TORRANCE, CA--(Marketwired - Jun 7, 2013) - Pacific Property Transfer, a California company specializing in timeshare transfers, announced today that it is dedicated to serving its customers while remaining in compliance with the new Florida law commonly known as the Timeshare Resale Accountability Act. The company is re-doubling its efforts to assist clients in getting out of their timeshares legally and efficiently.
Florida Governor Rick Scott (R) received HB7025 on his desk for his signature on Monday, June 3. Florida House Bill HB7025 was designed by the Regulatory Affairs Committee; Business and Professional Regulation Subcommittee and has been extensively backed and lobbied by timeshare resort developers and the American Resort Development Association (ARDA).
The Timeshare Resale Accountability Act (HB7025) was designed to restrict or block timeshare transfers from owners who no longer have use for their resort, or who can no longer afford to maintain ownership. The bill was also designed to prevent timeshare owners from falling prey to rampant timeshare transfer and sales scams. The bill affects the sale and transfer of timeshare resorts that exist in the state of Florida and goes into effect if signed on July 1, 2013.
Timeshare resale scams have presented an ongoing problem globally, and have reached the point that they are the largest consumer complaint made in many regions of the U.S. Due to current economic conditions, timeshare owners are finding it extremely difficult to sell their timeshare, making them easy prey for scam artists who mislead them into thinking they have a buyer ready to take ownership.
After July 1 it will be illegal for timeshare companies to charge any sort of upfront fee that is greater than $75 within a twelve-month period without a written contract. Once a potential customer signs an agreement with a transfer company, they will have 10 days to cancel, with no questions asked. If a consumer cancels their contract within the 10-day period, firms will have five days to issue a refund to the client if they paid electronically, and 10 days to refund the client if they paid by check. Penalties for violation of the new law are steep. For each violation, penalties of $15,000 per occurrence will be issued.
"These steep penalties are designed to put fraudulent companies out of business," said Joseph Evans, of Pacific Property Transfer, "and we are dedicated to maintaining excellence in the industry amidst a sea of uncertainly and scams. Our company is excited about the new legislation in Florida because it will put the companies out of business who are trying to scam timeshare owners out of thousands of dollars."
For more information about Florida House Bill HB7025, please visit their web page at http://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=50197.
- Professional Services
- Real Estate