Here's some good news for timeshare owners...especially the elimination of fees for switching timeshare weeks. Read this courtesy of Timeshares Daily:
Quote:
The American Resort Development Association (ARDA) says that the new legislation that was passed in Florida will help protect timeshare owners in many ways.
The bill exempts timeshare buyers from fees and charges that are charged whenever the owners switch weeks with other timeshare owners. The changes in the rules and guidelines cover taxes on timeshare visits and debt cancellation on selected offers.
Because of the current state of the economy, some government bodies try to tax timeshare transactions to get extra revenue. This bill tries to prohibit these taxes.
Florida is not the first state to implement such rules and regulations. It is one of three states that currently are actively pursuing the legislation.
The lobbyists hope that the bill will make Florida a more timeshare-conducive area.
ARDA (American Resort Development Association) gets a lot of credit for helping Florida lawmakers keep the timeshare industry in Florida safe for consumers and better for all involved. Read how Lou Ann Burney explains what this new legislation actually means:
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Governor Signs New Law that Cuts Costs and
Shortens Process on Timeshare Foreclosures
Legislation Provides Relief to Timeshare Owners and Developers Often Left‘Footing the Bill’ for Delinquent Payments
Orlando, Florida. – June 7, 2010 – Florida Governor Charlie Crist signed into law last
week legislation that gives much needed relief to timeshare owners associations (HOAs)
and developers from the lengthy judicial processes for timeshare interest foreclosures.
The “Trustee Foreclosure” bill (FL HB 1411) promises to help HOAs reduce the time and
cost involved in reclaiming timeshare interests from owners who are delinquent in paying
their maintenance fees, assists timeshare developers in recovering inventory from owners
who are unable to make their mortgage payments and will prevent thousands of timeshare
foreclosure cases from being filed with Florida courts already overwhelmed by
residential foreclosure cases.
“The need for this legislation arose in direct response to the growing challenge faced by
HOAs and lenders from timeshare owners who either could not afford to maintain their
payments or chose to “walk away” from their maintenance fee or mortgage payment
obligations,” said Howard Nusbaum, president and CEO of the American Resort
Development Association (ARDA). ARDA, in conjunction with its Resort Owners
Coalition, (ARDA-ROC), has been a long-time advocate for a non-judicial foreclosure
option.
The new process, referred to as a “trustee foreclosure” will shorten the time to complete a
foreclosure action from as long as 18 months to as little as 90 days. This will give an
HOA the opportunity to replace a non-paying owner more quickly and cost effectively
while eliminating the need for assessment increases or reducing or deferring much
needed maintenance projects.
“ARDA is very appreciative of the leadership and support from our bill sponsors, Senator
Gardiner and Representative Dorworth, who recognized the value of this legislation for
timeshare owners and developers alike,” said Jason Gamel, Vice President of State
Government Affairs for ARDA.
Though focused on providing relief to associations and owners left with the financial
obligations, the bill also offers significant protections for the rights of delinquent owners.
Most importantly, it will provide the unqualified right for an owner to opt out of the
trustee process and force a judicial foreclosure, or to pay their debt at any time prior to a
trustee sale without financial penalty. If the delinquent owner does consent to the trustee
foreclosure, the owner will not be subject to any deficiency judgment for amounts not
recaptured by the sale of the timeshare interest as can be the case through the judicial
process.
“The economy has affected everyone, including timeshare owners. This new legislation
provides HOAs in Florida with the tools they need to act quickly and to hopefully avoid
the ill effects of owners who are delinquent in paying their assessments. Timeshare
owners in Florida will definitely benefit from this new process,” said Ken McKelvey,
Chairman of the ARDA Resort Owners Coalition.
The American Resort Development Association (ARDA) is the Washington D.C.-based
professional association representing the vacation ownership and resort development industries.
Established in 1969, ARDA today has over 1,000 members ranging from privately held firms to
publicly traded companies and international corporations with expertise in shared ownership
interests in leisure real estate. The membership also includes timeshare owner associations
(HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition
(ARDA-ROC). For more information, visit ARDA | Home or ARDA’s consumer website at timeshare, low cost vacation, relaxation, wellness, fractionals, private residence club.
Florida Protects Timeshare Industry 
ARDA & Florida Protect Timeshare Industry 
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