TATOC provides consumers with further protection
Friday 6th August 2010
The Timeshare Association (TATOC) recently announced the launch of a new Code of Practice specifically aimed at re-sale companies.
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| TATOC Code of Practice |
Designed to protect consumers and monitor the operations of re-sale companies, the code of ethics is considered to be an important new measure in the regulation of the industry.
The new code has been implemented, not just to defend the interests of those purchasing Timeshare, but to make the industry fair with equal opportunity within re-sale companies that operate within the code's guidelines.
Harry Taylor, CEO of TATOC, commented on the code saying, "We hope that with this Code of Practice we can provide consumers who request re-sale information the details of reputable re-sale companies. TATOC will continue to monitor compliance at all times and cancel affiliation if any breach of the code is discovered."
Companies operating within the code must provide written details of sale procedures for consumers, including conformation of the purchase price, all associated costs and details of cooling-off periods. In addition they will have to provide the purchaser with written information including a realistic re-sale value and the possibility of selling, a free listing service (explain the limitations of this service) and details about any additional, optional services that incur fees clarifying the respective benefits and costs involved.
Re-sale companies must also provide the purchaser with written information about the Timeshare products, for example exchange opportunities, current management fees and deposit payment procedures. Furthermore, they must ensure that payments are held by an independent third party and adhere to good and fair marketing practices.
Only re-sale companies that are affiliated to TATOC can sign up to the Code of Practice.
