HB 12-1116 Summary

• Amends Colorado Consumer Protection Act to regulate time share resale transactions and requires resale entities to provide detailed disclosures including contact information, property description, transfer method, fees, and estimated completion date within 180 days.

• Prohibits time share resale entities from collecting fees until providing owners a recorded deed showing transfer completion plus written acknowledgment from the time share association confirming compliance with transfer policies.

• Defines deceptive trade practices in time share resale services including making false statements about offers to buy/rent, likelihood or timeline of sale, property value, costs of ownership, and identity of the resale entity.

• Establishes that time share resale entities must provide written notice of rescission rights within five calendar days of sale and refund deposits within seven days of receiving rescission notice.

• Makes time share resale entities liable for violations by their affiliates, agents, contractors, and employees; takes effect August 7, 2012, unless subject to voter referendum.