Virginia HB 233 Passes Both Houses

2012-03-06

Issue Brief

As of March 5, the HB 233 (Senate substitute) unanimously passed both houses. In summary HB 233 proposes greater consumer disclosure by requiring any reseller of a timeshare in Virginia to be registered with the Common Interest Community Board and therefore subject to the regulatory authority of the Board. The bill also requires timeshare resellers to make written disclosures to purchasers concerning the timeshare being resold and requires that a separate buyer's acknowledgment form must be provided to each timeshare purchaser disclosing certain information, including whether or not the developer owns a buyback program and making it clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential. 

Impact

HB 233 will provide consumers with reliable information about their timeshare purchase and the secondary marketplace. It will also subject timeshare resellers to a stronger regulatory standard. ARDA-ROC supports transparency in both the buying and selling process. 

Position/Call to Action

ARDA-ROC is actively lobbying on behalf of HB 233 in conjunction with the Virginia Resort Development Association (VRDA). 

Issue Updates

Arda-roc.org will provide updates about the final passage and implementation of HB 233 when it is available.

Search Issues

  • Browse by Classification or Topic