June 1, 2017 – The ARDA-Resort Owners’ Coalition (ARDA-ROC), a non-profit organization representing over 1.6 million timeshare owners with the mission of protecting and enhancing vacation ownership, has won the battle for greater protections for South Carolina timeshare owners. Effective immediately, the new law will address the deceptive business practices of fraudulent companies in the timeshare secondary market.
“This is a tremendous win for timeshare owners in South Carolina who have been victim to resale or transfer fraud,” says Ken McKelvey, ARDA-ROC Chairman. “This legislation will provide consumers with greater protections when looking to sell their timeshare, and provide regulatory authorities with additional tools to pursue and put out of business these fraudulent companies.”
The legislation creates a clear standard of business conduct for resale companies in the state, as well as includes increased contract requirements, escrow protections, and enforcement provisions for offenders.
Fraud in the timeshare secondary market hurts timeshare owners and owners’ associations, as well as takes credibility away from a thriving industry. Timeshare owners that fall victim to these companies are defrauded out of thousands of dollars for services that are never completed. Adoption of this legislation solidifies ARDA-ROC’s tireless work to provide consumers in the resale and secondary market with proper protections.
The timeshare industry is an important economic driver in South Carolina and fraudulent practices in the resale market negatively impact the industry. In 2015, the timeshare industry in the state produced 19,157 jobs, $2.4 billion of economic output, $818 million in labor income, and $130 million in state and local tax revenue.
ARDA-ROC has also introduced, passed, or supported resale and transfer company legislation in Arizona, Colorado, Connecticut, Florida, Massachusetts, Nevada, New Hampshire, Puerto Rico, Texas, Virginia, and West Virginia.
For more information on ARDA-ROC’s continued efforts to fight fraudulent activity in the secondary market, visit www.ard-aroc.org
The ARDA-Resort Owners’ Coalition (ARDA-ROC) is a non-profit entity funded by over 1.6 million individual timeshare owner’s voluntary contributions, and is dedicated to preserving, protecting, and enhancing vacation ownership. ARDA-ROC is an alliance of owners, developers, and managers who are committed to advocating for local, state, and federal policies that enable the vacation ownership industry to thrive. For more information, visit www.ardaroc.org.