Virginia Real Estate Time-Share Act; recordkeeping by resellers.
Impact
The bill introduces stricter regulations on the practices of resellers, which could significantly impact how these businesses operate within the state. By establishing a clear structure for record maintenance, the bill is expected to deter unlawful practices related to the acquisition and use of contact information. This change is likely to enhance consumer protection by holding resellers accountable for maintaining accurate records, thereby reducing instances of wrongful actions against time-share owners.
Summary
House Bill 1671 aims to amend the Virginia Real Estate Time-Share Act with specific requirements on recordkeeping by resellers of time-share properties. The bill mandates that resellers maintain detailed records of contact information they obtain, including personal information of the time-share owners and members, for a period of five years. This requirement is intended to promote accountability and transparency within the time-share resale market, ensuring that all parties involved adhere to defined legal standards.
Contention
While the bill overall seeks to enhance regulatory standards, it may face opposition from resellers who argue that adherence to such detailed recordkeeping could impose excessive burdens on their operations. Concerns may arise regarding the costs associated with compliance and the potential for unintended consequences that could hinder legitimate resale activity in the sector. Additionally, the provision allowing recovery of damages for wrongful obtaining or use of information could lead to increased litigation between resellers and consumers.