Transfer Smart News: New Timeshare Regulations in Alberta Aim to Protect Consumers

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As there are many owners these days who are trying to get out of their timeshares, it is also apparent that the number of scams regarding such properties is increasing. With this, the authorities are coming with new laws to combat such problem. Recently, the Alberta government has introduced tougher timeshare industry regulations that aim to provide more protection for consumers.

As of Nov. 1, those in the industry will be required to obtain a license from the provincial government and to clearly disclose their terms and conditions, as Service Alberta Minister Heather Klimchuk had stated. The amended Time Share Contracts and Points-based Regulation, under the Fair Trading Act, will require all timeshare businesses operating in the province to get a $200 license and to post security. The parameters of the security are still being determined as Service Alberta stated.

Klimchuk further stressed out that their existing regulations are over a decade old and the timeshare industry has changed a lot since then. The new regulations are up to date with the industry's current practices and will help ensure consumers have access to the information they need when considering purchasing timeshares.

Meanwhile, Chris Wein, president of multifamily operations at Calgary-based UBG, says that the government is simply playing catch-up in terms of business and legal trends. He added that the past recession had a significant downward impact on both developers and buyers of vacation property, condo-hotels and timeshares, and believed that the government is trying to provide a greater protection for the consumer. As for the industry, Wein says that those developers planning to offer timeshare or fractional ownership opportunities will need to use greater diligence when selecting an operator for their developments.

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