Attorney General Bill McCollum today issued a consumer advisory, encouraging Floridians to be cautious when booking timeshare reservations or vacation memberships in foreign countries, particularly Mexico.
Complaints about foreign timeshares received by the Attorney General’s Citizen Services Division include problems associated with extremely aggressive sales tactics, exaggerated claims of return on investment and questionable business practices, resulting in substantial financial losses for investors.
California's time-share industry, which contributes roughly $2.8 billion annually to the state's economy, has a new law aimed at simplifying documents for consumers and time-share businesses. Assemblywoman Bonnie Garcia, R-Cathedral City, who authored Assembly Bill 432, said time shares typically are marketed in more than one state.
So the bill aims to streamline the documentation process to meet requirements in more than one state, enabling time-share companies to consolidate documents and eliminate redundant paperwork.
Gov. Arnold Schwarzenegger signed the bill last week, and it will take effect Jan. 1.
Howard C. Nusbaum, president and chief executive officer of Washington, D.C.-based American Resort Development Association, the nearly 40-year-old trade group representing the vacation ownership and resort development industries, said the law reflects an evolving industry and by "harmonizing" laws, Nusbaum said, states have similar documentation that consumers can understand. |