timeshare owners who have been in tough financial straits and are desperate to sell their timeshares,” said Charles A. Harwood, acting director of the FTC Bureau of Consumer Protection. “They persuade owners to pay fat, up-front fees by saying they have someone ready to buy the property but that’s a lie.”
The FTC announced 191 actions to stop fraudulent operations from the marketing of timeshare property resale services. About 83 civil actions were brought by 28 states and 25 actions brought by police in 10 other countries. As a result, more than 184 individuals face criminal prosecution by U.S. attorneys and local law enforcement.
Companies named in the lawsuits include Resort Solution Trust, Resort Property Depot, Vacation Communications Group and Timeshare Mega Media.
“These people weren’t really reselling timeshares,” says David Horn, assistant regional director with the FTC. “So, we’ve sued a bunch of them. This is a fraudulent activity that has become quite common, which is why there are so many enforcement actions.”
Article source: http://www.thestreet.com/story/11953657/1/timeshare-scam-tips.html?cm_ven=RSSFeed
Timeshare Scam Tips
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Article source: http://www.philly.com/philly/business/consumer_news/TheStreet_20130617_Timeshare_Scam_Tips.html
Timeshare Scam Tips
NEW YORK (MainStreet)—When Robert Burk received a phone call from Timeshare Mega Media in 2009 about selling his Lake Tahoe timeshare, the electronics engineer jumped at the opportunity.
“I was unemployed at the time, and they offered to resell it for $22,000,” said Burke who originally purchased the $14,000 timeshare in exchange for one week in the condo every other year.
Also see: Moving Day Scams: My Stuff is Stuck on the Truck!
The 53-year-old gave the Florida-based company $2,450 up front to make the proposed resale deal happen.
“Timeshare Mega Media kept me going for a long time, assuring me that a sale was in the works but most calls were never returned,” Burk said. “I got tired of the runaround and filed a complaint with the state of Florida.”
It turns out that the resale offer was fake and Timeshare Mega Media didn’t really have a buyer for Burk’s Lake Tahoe timeshare.
“They did have a license issued in Florida for telemarketing, but Timeshare Mega Media was not licensed to sell property,” said Burk, who has since recovered $1,900 of the money he lost.
Burk is one of the more than 13,000 written timeshare resale complaints in the Federal Trade Commission (FTC) database since 2009.
“Con artists take advantage of timeshare owners who have been in tough financial straits and are desperate to sell their timeshares,” said Charles A. Harwood, acting director of the FTC Bureau of Consumer Protection. “They persuade owners to pay fat, up-front fees by saying they have someone ready to buy the property but that’s a lie.”
Also see: Tax Tip: Deducting Real Estate Taxes
The FTC announced 191 actions to stop fraudulent operations from the marketing of timeshare property resale services. About 83 civil actions were brought by 28 states and 25 actions brought by police in 10 other countries. As a result, more than 184 individuals face criminal prosecution by U.S. attorneys and local law enforcement.
Companies named in the lawsuits include Resort Solution Trust, Resort Property Depot, Vacation Communications Group and Timeshare Mega Media.
“These people weren’t really reselling timeshares,” says David Horn, assistant regional director with the FTC. “So, we’ve sued a bunch of them. This is a fraudulent activity that has become quite common, which is why there are so many enforcement actions.”
Also see: This Message Will Self-Destruct In…5, 4, 3: Old Dog, New Blog
Anybody who owns a time share should be cautious about falling prey to these scam artists. Before buying a timeshare or selling one, consider the following tips:
- 1. No one legitimate is going to ask you to pay money up front to sell your time share. “When you sell your house, you don’t shell out a bunch of money to the closing agent,” Horn said. “The costs are covered in the proceeds of the sale. It’s the same with a timeshare.”
- 2. If the offer sounds too good to be true, it probably is. “Never pay for a promise,” Harwood said. “Get everything in writing first and pay only after your unit is sold.”
- 3. A legitimate company won’t ask you to pay for a prize. Any company trying to sell you on a “free” vacation will probably want something from you, such as taxes and fees and attendance at mandatory timeshare presentations. Find out the costs before agreeing to anything.
- 4. There’s not a good market for used timeshares. “Timeshare owners who want to sell have lost interest or they’re elderly and can’t use them anymore,” said Horn. “Some have health or financial problems and they view their timeshare as an investment to cash in but people don’t pay as much for used timeshares.”
- 5. Before doing business with any company you don’t know that texts, emails or cold calls, contact the state’s Attorney General and the local consumer protection agency for a run down on complaints. Search online by entering the company name and the word complaints or scam to read what other people are saying.
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Article source: http://finance.yahoo.com/news/timeshare-scam-tips-180000597.html
Timeshare Scams Target Distressed
When Robert Burk of Nevada City, Calif., wanted to sell his timeshare in Lake Tahoe, he researched a handful of companies that contacted him, offering to resell his timeshare.
At the end of 2008, Burk, an electronics engineer who is now 53, had gotten laid off for the first time in his career and thought selling the timeshare would be one way to help “weather this unemployment storm.”
In 1999, he bought a timeshare for about $14,000 that gave him access to the two-bedroom townhouse for one week every other year.
Around August 2009, Timeshare Mega Media, based in Florida, contacted him.
“I was getting a little bit desperate, because I was worried I wouldn’t get a job,” he said. “They told such a convincing story, and their website looked legitimate, and it all sounded really good.”
Their upfront fee was about $2,450 to list Burk’s property on their website and help broker a sale. They even promised to recoup $1,200 he had lost from another resale company.
“I put down on a credit card, thought everything was good. They sent me the paperwork. I was still a little hesitant. I would call and they would answer their phone,” Burk said.
The company, more than once, told him they had a buyer for his property. But each time, he said, “they started hemming and hawing.”
Burk said it was “one excuse after the other,” such as a problem with financing, or his representative was re-assigned to their Las Vegas office. He said he never heard the buyer’s name or what the offer was.
Law enforcement agencies are working to stop travel and timeshare resale scams like the ones Burk experienced.
The Federal Trade Commission announced on Thursday 191 actions brought against 184 individuals facing criminal prosecution by U.S. Attorneys and local law enforcement, not related to Timeshare Mega Media. The announcement includes 83 civil actions brought by 28 states.
Fraudulent timeshare resellers lure consumers into paying hefty up-front fees, claiming to have interested buyers ready to pay for the properties, but consumers often get nothing.
The scammers caught by the FTC for these recent actions defrauded victims of more than $14 million. Many of the victims are elderly or in financial distress, the FTC said.
“Con artists take advantage of timeshare owners who have been in tough financial straits and are desperate to sell their timeshares,” Charles A. Harwood, acting director of the FTC’s Bureau of Consumer Protection, said during a press conference in Miami. “They persuade owners to pay fat up-front fees by saying they have someone ready to buy the property, but that’s a lie. Our message to timeshare owners is simple: never pay for a promise, get everything in writing first, and pay only after your unit is sold.”
Around the spring of 2010, Burk complained to state authorities in Florida and the Federal Trade Commission. Over a year ago, the state of Florida collected money from Timeshare Mega Media through a surety bond program from which Burk received about $1,900.
“I didn’t get all the money back, but I thought it was a relatively good deal,” Burk said.
Burk found a new job after being unemployed for nine months. He is no longer trying to sell his timeshare, but he said he still receives solicitations to sell.
When asked for his reaction to the FTC’s news on Thursday, Burk said, “This is an amazing number of charges brought against different companies.”
Timeshare Scams Target Distressed
When Robert Burk of Nevada City, Calif., wanted to sell his timeshare in Lake Tahoe, he researched a handful of companies that contacted him, offering to resell his timeshare.
At the end of 2008, Burk, an electronics engineer who is now 53, had gotten laid off for the first time in his career and thought selling the timeshare would be one way to help “weather this unemployment storm.”
In 1999, he bought a timeshare for about $14,000 that gave him access to the two-bedroom townhouse for one week every other year.
Around August 2009, Timeshare Mega Media, based in Florida, contacted him.
“I was getting a little bit desperate, because I was worried I wouldn’t get a job,” he said. “They told such a convincing story, and their website looked legitimate, and it all sounded really good.”
Their upfront fee was about $2,450 to list Burk’s property on their website and help broker a sale. They even promised to recoup $1,200 he had lost from another resale company.
“I put down on a credit card, thought everything was good. They sent me the paperwork. I was still a little hesitant. I would call and they would answer their phone,” Burk said.
The company, more than once, told him they had a buyer for his property. But each time, he said, “they started hemming and hawing.”
Burk said it was “one excuse after the other,” such as a problem with financing, or his representative was re-assigned to their Las Vegas office. He said he never heard the buyer’s name or what the offer was.
Law enforcement agencies are working to stop travel and timeshare resale scams like the ones Burk experienced.
The Federal Trade Commission announced on Thursday 191 actions brought against 184 individuals facing criminal prosecution by U.S. Attorneys and local law enforcement, not related to Timeshare Mega Media. The announcement includes 83 civil actions brought by 28 states.
Fraudulent timeshare resellers lure consumers into paying hefty up-front fees, claiming to have interested buyers ready to pay for the properties, but consumers often get nothing.
The scammers caught by the FTC for these recent actions defrauded victims of more than $14 million. Many of the victims are elderly or in financial distress, the FTC said.
“Con artists take advantage of timeshare owners who have been in tough financial straits and are desperate to sell their timeshares,” Charles A. Harwood, acting director of the FTC’s Bureau of Consumer Protection, said during a press conference in Miami. “They persuade owners to pay fat up-front fees by saying they have someone ready to buy the property, but that’s a lie. Our message to timeshare owners is simple: never pay for a promise, get everything in writing first, and pay only after your unit is sold.”
Around the spring of 2010, Burk complained to state authorities in Florida and the Federal Trade Commission. Over a year ago, the state of Florida collected money from Timeshare Mega Media through a surety bond program from which Burk received about $1,900.
“I didn’t get all the money back, but I thought it was a relatively good deal,” Burk said.
Burk found a new job after being unemployed for nine months. He is no longer trying to sell his timeshare, but he said he still receives solicitations to sell.
When asked for his reaction to the FTC’s news on Thursday, Burk said, “This is an amazing number of charges brought against different companies.”
Wyndham Vacation Ownership Applauds New Legislation Protecting Timeshare Owners
ORLANDO, FL–(Marketwired – Jun 13, 2013) – Wyndham Vacation Ownership applauds yesterday’s signing by Florida Gov. Rick Scott of the new Florida timeshare transfer company legislation (Bill 7025), focused on protecting timeshare owners and associations from unscrupulous transfer companies. Florida State Senator Kelli Stargel (R-Lakeland) and Representatives Debbie Mayfield (R-Vero Beach) and Dane Eagle (R-Cape Coral) were instrumental in getting final passage of this bill, along with the American Resort Development Association (ARDA).
While the overwhelming majority of timeshare owners use and enjoy their timeshares, those who no longer vacation or can no longer afford ownership are easy prey for unrepentant scam artists. Many of these are fraudulent transfer companies that take advantage of those trying to sell or transfer their ownership, targeting consumers under the guise of offering a service but in the end scamming them out of thousands of dollars. This new legislation will help protect owners who seek assistance in effectively transferring their timeshare.
“I commend Gov. Scott and his legislative partners for taking swift action to guard against timeshare transfer scams,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership, the world’s largest vacation ownership company. “This new law will further enhance safeguards for timeshare owners and associations, and strengthens our collective efforts to protect consumers.”
The key aspects of this legislation include prohibiting a transfer company from collecting any fee until a written agreement is signed by the timeshare owner. The legislation also requires the transfer company to deposit any funds received from the timeshare owner into an escrow account until the transfer is completed. These provisions will provide additional consumer protection to minimize the risk of the timeshare owner being subject to transfer scams that currently exist, while in no way restricting their ability to transfer or resell their timeshare.
The legislation will also prohibit the transfer of timeshares to anyone they know who does not have the ability, means or intent to pay all assessments. This will further protect timeshare associations and their respective owners against higher than normal delinquencies.
This new law will become effective July 1, 2013.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 17 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 16 percent of all timeshare properties owned are located in the state of Florida and one-in-five own an Orlando-based resort.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its four primary consumer brands, CLUB WYNDHAM®, WorldMark® by Wyndham, Wyndham Vacation Resorts Asia Pacific and Shell Vacations. As of December 31, 2012, Wyndham Vacation Ownership had developed or acquired more than 185 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 23,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 15,000 employees globally.
Media
Jillian McRae
Wyndham Vacation Ownership
Manager, Corporate Communications
Jillian.McRae@wyn.com
(407) 626-5881
Article source: http://finance.yahoo.com/news/wyndham-vacation-ownership-applauds-legislation-152250171.html
Wyndham Vacation Ownership Applauds New Legislation Protecting Timeshare Owners
ORLANDO, FL–(Marketwired – Jun 13, 2013) – Wyndham Vacation Ownership applauds yesterday’s signing by Florida Gov. Rick Scott of the new Florida timeshare transfer company legislation (Bill 7025), focused on protecting timeshare owners and associations from unscrupulous transfer companies. Florida State Senator Kelli Stargel (R-Lakeland) and Representatives Debbie Mayfield (R-Vero Beach) and Dane Eagle (R-Cape Coral) were instrumental in getting final passage of this bill, along with the American Resort Development Association (ARDA).
While the overwhelming majority of timeshare owners use and enjoy their timeshares, those who no longer vacation or can no longer afford ownership are easy prey for unrepentant scam artists. Many of these are fraudulent transfer companies that take advantage of those trying to sell or transfer their ownership, targeting consumers under the guise of offering a service but in the end scamming them out of thousands of dollars. This new legislation will help protect owners who seek assistance in effectively transferring their timeshare.
“I commend Gov. Scott and his legislative partners for taking swift action to guard against timeshare transfer scams,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership, the world’s largest vacation ownership company. “This new law will further enhance safeguards for timeshare owners and associations, and strengthens our collective efforts to protect consumers.”
The key aspects of this legislation include prohibiting a transfer company from collecting any fee until a written agreement is signed by the timeshare owner. The legislation also requires the transfer company to deposit any funds received from the timeshare owner into an escrow account until the transfer is completed. These provisions will provide additional consumer protection to minimize the risk of the timeshare owner being subject to transfer scams that currently exist, while in no way restricting their ability to transfer or resell their timeshare.
The legislation will also prohibit the transfer of timeshares to anyone they know who does not have the ability, means or intent to pay all assessments. This will further protect timeshare associations and their respective owners against higher than normal delinquencies.
This new law will become effective July 1, 2013.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 17 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 16 percent of all timeshare properties owned are located in the state of Florida and one-in-five own an Orlando-based resort.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its four primary consumer brands, CLUB WYNDHAM®, WorldMark® by Wyndham, Wyndham Vacation Resorts Asia Pacific and Shell Vacations. As of December 31, 2012, Wyndham Vacation Ownership had developed or acquired more than 185 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 23,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 15,000 employees globally.
Media
Jillian McRae
Wyndham Vacation Ownership
Manager, Corporate Communications
Jillian.McRae@wyn.com
(407) 626-5881
Article source: http://finance.yahoo.com/news/wyndham-vacation-ownership-applauds-legislation-152250171.html
Wyndham Vacation Ownership Applauds New Legislation Protecting Timeshare Owners
ORLANDO, FL–(Marketwired – Jun 13, 2013) – Wyndham Vacation Ownership applauds yesterday’s signing by Florida Gov. Rick Scott of the new Florida timeshare transfer company legislation (Bill 7025), focused on protecting timeshare owners and associations from unscrupulous transfer companies. Florida State Senator Kelli Stargel (R-Lakeland) and Representatives Debbie Mayfield (R-Vero Beach) and Dane Eagle (R-Cape Coral) were instrumental in getting final passage of this bill, along with the American Resort Development Association (ARDA).
While the overwhelming majority of timeshare owners use and enjoy their timeshares, those who no longer vacation or can no longer afford ownership are easy prey for unrepentant scam artists. Many of these are fraudulent transfer companies that take advantage of those trying to sell or transfer their ownership, targeting consumers under the guise of offering a service but in the end scamming them out of thousands of dollars. This new legislation will help protect owners who seek assistance in effectively transferring their timeshare.
“I commend Gov. Scott and his legislative partners for taking swift action to guard against timeshare transfer scams,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership, the world’s largest vacation ownership company. “This new law will further enhance safeguards for timeshare owners and associations, and strengthens our collective efforts to protect consumers.”
The key aspects of this legislation include prohibiting a transfer company from collecting any fee until a written agreement is signed by the timeshare owner. The legislation also requires the transfer company to deposit any funds received from the timeshare owner into an escrow account until the transfer is completed. These provisions will provide additional consumer protection to minimize the risk of the timeshare owner being subject to transfer scams that currently exist, while in no way restricting their ability to transfer or resell their timeshare.
The legislation will also prohibit the transfer of timeshares to anyone they know who does not have the ability, means or intent to pay all assessments. This will further protect timeshare associations and their respective owners against higher than normal delinquencies.
This new law will become effective July 1, 2013.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 17 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 16 percent of all timeshare properties owned are located in the state of Florida and one-in-five own an Orlando-based resort.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its four primary consumer brands, CLUB WYNDHAM®, WorldMark® by Wyndham, Wyndham Vacation Resorts Asia Pacific and Shell Vacations. As of December 31, 2012, Wyndham Vacation Ownership had developed or acquired more than 185 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 23,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 15,000 employees globally.
Media
Jillian McRae
Wyndham Vacation Ownership
Manager, Corporate Communications
Jillian.McRae@wyn.com
(407) 626-5881
Article source: http://finance.yahoo.com/news/wyndham-vacation-ownership-applauds-legislation-152250171.html
Wyndham Vacation Ownership Applauds New Legislation Protecting Timeshare Owners
ORLANDO, FL–(Marketwired – Jun 13, 2013) – Wyndham Vacation Ownership applauds yesterday’s signing by Florida Gov. Rick Scott of the new Florida timeshare transfer company legislation (Bill 7025), focused on protecting timeshare owners and associations from unscrupulous transfer companies. Florida State Senator Kelli Stargel (R-Lakeland) and Representatives Debbie Mayfield (R-Vero Beach) and Dane Eagle (R-Cape Coral) were instrumental in getting final passage of this bill, along with the American Resort Development Association (ARDA).
While the overwhelming majority of timeshare owners use and enjoy their timeshares, those who no longer vacation or can no longer afford ownership are easy prey for unrepentant scam artists. Many of these are fraudulent transfer companies that take advantage of those trying to sell or transfer their ownership, targeting consumers under the guise of offering a service but in the end scamming them out of thousands of dollars. This new legislation will help protect owners who seek assistance in effectively transferring their timeshare.
“I commend Gov. Scott and his legislative partners for taking swift action to guard against timeshare transfer scams,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership, the world’s largest vacation ownership company. “This new law will further enhance safeguards for timeshare owners and associations, and strengthens our collective efforts to protect consumers.”
The key aspects of this legislation include prohibiting a transfer company from collecting any fee until a written agreement is signed by the timeshare owner. The legislation also requires the transfer company to deposit any funds received from the timeshare owner into an escrow account until the transfer is completed. These provisions will provide additional consumer protection to minimize the risk of the timeshare owner being subject to transfer scams that currently exist, while in no way restricting their ability to transfer or resell their timeshare.
The legislation will also prohibit the transfer of timeshares to anyone they know who does not have the ability, means or intent to pay all assessments. This will further protect timeshare associations and their respective owners against higher than normal delinquencies.
This new law will become effective July 1, 2013.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 17 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 16 percent of all timeshare properties owned are located in the state of Florida and one-in-five own an Orlando-based resort.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its four primary consumer brands, CLUB WYNDHAM®, WorldMark® by Wyndham, Wyndham Vacation Resorts Asia Pacific and Shell Vacations. As of December 31, 2012, Wyndham Vacation Ownership had developed or acquired more than 185 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 23,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 15,000 employees globally.
Media
Jillian McRae
Wyndham Vacation Ownership
Manager, Corporate Communications
Jillian.McRae@wyn.com
(407) 626-5881
Article source: http://finance.yahoo.com/news/wyndham-vacation-ownership-applauds-legislation-152250171.html
Wyndham Vacation Ownership Applauds New Legislation Protecting Timeshare Owners
ORLANDO, FL–(Marketwired – Jun 13, 2013) – Wyndham Vacation Ownership applauds yesterday’s signing by Florida Gov. Rick Scott of the new Florida timeshare transfer company legislation (Bill 7025), focused on protecting timeshare owners and associations from unscrupulous transfer companies. Florida State Senator Kelli Stargel (R-Lakeland) and Representatives Debbie Mayfield (R-Vero Beach) and Dane Eagle (R-Cape Coral) were instrumental in getting final passage of this bill, along with the American Resort Development Association (ARDA).
While the overwhelming majority of timeshare owners use and enjoy their timeshares, those who no longer vacation or can no longer afford ownership are easy prey for unrepentant scam artists. Many of these are fraudulent transfer companies that take advantage of those trying to sell or transfer their ownership, targeting consumers under the guise of offering a service but in the end scamming them out of thousands of dollars. This new legislation will help protect owners who seek assistance in effectively transferring their timeshare.
“I commend Gov. Scott and his legislative partners for taking swift action to guard against timeshare transfer scams,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership, the world’s largest vacation ownership company. “This new law will further enhance safeguards for timeshare owners and associations, and strengthens our collective efforts to protect consumers.”
The key aspects of this legislation include prohibiting a transfer company from collecting any fee until a written agreement is signed by the timeshare owner. The legislation also requires the transfer company to deposit any funds received from the timeshare owner into an escrow account until the transfer is completed. These provisions will provide additional consumer protection to minimize the risk of the timeshare owner being subject to transfer scams that currently exist, while in no way restricting their ability to transfer or resell their timeshare.
The legislation will also prohibit the transfer of timeshares to anyone they know who does not have the ability, means or intent to pay all assessments. This will further protect timeshare associations and their respective owners against higher than normal delinquencies.
This new law will become effective July 1, 2013.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 17 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 16 percent of all timeshare properties owned are located in the state of Florida and one-in-five own an Orlando-based resort.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its four primary consumer brands, CLUB WYNDHAM®, WorldMark® by Wyndham, Wyndham Vacation Resorts Asia Pacific and Shell Vacations. As of December 31, 2012, Wyndham Vacation Ownership had developed or acquired more than 185 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 23,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 15,000 employees globally.
Media
Jillian McRae
Wyndham Vacation Ownership
Manager, Corporate Communications
Jillian.McRae@wyn.com
(407) 626-5881
Article source: http://finance.yahoo.com/news/wyndham-vacation-ownership-applauds-legislation-152250171.html
