Arizona proposed changes to rescission periods!

[tombanjo]

90% between 15-30 days would be reasonable.

 

[LannyPC]

I wish the other 49 states would follow this policy.

...and Mexico. That would give the purchaser time to mull over the purchase after he got home and not just while on vacation in vacation mode. And it would give him time to find TUG.

The 90% refund if not used within the first year would probably also curb the supposed "need" for these cancellation/exit companies. After all, how many newbies, and how often, come on these boards a few weeks or so after their rescission period elapsed asking for help and then ask "Have you heard of [said cancellation company] that says they can help me out of my timeshare purchase"?

 

[AwayWeGo]

Bargain resale timeshares are outstanding.

Full freight, not so much.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Steve Fatula]

Commissions have been paid. Financing has been arranged. Construction loans have been amortized. Title companies have been paid. On and on.

And those bonuses like points, stays, etc. that they bundle in with it. I guess those would have to be delayed so as to not get you them until the period has passed. That could hurt the consumer a little.

I am not sure it will have a massive effect. We on Tug always assume a person is rushed and wants to go find out if what they did was ok. I would expect a small number of additional "returns", which is still a good thing don't get me wrong. I just doubt most people second guess. We see the exceptions here on Tug, and for those that just missed their date, etc., sure, it would help them.

 

[TUGBrian]

perhaps even a "tiered" refund solution would be acceptable based on the time it takes a person to rescind (up until their first actual use of the product).

100% refund within 30 days...ramping down to say only a 20% refund after 6-12 months...


(note im just spitballing numbers)

 

[TUGBrian]

well it appears this proposal was effectively gutted to the core and contains next to none of the groundbreaking proposals that would truly have helped consumers.

https://azcapitoltimes.com/news/2019/04/16/timeshares-bill-gets-preliminary-senate-approval/

I suppose getting 3 extra days of rescission period is SOMETHING...but otherwise it seems developer/arda money was successful at lobbying arizona politicians.

 

[TheHolleys87]

well it appears this proposal was effectively gutted to the core and contains next to none of the groundbreaking proposals that would truly have helped consumers.

https://azcapitoltimes.com/news/2019/04/16/timeshares-bill-gets-preliminary-senate-approval/

I suppose getting 3 extra days of rescission period is SOMETHING...but otherwise it seems developer/arda money was successful at lobbying arizona politicians.

Sad but not unexpected. The glass half full says it’s a start, though.

I couldn’t tell - did the following remain in the bill, or was it taken out?

“There were some protections for sellers, including permission to charge a cancellation fee of up to 10 percent of the purchase price and allowing sellers to charge regularly scheduled assessments for one year after cancellation.”

I sure hope it applied to cancellations, not rescissions, and came out, if all the buyers got was an extra 3 days to rescind!

 

[geist1223]

ARDA once again shows that it is a lie that they are there to protect the little guys as well as the Developers.

 

[TUGBrian]

sadly the watered down version is the one that got signed into law today in Arizona...

while I suppose any improvement should be applauded, none of this seems like it will make any significant difference as all the items that they now require to be "made clear" to the customers....only have to be done in writing and will no doubt be buried in the contract they know noone reads anyway.

https://www.azcentral.com/story/mon...na-law-rights-cancel-heretohelpaz/1211444001/


no surprise whatsoever that ARDA swooped in to gut this bill of anything that would have impacted the developers.