Florida Resale Bill Passes House and Final Senate Committee

2012-03-05

Issue Brief

CS/CS/CS HB 1001, also known as Florida’s Timeshare Resale Accountability Act (‘TRAA’), passed the House of Representatives on February 23 and has been transmitted to the Senate for its consideration. CS/CS/SB 1408, the Senate’s version of the TRAA, passed out of the Senate Budget Committee by a unanimous vote on February 28. Once both versions of the TRAA are passed by their respective chambers the final version of the legislation will move to the Governor’s desk for his signature.

Impact

CS/CS/CS HB 1001 and its companion, CS/CS/SB 1408, seek to protect timeshare owners by holding resale companies who use deceptive business practices accountable for their actions. The legislation will require, among other things, timeshare resale companies to disclose all terms and conditions of their business offering to a consumer, provide for a right of rescission for consumers to cancel a contract for resale services, and impose penalties on companies who continue their deceptive practices. 

Position/Call to Action

ARDA and ARDA-ROC continue to support TRAA as a means to help protect Florida consumers and promote a healthy secondary market and will work to encourage the passage of the legislation. With nearly 25% of all timeshare resorts in the United States located in Florida, proactive legislation such as this is vital to ensuring the long term health of a key sector of Florida's tourism market. 

Issue Updates

Once both version of the TRAA are passed by their respective chambers the final version of the legislation will move to the Governor’s desk for his signature. Please visit www.ardaroc.org for future updates.