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Fight for Federal Regulations (by Corinne S.):

For the past several months, I've been working with Greg Crist of the NTOA, one of the sponsors for Sunday's meeting, as a volunteer Consumer Advocate (for NTOA).

The focus has been on FEDERAL REGULATIONS for the Timeshare Industry! The State AG's work on these cases in a "bubble." I've sent a great deal of information out to Federal Agencies that would be involved, especially the Consumer Financial Protection Bureau.

Other agencies and groups (such as the National AG Association) have been contacted ad infinitum as well. NOTE: The CFPB did write a Rule for Timeshares which was open for public comment way back. The only comment came from ARDA, a Nationwide Timeshare group tilted for developers. The rule gives Timeshares less time than other financial products to close on a deal because the buyers are only there for a short time. OF COURSE NO ONE IN THE REGULAR WORLD KNEW ABOUT THIS OPEN COMMENTS TIME PERIOD! The CFPB's website shows when there are comment periods on rule making, most recently student loans. But how would one know without following them closely and how would the average person know TO follow them.

The FTC, DOJ and others have been regularly contacted too. After this week, it is time for ALL of us to complain to the Regulatory Agencies.

The CFPB (& maybe the FTC?) are not under Congresses control so I haven't pushed writing to Congress as of yet. It (they) are not funded by Congress.

Thanks, Chris, for bringing this important topic up!

Corinne

chrisv126 wrote:

patty, the MANHATTAN CLUB ISSUES OF SCAMS, FRAUD AND SUBSTANTIAL MISLEADING SALES TACTICS ARE UNIVERSAL IN THE UNREGULATED TIMESHARE INDUSTRY TO ONE DEGREE OR ANOTHER. we MC owners are fighting our own particular battle (which has unique issues but, of itself, is not unique, but very common in this UNREGULATED TIMESHARE INDUSTRY.) it's my hope that our ( THE NYSAG'S vs THE MANHATTAN CLUB) lawsuit will bring other states' attorneys general to recognize that this overall SHAM AND FRAUD RIDDEN INDUSTRY NEEDS FEDERAL/NATIONAL REGULATION. THIS IS THE MAIN ISSUE THAT HAS NEVER, TO MY KNOWLEDGE, BEEN ADDRESSED.....OF IF IT HAS, THE ISSUE HAS BEEN THROWN TO THE WAYSIDE WHILE THE VICTIMS OF THESE UNSCRUPULOUS CHARLATANS SUFFER FINANCIALLY AND OTHERWISE.

chris