Colorado Resale Legislation Moves to House Floor

2012-02-23

Issue Brief

HB 1116, legislation providing for regulation of resale/transfer transactions in Colorado, unanimously passed the House Economic and Business Development Committee on February 21. The bill seeks to provide protection for consumers from aggressive and misleading sales and marketing practices in the resale market by requiring disclosures to the seller and prohibiting advance fees for the transfer of a timeshare interest. In setting the ground rules for acceptable practices, it is intended that the bill will provide a predictable experience in the secondary market and end abuses which have been damaging for timeshare owners and associations. 

Impact

HB 1116 is Colorado’s first piece of legislation regulating the transfer of timeshare by so-called "rescue" or "relief" companies. Successful passage could provide significant benefits to timeshare owners hoping to resell their timeshare with confidence and for associations which have been hard hit by the transfer of interests to entities who have no intent to meet the responsibilities of ownership. 

Position/Call to Action

ARDA and ARDA-ROC support HB 1116 as a positive step toward a more predictable timeshare resale market benefiting both timeshare owners and associations. 

Issue Updates

HB 1116 will now move to the House floor. If passed by the House it will move to the Senate for consideration in committee. Please check back to www.arda-roc.org for updates. 

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