Timeshare Transparency Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Timeshare Transparency Act, aims to increase transparency in timeshare sales. It requires timeshare companies to provide buyers with a detailed breakdown of all costs associated with owning a timeshare, including ongoing fees, and to clearly outline any options for ending ownership. The bill also mandates that buyers have an opportunity to review all agreement documents independently before signing. Violations of these requirements will be treated as unfair or deceptive practices under federal law.
Key provisions
- Requires timeshare agreements to include an itemized list of all costs.
- Requires companies to specify which fees can be altered and how buyers will be notified of changes.
- Requires companies to detail all options for ending timeshare ownership.
- Guarantees a 14-day cancellation period without penalty.
- Mandates independent review of all agreement documents by the buyer.
- Treats violations as unfair or deceptive practices under federal law.
- The Federal Trade Commission (FTC) will enforce the act.
- The act applies 90 days after enactment.
Who is affected
- Timeshare purchasers
- Timeshare companies
- The Federal Trade Commission
Notable changes
- Establishes specific requirements for timeshare agreements.
- Grants consumers a 14-day cancellation period.
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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