ORLANDO, Fla. (October 5, 2011) –– Wyndham Vacation Ownership (WVO), the world’s largest vacation ownership company and a member of the Wyndham Worldwide family of companies (NYSE:WYN), commends Florida’s Attorney General Pam Bondi for aggressively pursuing action against timeshare resale companies that employ deceptive and fraudulent practices that prey on consumers.
“Attorney General Bondi has put timeshare resale companies on notice in the state of Florida,” said Franz Hanning, President and CEO of Wyndham Vacation Ownership. “Our industry has long benefited from responsible regulations that protect consumers and ensure the integrity of products and services. Timeshare resale companies should not be exempt from these standards and we applaud Attorney General Bondi for leading this effort on behalf of Florida timeshare owners and our industry at large.”
Yesterday in Tallahassee, Attorney General Bondi, with the support of the American Resort Development Association (ARDA), and the American Association of Retired Persons (AARP), proposed legislation called The Timeshare Resale Accountability Act, requiring full and fair disclosure of the terms and conditions of services being offered by timeshare resale companies, a reasonable rescission period and penalties for those individuals and companies that engage in misleading and fraudulent practices.
Wyndham Vacation Ownership, with headquarters in Orlando and delivering the best possible vacation experiences, operates 16 resorts in the State of Florida. According to research by the ARDA International Foundation, nearly 23% of all U.S. timeshare resorts are located in the state. In 2010, Florida sales were $2.2 billion of the U.S. total of $6.4 billion.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its three primary consumer brands, CLUB WYNDHAM®, WorldMark by Wyndham, and Wyndham Vacation Resorts Asia Pacific. As of December 31, 2010, Wyndham Vacation Ownership had developed or acquired more than 160 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent approximately 20,500 individual vacation ownership units and more than 800,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by approximately 13,300 employees globally.
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SOURCE: Wyndham Vacation Ownership