Wyndham Vacation Ownership Applauds Enactment of Timeshare Resale Fraud Bill
New Bill Cracks Down on Fraudulent Timeshare Resellers
Orlando, Fla. (June 22, 2012) –
Wyndham Vacation Ownership (WVO), the world’s largest vacation ownership company and member of the Wyndham Worldwide family of companies (NYSE:WYN), applauds the enactment of the Timeshare Resale Accountability Act. Florida Gov. Rick Scott will hold a ceremony in Orlando today officially signing into law this new bill aimed at tackling fraud by timeshare resale companies.
"We remain committed to protecting our owners and the integrity of our industry at large. This new law will help to ensure deceptive companies can no longer take advantage of timeshare owners," said Franz Hanning, President and CEO of Wyndham Vacation Ownership. "I commend Florida Attorney General Pam Bondi and Gov. Rick Scott, along with bill sponsors Sen. Andy Gardiner (R-Orlando) and Rep. Eric Eisnaugle (R-Orlando), for aggressively pursuing action against the fraudulent and deceptive practices that have become commonplace among many timeshare resale companies."
The Timeshare Resale Accountability Act was enacted to protect Florida consumers, and help put an end to deceptive marketing practices conducted by fraudulent timeshare resale companies that have been targeting consumers under the guise of offering a service to help sell their timeshare product. The new Act requires full and fair disclosure of the terms and conditions of services being offered, a reasonable rescission period for consumers to cancel a contract and penalties for those individuals and companies that engage in misleading and fraudulent practices. The bill will become effective July 1, 2012.
Wyndham Vacation Ownership, with headquarters in Orlando, operates 16 resorts in the State of Florida. According to research by the American Resort Development Association (ARDA) International Foundation, nearly 25 percent of all U.S. timeshare resorts are located in the state. In 2010, Florida timeshare sales equaled $2.2 billion of the U.S. total of $6.4 billion.
ABOUT WYNDHAM VACATION OWNERSHIP
Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its three primary consumer brands, CLUB WYNDHAM®, WorldMark by Wyndham, and Wyndham Vacation Resorts Asia Pacific. As of December 31, 2011, Wyndham Vacation Ownership had developed or acquired more than 160 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent approximately 20,750 individual vacation ownership units and more than 800,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by approximately 13,700 employees globally.
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