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Re: Manhattan Club Lawsuit (by Irene P.):

fibon The bill requires that buyers be informed that there is no exit clause and no secondary market in most cases. Below is my email to the Nevada Senate Judiciary committee. We are Diamond owners but the same dilemma exists for TMC. The hearing is this Wednesday February 22 so even a quick email would be helpful. I posted their emails in an earlier post I think but I can re-post if you need their emails. Also copy NV Senator Becky Harris who introduced the bill. Emails from Manhattan Club Owners would be especially helpful. If the bill passes in Nevada it could be rolled out nationwide. I'm told ARDA stalled it in committee in 2014 after it passed 100% in the Senate. Senator Tick Segerblom, Judiciary Committee Chairhttps://www.leg.state.nv.us/App/NELIS/REL/79th2017/Committee/173/BillStatus Senator Nicole Cannizzaro, Vice-Chair Senator Arnold Ford Senator Moises Denis Senator Michael Roberson Senator Donald Gustavson SB 195 BDR 10-470 I am writing to show support for timeshare disclosure bill SB 195introduced by Senator Becky Harris. Some timeshares have a limited secondary market, but in the case of Diamond Resort International, domiciled in Nevada, and others, there is no secondary market. Not one of the 64 members of the Licensed Timeshare Resale Brokers Association will buy or sell Diamond Resorts non-deeded points due to restrictions the company has placed on the use of secondary vacation points. http://www.licensedtimeshareresalebrokers.org/ The Diamond contract states that points can be sold. Any consumer having had an experience involving real estate would assume this means a licensed broker could be contacted. As a former series 7 licensed stockbroker, I would not have purchased a vacation product that could not be sold through a licensed broker. Sales agents rely on the oral representation clause to say anything to close a deal. A timeshare presentation can last five hours or more. Contracts are perpetual. The lack of a secondary market is never mentioned. The elderly are targeted. The numerous misrepresentations and violations of consumer fraud are detailed in the Arizona Attorney General’s 37 page “Assurance of Discontinuance” https://www.azag.gov/press-release/attorney-general-brnovich-announces-800000-settlement-diamond-resorts The 55 page complaint filed by the law firm Albright, Stoddard, Warnick & Albright against Diamond Resorts describes how consumers are victimized. http://insidetimeshare.com/1billion-law-suit-diamond-resorts-international/ Timeshare attorney Mike Finn quotes Florida law, but similarities are evident. A review of the applicable state statute, F.S. 475.25, indicates a litany of the potential offenses a licensee may be accused of, including fraud, misrepresentation, concealment, false promises and/or violation of a duty imposed by law, etc. Assume a purchaser believes certain significant details of the purchase transaction were omitted during the sales process and that those omitted details are arguably material facts that, if revealed in a timely manner, may well have caused the purchaser not to make the purchase. Again, Florida statute 475.25 (1) (b) addresses offenses like fraud and misrepresentation, but more specifically, also references concealment.