Original Message:
Re: Diamond Resorts enormously increases the cost of Maintenance/Reserves on their resorts. (by Mark S.):
Your statement regarding disengagement by regulators due to budgets, and other factors is typically true. Point of fact there are active investigations taking place by the AZ Attorney General. This presents a rare opportunity for those who have been wronged to have their voice heard. Diamond's product is registered in AZ as timeshare. That is not the case in all states. This puts it under the control of the AZ Department of Real Estate, and certain rules that do not apply to other consumer goods. * A.R.S. § 32-2197.19(C) states, inter alia, “No developer or agent shall, in selling or leasing, or offering to sell or lease, any timeshare interest in a timeshare plan: 1. Employ any device, scheme or artifice to defraud. 3. Engage in any transaction, practice or course of business which operates or would operate as a fraud or deceit upon a purchaser.” There is a Real Estate recovery fund whose purpose is to mitigate harm specific to fraudulent misrepresentation in a real estate transaction. A class action suit is a viable option, however unless someone is willing to come out of pocket for sizable attorney's fees risk for an attorney considering contingency representation had better be greatly reduced. It time to move the narrative from the forum to public record where it can be used to advance a real solution.