From the disclosure guide (which you can get to by clicking on the enroll now page on my-vacation club) here is the link:
https://www.my-vacationclub.com/common/vc/en-us/pdfs/enrollment_legal_docs/disclosure_guide.pdf.
Marriott is selling this new system as the "MVC Exchange Company" and the guide provides information about the
MVC Destinations Exchange Program. There are two types of members:
"1. Trust Members. This paragraph only applies to Trust Members. For so long as the Association governing the Trust Member maintains its Affiliation Agreement with the Exchange Company, such Trust Member will be granted privileges in the Program as a Member, subject to the terms and conditions set forth in this Disclosure Guide. Other than the Affiliation Agreement, there is no Program contract with any Trust Member separate and distinct from the Trust Member’s contract with the Developer for the acquisition of an Interest at an Affiliate Program. Membership in the Program is not an appurtenance to Interests. In order for a Trust Member to enjoy the benefits of Membership in the Program, the Affiliate Program Manager and/or the Association of the Trust Member’s Affiliate Program must have voluntarily entered into and maintain an Affiliation Agreement with Exchange Company. During the term of the Affiliation Agreement, Trust Members will have the right to voluntarily reserve and use the Accommodations that are a part of the Program as described in the Exchange Procedures. If a Trust Member desires to use the Accommodations outside the Trust Member’s Affiliate Program (e.g., outside the Trust Member’s trust) or access Exchange Benefits, from time to time, the Trust Member may voluntarily participate in the Program described in this Disclosure Guide and the Exchange Procedures. There is no guaranty that the renewal of any Affiliation Agreement will occur. Every Affiliation Agreement will have a two year term and may be renewed on a voluntary basis by mutual agreement of the applicable Association and Exchange Company. Members must comply with all of the terms and conditions of the Program as determined by Exchange Company."
AND
"2. Exchange Members. This paragraph only applies to Exchange Members. In order to enjoy the benefits of Membership in the Program as a Exchange Member, an owner of an Interest must have voluntarily entered into an Enrollment Agreement with Exchange Company. Membership in the Program is not an appurtenance to Interests. Exchange Members must comply with all of the terms and conditions for Membership in the Program. During the term of the Exchange Member’s Enrollment Agreement with Exchange Company and so long as a Exchange Member remains enrolled in the Program, Exchange Members will have the right to reserve and use the Accommodations and facilities that are a part of the Program in accordance with the Exchange Procedures. If a Exchange Member desires to use the Accommodations outside the Exchange Member’s Affiliate Program or access Exchange Benefits, from time to time, the Exchange Member may voluntarily participate in the Program described in this Disclosure Guide and the Exchange Procedures. There is no guaranty that the renewal of any Enrollment Agreement will occur. Every Enrollment Agreement will have a one year term and may be renewed on a voluntary basis by the Exchange Member. Members must comply with all of the terms and conditions of the Program as determined by Exchange Company."
Here is the information on
RESALE & RENTING:
Base Exchange Benefits, Base Plus Exchange Benefits, and Exchange Benefits. Exchange Company may offer Exchange Benefits other than Base Exchange Benefits and Base Plus Exchange Benefits to certain Members, from time to time. Exchange Company reserves the right to establish such rules and regulations as it deems necessary to adequately govern Member access to Exchange Benefits which may include certain fees. In addition, Exchange Company reserves the right to restrict the offering or use of any Base Plus Exchange Benefits and Exchange Benefits to certain Members, including, without limitation, allowing use of such Exchange Benefits only to those Members who purchase their Interests from an Approved Broker. The Exchange Benefits are subject to separate terms and conditions, which may be changed, substituted, or eliminated without prior notice. Some Exchange Benefits may be provided by independent third parties and Exchange Company expressly disclaims responsibility for the acts or omissions of any persons or entities providing Exchange Benefits.
a.
Trust Members. Upon the sale of an Interest,
Exchange Company may require the payment of an initiation fee. (The current initiation fee is $200 per Interest with a $2,000 minimum initiation fee; however, Exchange Company reserves the right to adjust the amount of the initiation fee from time to time and to waive the initiation fee on a case-by-case basis in Exchange Company’s sole and absolute discretion.) Until payment of any required initiation fee is received (or waived by Exchange Company), the owner of such Interest(s) will not be entitled to Base Plus Exchange Benefits or Exchange Benefits; however, payment of the initiation fee will allow access to the Base Plus Exchange Benefits. If the purchase of an Interest is not made from an Approved Broker, then the owner of such Interest(s) may not be entitled to Exchange Benefits in Exchange Company’s sole and absolute discretion, even if the initiation fee is paid. Additional payments may be required to access the Exchange Benefits.
b.
Exchange Members. If a purchaser of a Exchange Member’s Interest does not pay the then-current enrollment fee and enroll in the Program, such purchaser will not be entitled to be a Member and will not be permitted to access the Program in any manner.
2. Personal Use; Commercial Purposes. Accommodations, Base Exchange Benefits, Base Plus Exchange Benefits, Exchange Benefits, and Use Periods
may not be used for any commercial purpose. This prohibition on commercial use includes, but is not limited to, any illegal activity or a pattern of occupancy, rental, leasing, or use by a Member that Exchange Company, in its reasonable discretion, could conclude constitutes a commercial enterprise or practice. In the event a Member is determined to be reserving or using the Accommodations, Base Exchange Benefits, Base Plus Exchange Benefits, Exchange Benefits, and Use Periods for any commercial purpose Exchange Company may immediately cancel any current reservation(s) made by such Member and may impose such additional penalties or restrictions as determined by Exchange Company, in its sole and absolute discretion, from time to time. The restrictions of this paragraph do not apply to Exchange Company or its affiliates or designees."
