Parsippany, N.J. (April 10, 2012) — RCI, the global leader in vacation exchange, has praised the signing of the Timeshare Resale Accountability Act by Florida Governor Rick Scott. This new law takes action against fraudulent timeshare resale companies.
“The passage of this law is a significant step in cutting down on fraudulent companies taking advantage of innocent consumers,” said Gordon Gurnik, president, RCI. “We fully support this new law, and applaud all those who led the crack down on deceptive business practices, including Florida Attorney General Pam Bondi, Governor Rick Scott, Sen. Andy Gardiner and Rep. Eric Eisnaugle.”
The Timeshare Resale Accountability Act helps protect Florida consumers by working to put an end to deceptive marketing practices used by fraudulent timeshare resale companies. These types of companies have been targeting consumers by offering to help sell their timeshare ownership.
Under this law, timeshare resale companies must disclose all the terms and conditions of their business relationship with a consumer as well as require that such companies provide for a reasonable right of rescission, with penalties for those resale companies that fail to comply. The bill will become effective July 1, 2012.
This law is largely supported by the timeshare and exchange industries, including the American Resort Development Association.
RCI is the worldwide leader in vacation exchange with over 4,000 affiliated resorts in approximately 100 countries. RCI pioneered the concept of vacation exchange in 1974, offering members increased flexibility and versatility with their vacation ownership experience. Today, through RCI® Weeks, the traditional week-for-week exchange system, and RCI Points®, the industry’s first global points-based exchange system, RCI provides flexible vacation options to its 3.7 million RCI subscribing members each year. RCI is part of Wyndham Exchange & Rentals and the Wyndham Worldwide family of brands (NYSE: WYN). For additional information visit our media center, rciaffiliates.com or The RCI Blog. RCI also can be found on Facebook, YouTube and Twitter.