Starting July 1, Vermont timeshare owners are going to have to make sure their dues are current. A bill passed on April 14 approved changes to the state’s Common Interest Ownership Act (VCIOA). While the changes are numerous, the focus will be on permitting timeshare associations to deny use of their timeshares to owners who are delinquent in their annual assessments.
This bill was spearheaded by the ARDA and Resort Owners’ Coalition (ROC) since several VCIOA amendments took effect in 2012. The ARDA-ROC learned that the amendments did not allow any owners’ association to deny use of a unit due to delinquent assessments. A press release from the ROC said, “While appropriate for whole ownership, the provision eliminated a very effective method for timeshare associations to collect assessments that is permitted in many other states.”
Other provisions of the VCIOA amendments were changed including correcting references to new statutory sections that would allow timeshare associations to use non-judicial foreclosure in Vermont, as well as clarifying that a timeshare was not a “dwelling unit” for purposes of foreclosure.
For interested owners and buyers, the full bill is available here.
Vermont timeshare owners who have delinquent charges, perhaps now is the time to sell your timeshare. And buyers, this new legislation could lead to great timeshare deals in Vermont before the provision is in effect. Contact one of our licensed sale agents today to talk about your options, whether you are looking to get rid of your timeshare or acquire a Vermont timeshare resale.