Florida Timeshare Laws
A timeshare is a partial ownership in a piece of property. Most people purchase an interest in a timeshare for vacation purposes. Florida Timeshare Laws are governed by Chapter 721 (Vacation and Timeshare Plans) of the 2009 Florida Statutes. The state of Florida sets specific rules regulating the advertising, promotional officers, cancellations, management and licensing of timeshares.
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Cancellation
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Some timeshare sellers can make persuasive sales pitches, which may lead some buyers to regret the purchase of a time share. For this reason, Chapter 721, Section 10 of the 2009 Florida Statutes allows purchasers to cancel a timeshare contract within 10 calendar days of signing a contract. This privilege cannot be waived by the purchaser. A refund of any deposits made on a canceled timeshare must be returned to the purchaser within 20 days of demand.
Advertising
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Chapter 721.11 of the Florida Statutes sets strict regulations on how timeshare developers may promote their products. Advertising materials, including brochures, pamphlets, television and radio advertisements, and oral presentations, must be approved by the state. Photos of a timeshare property must accurately represent the property in question. Timeshare sellers may not make any predictions as to price increases in the value of a share in order to convince potential customers to buy their products. All information present in advertising must be 100 percent accurate and cannot contain any asterisks which change the meaning of a sales headline.
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Promotional Offers
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Chapter 721.111 of the Florida Statutes sets strict rules on how promotional or gift offers may be used as an enticement for customers. Developers of timeshare properties must file their promotional offer with the Division of Florida Condominiums, Timeshares and Mobile Homes for a $100 fee, and the prizes or gifts must be available for inspection by this agency. The model number and description of each item must be shown, in addition to the name, address and telephone number of the supplier from whom the gift will be obtained. All advertising materials related to timeshare promotional offers must be inspected by the division before the promotion can begin.
Management
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Pursuant to Chapter 721.13 of the Florida Statutes, developers must hire a managing entity to manage the timeshare property. This entity will collect all timeshare dues, in addition to paying for insurance, maintenance and property taxes on the property. Managing entities of timeshares must provide an itemized annual budget of revenues and expenses which will be reviewed by the state. This timeshare budget must be readily available for inspection by potential timeshare buyers. Management regulations protect timeshare buyers from paying more than they expected to maintain the property.
Transfer of Interest
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To protect timeshare owners from new terms when a timeshare property is sold, Chapter 721.17 states that all timeshare owners have a right to cancel their contracts and receive refunds for any advanced monies paid if there is a change in ownership of the property. The new owner must respect all the original terms of the timeshare for current shareholders.
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References
- State Legislature of Florida: The 2009 Florida Statutes Chapter 721.17
- State Legislature of Florida: The 2009 Florida Statutes Chapter 721.10
- State Legislature of Florida: The 2009 Florida Statutes Chapter 721.111
- State Legislature of Florida: The 2009 Florida Statutes Chapter 721.11
- State Legislature of Florida: The 2009 Florida Statutes Chapter 721.13
