I came across this story in my weekly "bundle of timeshare news" via Google.
This is a HUGE story affecting millions of timeshare owners that is getting very little coverage.
Here's a summary of what's going on:
A bid by the time-share industry to block unhappy owners from dumping their properties by selling to companies that don’t plan to pay the often-hefty annual dues ran into trouble Friday in the House Regulatory Affairs Committee.
An eleventh-hour amendment to what was otherwise seen as an innocuous “glitch bill” (HB 7025) would make it illegal for time-share owners to transfer their properties to buyers whom they know or should “reasonably know” do not have the “ability, means or intent” to pay all annual assessments and taxes on the property.
Jason Gamel, a lobbyist for the American Resort Development Association, the time-share lobby, said such sales were a problem that is currently “plaguing” the industry as vulture buyers try to take advantage of rock-bottom resale prices, which have collapsed since the global economic collapse.
So now the timeshare industry is blaming the "global economic collapse" for the rock-bottom resale prices? And the industry is the one being "plagued?" How about the individual owner?
I'm no legal expert, but to me, this seems like a very slippery slope. What's next? Will owners be locked into their timeshares forever and ever with no way out?
Someone had better wake up and start giving this the press that it deserves. And timeshare owners had better start paying attention.