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NEW YORK (Legal Newsline) – New York Attorney General Eric Schneiderman has reached agreements with Hilton Resorts Corporation and Wyndham Vacation Resorts Inc. to protect consumers from deceptive sales tactics, his office said Wednesday.
In the first settlement, Hilton agreed to remove a clause from its purchase contract for timeshares that disclaimed responsibility for claims made by its salespeople.
In the second settlement, Wyndham agreed to no longer offer misleading reservation certificates to timeshare purchasers.
“The purchase of an interest in a timeshare can be a confusing and expensive proposition,” Schneiderman said. “I am pleased to announce that these two industry leaders have agreed to make policy changes that will benefit and protect consumers. With their cooperation, we are making the timeshare industry safer, more transparent, and more accessible to investors.”
Timeshare companies must report to the attorney general's Real Estate Finance Bureau, as required by the state’s Martin Act. The law also bans the use of misleading sales practices.
Another timeshare agency, the Manhattan Club, is currently under investigation for similar allegations by Schneiderman’s office.
Content provided by Legal Newsline, which is owned by the U.S. Chamber Institute for Legal Reform.
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In the first settlement, Hilton agreed to remove a clause from its purchase contract for timeshares that disclaimed responsibility for claims made by its salespeople.
In the second settlement, Wyndham agreed to no longer offer misleading reservation certificates to timeshare purchasers.
“The purchase of an interest in a timeshare can be a confusing and expensive proposition,” Schneiderman said. “I am pleased to announce that these two industry leaders have agreed to make policy changes that will benefit and protect consumers. With their cooperation, we are making the timeshare industry safer, more transparent, and more accessible to investors.”
Timeshare companies must report to the attorney general's Real Estate Finance Bureau, as required by the state’s Martin Act. The law also bans the use of misleading sales practices.
Another timeshare agency, the Manhattan Club, is currently under investigation for similar allegations by Schneiderman’s office.
Content provided by Legal Newsline, which is owned by the U.S. Chamber Institute for Legal Reform.
http://www.washingtonexaminer.com/n....e/feed/2174056