I think, therefore I transfer.

Friday, June 18, 2010

Transfer Smart News: New Timeshare Legislation Pass in Florida

Today, despite the number of owners trying to get out of their timeshares and several complaints reported regarding such properties, the timeshare industry remains one of the most profitable industries in the US. With this, a number of states want to maintain the appeal of their timeshare industries to potential consumers. One of these states is Florida which recently passed a new legislation that will aid in protecting timeshare owners in a lot of different ways.

The new legislation is called Bill HB 61 which has been set up to exempt timeshare purchasers from many of the fees and charges that go along with switching their timeshare weeks with the other timeshare owners. Due to the changes of the industry guidelines and rules involving taxes on timeshare visits, the developers are also able to add debt cancellation products in their offerings.

Meanwhile, due to the economy it is possible that certain government bodies might want to try and tax timeshare exchanges to earn more revenue. This new Bill will stop these possible taxes dead in their tracks. However, Florida isn’t the first state to implement such timeshare purchaser protection laws. There are actually three states which passed such legislation to deal with this issue.

Florida officials then hope that this Bill will make their state a more appealing place for both resort developers and individuals looking for a place to vacation or own a timeshare. Florida has always been a well known vacation spot and is popular with its timeshare industry. The state wants to remain a hotspot and is hoping that once these new policies come into play, it will aid them in doing so.

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