This bill, the Timeshare Transparency Act, sets rules for selling timeshares. A timeshare agreement must include a single document that lists all costs to buy and keep the timeshare, notes any fees the company can change and how and when the buyer will be told, lists every option to end ownership, and gives the buyer a 14-day period to cancel without penalty. Before signing, the buyer must be allowed to review all related documents away from timeshare company staff. The Federal Trade Commission (FTC) will enforce these rules, treat violations as unfair or deceptive acts, issue rules under federal rulemaking procedures, and may use the powers and penalties available under the FTC Act. The rules apply to agreements made 90 days after the law is enacted. States may keep or add stronger protections. The bill defines "timeshare" and "timeshare company."
If you are buying a timeshare, you should get one clear document showing all purchase and ongoing costs, a description of how fees can change and the notice you will get, and the ways you can end ownership. You will have 14 days to cancel without a penalty and a chance to read the documents away from company employees before you sign. If a timeshare company fails to follow these rules, the FTC can investigate and take action.
No publicly available information on estimated expenses or budgetary effects is included in the bill text or metadata.
The bill is described as establishing requirements to improve acquisition transparency for timeshare purchases.
No publicly available information on opponents' views or formal objections is included in the bill text or metadata.