Timeshare Transparency Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Timeshare Transparency Act, aims to increase transparency in timeshare sales. It requires timeshare companies to provide detailed information to potential buyers about all costs associated with owning a timeshare, including ongoing fees, and to clearly outline options for ending ownership. The bill also mandates that buyers have an opportunity to review all agreement documents without salesperson supervision and grants the Federal Trade Commission (FTC) the authority to enforce these requirements.
Key provisions
- Requires timeshare companies to provide an itemized specification of all costs associated with timeshare ownership.
- Mandates a clear explanation of any fees that can be altered, including notice requirements.
- Outlines available options for ending timeshare ownership.
- Guarantees a 14-day cancellation period without penalty.
- Treats violations as unfair or deceptive acts under the Federal Trade Commission Act.
- Grants the FTC enforcement powers similar to those under the Federal Trade Commission Act.
- Requires the FTC to promulgate rules to implement the bill.
- Specifies that the requirements apply to agreements entered into 90 days after the bill's enactment.
Who is affected
- Timeshare companies
- Potential timeshare buyers
- The Federal Trade Commission
Notable changes
Bill text
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Sponsors
Official sponsors from legislative records.
7 on record
Primary sponsor
Cosponsors
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