Timeshare Transparency Act

Key Points

• This bill requires timeshare companies to give buyers a single document that lists every cost, including purchase prices and yearly maintenance fees. This helps people see the total price before they sign.
• Companies would have to explain which fees can go up in the future and how much warning they will give owners before a price hike. It also requires them to clearly list the ways a person can end their ownership.
• Buyers would get a 14-day window to cancel their contract for any reason without paying a penalty. This gives people time to change their minds after the high-pressure sales pitch is over.
• The law would force companies to let customers review all the paperwork alone. Salespeople would not be allowed to watch over the customer while they read the fine print.
• The Federal Trade Commission would have the power to punish companies that break these rules. States would also be allowed to pass even stricter laws to protect their residents from bad timeshare deals.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.