Arkansas Timeshare Amendments Enacted

2013-04-29

Issue Brief

The Arkansas Real Estate Commission is seeking amendments to bring the state's Time-Share Act in line with current industry products and practices.  The  Governor signed the amendments into law on April 4, 2013.

Impact

Introduced March 8, the SB 897adds definitions of current industry products, revises fees, removes the requirement to file advertising (although the Commission may request it), upgrades the consumer disclosures and permits electronic delivery of the public offering statement, among other revisions.

Position/Call to Action

Senator D. Johnson was the lead sponsor (cosponsors were Sen. Files, Rep. Dale and Rep. Biviano) of SB 897. The Arkansas Real Estate Commission has wanted amendments to the Arkansas Time-Share Act, originally enacted in 1983, for some time due to the evolution of industry products.  ARDA worked with the Commission during the past year to help modernize the statute and will support the bill, as will ARDA-ROC due to the expanded consumer protection and owner privacy provisions. 

 

Issue Updates

The Governor signed the bill on April 4, 2013 and the new law was recorded as Act 710.  It will take effect 90 days after the Legislature adjourns, currently sent for May 17.

SB 897 passed the Arkansas Assembly on March 13, 2013 and was sent to the Governor for signing. The bill passed the House Committee on Insurance and Commerce on March 27 and is expected to be voted on in the full Arkansas House by Friday, March 29. SB 897 passed out of the Senate Committee on Insurance and Commerce without amendment on Tuesday, March 19 with support from ARDA and the Arkansas Realtors Association.  The bill then passed the full Senate on March 20.

Resolution

The Governor signed amendments to the state’s Time Share Act into law April 4. SB 897 added definitions of current industry products—revising fees, removing the requirement to file advertising, upgrading consumer disclosures, and permitting electronic delivery of the public offering statement. ARDA and ARDA-ROC worked with the Arkansas Real Estate Commission to modernize the statute and expand consumer protection and privacy. Efforts are underway to address transfer issues through the rule-making process.

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