Advantage Vacation May Newsletter “Hot Timeshare Topics”
Following are the Hot Topics from our May Newsletter.
1. Hawaii Governor signs SB2921 Bill into Law which states that no person shall act as an Escrow Depository from an out of State location for property located in this State unless licensed to act as a Hawaii Escrow Depository by the Commissioner. This Act will take effect July 1, 2010. In other words, if you are purchasing or selling your Hawaii timeshare, the Escrow Company must be a Hawaii licensed entitly.
2. Maui County Officials have decided not to raise the property tax rates for timeshares. This will appply to all timeshares in Maui and Molokai.
3. Marriott Vacation Club states it will start offering a point based program starting June 2010. We will keep our newsletter subscribers informed. You can sign up for the Newsletter on our web page at https://advantagevacation.com
4. Model Resale Law proposed by ARDA (American Resort Developement Association). A committee of the ARDA has produced for comment a Model Resale Act which mandates resale entities to make certain required disclosures to consumers prior to accepting any moneys: imposes certain requirments on “relief” companies; details prohibited practices as listed in the Act: and provides tough civil penalties and treble damages, with both government entities and consumers allowed to file suit. Model Acts are proposed laws developed by interest groups and designed to be adopted into law by State or Local Governments. Some Real Estate Brokers feel there are already laws on the books. They just need to be enforced. We will keep you informed. Subscribe to our newsletter at https://advantagevacation.com