Lengthy reviews of timeshare applications will soon get a boost through Connecticut's use of a centralized timeshare application registry, Consumer Protection Commissioner Jerry Farrell, Jr. said today.
Pursuant to state statute, any developer who wishes to market a timeshare development, usually located outside of Connecticut, to Connecticut residents must submit an extensive application for review by the Connecticut Department of Consumer Protection. The statute was developed decades ago to protect Connecticut consumers from being misled into purchasing timeshares in other states, where the Connecticut resident may not have ever seen the development in person. In the intervening years, close to 40 states have adopted laws similar to that of Connecticut, which requires that extensive information about the development be disclosed to state regulators before a specific timeshare property can be marketed to state residents.
“Timeshare review by the Department of Consumer Protection helps safeguard consumers from fraudulent and deceptive timeshare offerings,” Farrell said. “Our decision to use the ARELLO Timeshare Registry will help our Real Estate staff to efficiently store, organize, review and access timeshare information, and provide better service to the public.”
Ninety percent of the information required by Connecticut regulators when reviewing timeshare applications is generally the same for most states that require timeshare registration. The ARELLO Timeshare Registry is a centralized database used by developers and regulators in many jurisdictions to share timeshare registration information quickly and securely over the Internet.
“Most states require the same set of information; for a single development, we may receive boxes of information. Being in a position to receive, review and store everything electronically will certainly save the State time and money, as well as give our investigators more time to focus on the substance of the information,” Farrell said. “The registry's electronic format requires the applicant to submit information required by all states, as well as information unique to Connecticut requirements. While the content of what must be submitted will not change, the way information is filed, reviewed and stored will,” he said.
“The use of the Registry comes at no cost to the state, saves hours of time, makes document management more efficient and helps reduce the need for storage space,” Farrell said. “The ARELLO Registry will support but not replace Connecticut’s timeshare approval process and will not affect the registration fees that are paid to the state.”
The State of Connecticut has long been a member of ARELLO -- the Association of Real Estate License Law Officials – an association of state real estate regulators that was founded 80 years ago to foster the exchange of information among regulators of real property and to protect the public interest in real estate regulation.
