RCI, today praised the signing of the Timeshare Resale Accountability Act by Florida Governor Rick Scott. This new law takes action against fraudulent timeshare resale companies.

“The passage of this law is a significant step in cutting down on fraudulent companies taking advantage of innocent consumers,” said Gordon Gurnik, president, RCI. “We fully support this new law, and applaud all those who led the crack down on deceptive business practices, including Florida Attorney General Pam Bondi, Governor Rick Scott, Sen. Andy Gardiner and Rep. Eric Eisnaugle.”

The Timeshare Resale Accountability Act helps protectFloridaconsumers by working to put an end to deceptive marketing practices used by fraudulent timeshare resale companies. These types of companies have been targeting consumers by offering to help sell their timeshare ownership.

Under this law, timeshare resale companies must disclose all the terms and conditions of their business relationship with a consumer as well as require that such companies provide for a reasonable right of rescission, with penalties for those resale companies that fail to comply. The bill will become effective July 1, 2012.

This law is largely supported by the timeshare and exchange industries, including the American Resort Development Association.