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Florida Passes Bill to Improve Foreclosure Process and Provide Relief to Timeshare HOAs in Board Elections

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Florida Passes Bill to Improve Foreclosure Process and Provide Relief to Timeshare HOAs in Board Elections

July 1, 2013 

Florida Governor Rick Scott has signed into law HB 7025 which, effective today, will help HOAs by further reducing time and costs in the lien foreclosure process.  

The bill also provides consumer protections for owners transferring ownership of their timeshares. This was a collective effort by ARDA-ROC, ARDA’s state affairs team, and Timeshare Closing Services, who provided valuable insight into the resale and transfer process in order to ensure the Attorney General’s office and the Federal Trade Commission knew the complexities of the transfer process.

For consumers, the bill means access to more information as well as protecting any monies paid by consumers for transfer services until the services are fully performed, and weeding out unscrupulous transfer companies by allowing action to be taken against them.

Businesses that offer to assist owners in the transfer of Florida timeshares must first provide a written agreement outlining terms and conditions of the offered services, and must place all funds received from the owner into an escrow account until the transfer has been completed. Businesses that offer transfer services—and participate in a plan or scheme to transfer timeshares to people or business entities that they know are not going to pay maintenance fees—will now be held accountable for their actions.

For more information, visit ARDA-ROC’s Timeshare Resale Resource Center.  

 


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