New Florida Timeshare Bill

TAI_Staff · #1 (**permalink**) June 11th, 2009, 06:36 PM

Florida timeshare info from the Orlando Sentinel:

Quote:

Florida Gov. Charlie Crist today signed a measure aimed at helping the state's time-share industry.

The new law will allow time share developers to sell debt-cancellation policies, which allow buyers who lose their jobs to walk away from their mortgages. It will also shield time share exchange programs from hotel taxes.

While I have yet to read the Bill I think the idea here is to stimulate new Florida timeshare sales, by offering(selling) the new timeshare buyers an escape policy that would allow them to abort the financial responsibility of the timeshare mortgage IF new the timeshare owner encounters financial hardship by the loss of a job.

CaMama · #2 (**permalink**) August 7th, 2009, 12:41 PM

Hotel taxes are going up everywhere now a days to create revenues for struggling communities. Florida timeshare owners can be thankful for ARDA...American Resort Development Association...who worked with state government officials to protect Florida's timeshare owners from taxes on exchanges, one of the major benefits of timeshare ownership. Florida is the third state to do this. Additionaly, ARDA advocated legislation that allows developers to offer debt cancellation products. That would be a little safety net for new timeshare buyers who purchase from a resort developer. While that strengthens the timeshare industry overall, it won't change our good deals offered on the resale market. Timeshare owners are well served by ARDA.