New Caribbean Timeshare Law Offers Protection For Timeshare Consumers
History has been made with regards to a new Caribbean Timeshare law. For the very first time the Philipsburg parliament has approved protection for timeshare consumers and in doing so, have offered safety and relief for those affected by the Timeshare industry.
The new law was approved by Mrs Sarah Wescot-Williams, a Member of Parliament for the Democratic Party, and was unanimously accepted by the entire Parliament.
The first of its kind
This law is exclusive in that it is the first law to have an English version, as it is believed that many English people will be enticed at the thought of purchasing a Caribbean timeshare. The law is not yet in effect, as it requires authorisation by the Council of Ministers, however, the Regulator will have six weeks to assure that it does not conflict with the Constitution.
This new law provides bankruptcy protection to owners of all kinds of timeshare products. It aims to bring “real checks and balances” from timeshare maintenance fee regulation to reservation levels. The law also means that timeshare developers are obligated to fully reveal all developments to consumers and to continue to do so as sales are made and if the development expands.
Crack down on sales tactics
The Caribbean timeshare law also means that misleading marketing tactics such as selling the timeshare as an ‘investment’ will now be forbidden and timeshare developers will incur fines if found guilty of doing this. A code of conduct has been created based on the law that will be administered to timeshare salespersons.
Find out more
If you have any questions about your timeshare contract and where it stands within the law, contact us at Timeshare.lawyer. There is a strong possibility that your contract could be illegal, and thus eligible for nullification or compensation. Where the contract is ruled illegal, it is also likely that your legal fees will be paid as part of the settlement, so it really is in your best interests to get justice.