The landscape has changed for time share developers, purchasers and brokers in Connecticut.
New legislation that took effect on Jan. 1 ushered in new consumer and taxpayer protections in the industry. Time share developers are now required to ensure a project’s completion, through a letter of credit, an escrow account or, of course, a surety bond.
The new requirements include other provisions to protect taxpayers and prospective time share purchasers, including:
- Plans for a time share must be filed with the state Department of Consumer Protection
- Consumers must receive a detailed disclosure statement when purchasing
- Prospective buyers have a five-day window where they can cancel a purchase
- Time Share sales agents and resale brokers must possess a Connecticut real estate broker’s license
This new piece of legislation took effect at the start of the year. Any and all time share properties created before Dec. 31, 2009, were grandfathered in. But all new time share developments must follow the new law.
To learn more, visit the Connecticut Department of Consumer Protection website.