“A bill to establish requirements with respect to the sale of timeshares to improve acquisition transparency, and for other purposes.”
No CRS summary available for this bill.
This section prohibits a timeshare company and an individual from entering into a timeshare agreement unless (1) the agreement incorporates, in a single document, an itemized specification of all acquisition and maintenance costs (including ongoing fees), details on each alterable fee and related notice requirements, each ownership termination option, and a provision for penalty-free termination within 14 days of signing; and (2) the individual reviews all related documents unsupervised by company employees prior to signing. It treats violations as unfair or deceptive acts or practices under section 18(a)(1)(B) of the Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)), authorizes Federal Trade Commission (FTC) enforcement with full FTC Act powers, directs the FTC to promulgate implementing rules under APA section 553, and applies the requirements to agreements entered into 90 days after enactment without preempting stricter state laws. (Timeshares provide consumers a right to use accommodations or facilities for specified periods less than one year annually, extending more than three years.)