In our ongoing commitment to keep timeshare owners up to date on current issues affecting the timeshare industry overall, Advantage Vacation, a leader in the timeshare resale secondary market, is posting the second edition of ARDA and ARDA-ROC’s new digital publication, Government Affairs Insider.This new publication is an easy and concise way to follow current Resale Legislation and other important Bills and Policy Changes affecting timeshare owners around the United States.
Resale Legislation:Florida
CS/HB 1001, also known as Florida’s Timeshare Resale Accountability Act, passed the Business and Consumer Affairs Subcommittee by a unanimous vote on January 24. Its Senate companion, CS/SB 1408, was unanimously passed on January 26 in the Regulated Industries Committee. Both bills included an ARDA-supported amendment. CS/HB 1001 is now scheduled to be heard by the House Judiciary Committee in the upcoming weeks, while CS/SB 1408 makes its second and final stop in the Senate Budget Committee. ARDA and ARDA-ROC representatives will be present to testify at both hearings.Colorado
On January 20, resale legislation sought by ARDA and ARDA-ROC was introduced in the Colorado legislature. HB 1116 would require disclosures for all resale services and prohibit advance fees for resale transfer services. The bill has been assigned to the House Economic and Business Development Committee and will be heard by the end of next week, although it has not yet been given a specific hearing date.
Other Important Bills and Policy Changes:Arizona
ARDA-Arizona is supporting HB 2195, that changes the process for filing amendments to a timeshare public report. These changes are patterned after part of the subdivision law that permits expedited review by the Arizona Department of Real Estate (ADRE). ARDA-Arizona supports expedited review of initial filings as well but is still negotiating with the ADREon this issue. HB 2195 will be heard and amended in the House Commerce Committee on February 1.Tennessee
ARDA-Tennessee is actively involved in two companion bills of interest to the timeshare industry. In sum, the bills (SB 2884 and SB 2833) propose substantial revisions to the Tennessee Timeshare Act that include, among others, new disclosures and prohibitions, new criminal penalties, and electronic cancellations. ARDA-Tennessee is diligently working with members, bill sponsors, and leadership to influence the best outcome of this legislation.Hawaii
ARDA-Hawaii will be tracking several bills of interest as bill introduction continues in the state. Perhaps the most significant bill is HB 1760 (with companion bill SB 826), submitted as part of the Maui County legislative package that relates to timeshare zoning districts. It would allow the counties to limit the specific geographic locations where timeshare can be built. After thorough research, ARDA’s position is that this legislation represents misguided policy, as it will ultimately limit the development of hotels and timeshares in Hawaii. HB 1760 was heard in the House Tourism Committee on January 30 with the Tourism Committeerecommending that the measure be deferred for consideration at a later date.New York
The Real Estate Financing Bureau of the Office of the New York Attorney General is revising a policy statement from last fall that would allow developers to prepare, and timeshare buyers to request, the New York Offering Plan for timeshare and other properties in digital format. The long-awaited policy should take effect April 1, 2012.  Timeshare purchasers who have received a New York Offering Plan for their timeshare resort probably received a six-inch (more or less) high document, with no easy way to carry it home or to search it for information.  When this new policy is implemented, a timeshare buyer may request a digital, rather than paper, copy.  Originally issued in November 2011, the long-awaited New York policy on the use of digital media was applauded by the timeshare industry, but many of the initial provisions were found to be difficult to implement and confusing.  After many comments by real estate industry members (including ARDA and ARDA-ROC) and the New York real property bar, the Real Estate Financing Bureau (Bureau) agreed to delay implementation of the policy to March 1 and that has now changed to April 1.  Negotiations to fine-tune the policy will likely continue until shortly before the implementation date.  The benefits to developers of timeshares and other real estate are that they can submit filings digitally, and consumer purchasers–if they wish–can request a searchable, easy to transport version of the Offering Plan instead of a paper version.

Advantage Vacation is a member of the American Resort Development Association (ARDA) and offers the best buys on the timeshare re sales market today.  We never charge an upfront fee for clients who want to sell a timeshare and only receive a commission, paid from escrow, when the transaction is closed.

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We hope you will follow us and our blog, Timeshare Blogging by Advantage Vacation and make your voice heard – what questions do you have?

At Advantage Vacation you can be assured you are working with professionals who believe that honesty and integrity are the most important aspects of the business they are in – timeshare re sales.  Our business has been built on relationships and we pride ourselves on providing excellent service to our clients.

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