The Timeshare Resale Accountability Act

[ace2000]

So, what does it mean to the average timeshare owner or resale buyer? Will there be less inventory on ebay now? Will it cost more to close? anything else?

And what's going to happen as a result of this? Are these companies going to just close down or move elsewhere? Will this legislation be significant or just smoke and mirrors?


That's kind of what I'm asking. I'm kind of looking for opinions.

 

[DeniseM]

And what's going to happen as a result of this? Are these companies going to just close down or move elsewhere? Will this legislation be significant or just smoke and mirrors?


That's kind of what I'm asking. I'm kind of looking for opinions.

It should make it easier for law enforcement to shut down the scammers, because they will have a a law with teeth in it. I would not expect these companies to close down or move elsewhere - I'd expect them to continue scamming people until they get busted.

 

[theo]

Only time will tell...

And what's going to happen as a result of this? Are these companies going to just close down or move elsewhere? Will this legislation be significant or just smoke and mirrors?

That's kind of what I'm asking. I'm kind of looking for opinions.

While I have not yet seen or read the actual legislation content, I certainly trust (...and I also want to thank) Talent312 for the provided summary / synopsis.

One noteworthy element is the apparent inclusion of personal responsibility for violations. In other words, it's not just the company or its' principals who can be held accountable, but now even the lying weasel actually conducting the phone pitch. While the upfront fee resale scam industry has certainly (to say the least) never drawn "pillars of the community" as employees to begin with, we can now hope that the new infusion of personal accountabilty and responsibility might make prospective scammer employees (...those even capable of analytical thought in the first place, anyhow...) reluctant to play "truth or consequences" when the new game might actually have some very real and decidedly negative consequences.

There will always be scammers and there will always be suckers, but any and every effort which makes it more difficult (and more painful) for the two to find one another and successfully "conduct business" is certainly a positive and welcome step in the right direction, imho.

P.S. I too want to express thanks to Judy K. and other LTRBA members who helped make this legislation happen, through their tireless (and uncompensated) efforts. As usual, ARDA is lightning-quick to step up to manufacture some completely undeserved self-serving publicity, despite (imho) actually being a big part of the problem in the first place, historically and consistently declining to ever actually initiate or support any substantive, meaningful solutions.

 

[rrlongwell]

It should make it easier for law enforcement to shut down the scammers, because they will have a a law with teeth in it. I would not expect these companies to close down or move elsewhere - I'd expect them to continue scamming people until they get busted.

Or clean up their act.

 

[vacrazy]

Why LTRBA formed and what our function is

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Perhaps your research energy regarding the Florida legislature could be better utilized by instead providing us with a link or other useful, specific reference to the actual content and language of this new legislation?

Your recommended platitudes for ARDA seem (to me, anyhow) to be entirely unwarranted --- particularly if the new legislation turns out to be just noise and puffery (i.e., a loud bark, but with a toothless bite).

Forgive my cynicism, but you've provided nothing of any real substance here; just an unwarranted recommendation for undeserved praise for ARDA, to which (by your own words) you contribute money.

Imho, you fail the credibility test. Still, to repeat the point of my subject line...Where's the Beef ?

Here is the link to the Attorney General press release: http://www.myfloridalegal.com/newsrel.nsf/newsreleases/FDF9496C2C3B4A40852579BD000433AD

This legislation is an improvement to the industry's current situation.

Correct me if I am wrong but I don't believe the mission or goal of the LTRBA is to lobby goverment agencies. If so the group would be registered in the state of florida as such.

You need to read my post instead of getting defensive. I never denied the group's contributions. I just stated that information regarding the group's contributions relating to the bill was not found on the internet.

If the group did contribute, it would be a good idea for the group to publically express this. Its good PR for the group.[/QUOTE]

 

[DeniseM]

Or clean up their act.

I think it's completely unlikely that scammers are going to convert to a legitimate business model. These aren't businesses that are just sloppy - they are scam artists. They make their money by ripping people off - that's what they do. That's like saying that you think the bank robber is going to go legit and open a bank!

 

[Judi Kozlowski]

Mission of LTRBA

Here is the link to the Attorney General press release: http://www.myfloridalegal.com/newsrel.nsf/newsreleases/FDF9496C2C3B4A40852579BD000433AD

This legislation is an improvement to the industry's current situation.

Correct me if I am wrong but I don't believe the mission or goal of the LTRBA is to lobby goverment agencies. If so the group would be registered in the state of florida as such.

You need to read my post instead of getting defensive. I never denied the group's contributions. I just stated that information regarding the group's contributions relating to the bill was not found on the internet.

If the group did contribute, it would be a good idea for the group to publically express this. Its good PR for the group.

[/QUOTE]

The mission of LTRBA is to educate the consumer and the real estate community so that fewer people are taken in by the scammers and upfront fee companies. It was never my intention to lobby on our behalf but I did what was necessary for our group to be protected just as we do
what we can to make sure the consumer is protected.
We are hoping to work with Shep Altshuler of Timesharing Today with their new group the Timeshare Board Members Association that is working with the HOA's.
The more education that is available the less the consumer will be scammed. If you have questions concerning LTRBA please do no hesitate to ask.

 

[ace2000]

Judi, thanks for providing your explanation. Why just Florida? Is it because that's where most of them are based?

What else is your group working on?

 

[BocaBum99]

There is a much bigger issue in the timeshare industry. It is not liquid. The majority of timeshares are worth less than $0 and cannot be sold at any price. The Timeshare Resale Accountability Act does nothing to address this problem.

Until that problem is solved, there will be an increasing number of scams feigning liquidity like upfront fee companies or unethical PCCs.

Developers need to step up to the plate to create liquidity scenarios. They can absolutely do it. But, as long as they can continue to make sales when the resale values of their units approach zero, they won't address it.