Timeshare Debt-cancellation policies in Florida
Wednesday, May 13th, 2009Debt-cancellation policies may become a part of owning a timeshare purchased in Florida. Lobbyists for the state’s timeshare industry, according to a recent story in the Orlando Sentinel, are working with the Florida House on a plan that would give resort developers the ability to sell “debt-cancellation” policies as a part of timeshare mortgages.
Supporters say that it would be a valuable tool to help soothe prospective customers leery of making big-ticket purchases in the midst of the worst recession in a generation. Disney World and Westgate Resorts are among the individual developers lobbying for the legislation. The bill has recently advanced in the House and is attached to another bill that ensures that timeshares do not have to pay taxes when rented through exchange providers.
