Bill Improves Foreclosure Process & Provides Relief to Timeshare HOAs in Board Elections
WASHINGTON, DC (June 14, 2013) –– The American Resort Development Association (ARDA) and the ARDA Resort Owners’ Coalition (ARDA-ROC) applaud Florida Governor Rick Scott for signing HB 7025 into law, providing consumer protections for owners transferring ownership of their timeshares. It also helps homeowners’ associations (HOAs) by further reducing time and costs in the lien foreclosure process.
“This legislation gives consumers more power in the transfer process,” said Howard Nusbaum, president & CEO of ARDA. HB 7025 empowers consumers with access to more information, protects any monies paid by consumers for transfer services until the services are fully performed, and weeds out unscrupulous transfer companies by allowing action to be taken against them.
“This legislation demonstrates a continuing commitment to make the timeshare transfer process more efficient for consumers and the industry,” Nusbaum continued. “We would like to thank all of those who assisted the process, including Timeshare Closing Services, who provided valuable insight into the resale and transfer process.”
The legislation, sponsored by Representative Dane Eagle and Senator Kelli Stargel, provides several benefits to timeshare consumers and HOAs. Businesses that offer to assist owners in the transfer of Florida timeshares must first provide a written agreement outlining terms and conditions of the offered services, and must place all funds received from the owner into an escrow account until the transfer has been completed. Businesses that offer transfer services—and participate in a plan or scheme to transfer timeshares to people or business entities that they know are not going to pay maintenance fees—will now be held accountable for their actions.
“With this enactment of reasonable regulation of transfer companies in Florida, timeshare owners and associations will now have additional security in the transfer process,” says Ken McKelvey, chairman of ARDA-ROC. “Owners will also be able to get information about their timeshares that will assist them in selling or renting them. Also, this bill fine-tunes the foreclosure process and streamlines the election process for members of the HOA boards of directors.”
The amendments in HB7025 will become effective on July 1, 2013.
For further information about the timeshare foreclosure or resale process, please visit ARDA-ROC’s Timeshare Resale Resource Center or call 1-855-416-6187, ARDA-ROC’s toll-free customer service number.
The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has almost 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC). For more information, visit www.arda.org or ARDA’s consumer website at www.VacationBetter.org.
The ARDA Resort Owners’ Coalition (ARDA-ROC) is a non-profit program sponsored by the American Resort Development Association, dedicated to preserving, protecting, and enhancing vacation ownership. ARDA-ROC is an alliance of owners, developers, and managers who are committed to advocating for local, state, and federal policies that enable the vacation ownership industry to thrive. For more information, visit www.ardaroc.org.