St. Maarten/Martin Timeshare Regulation sign now

Whereas tourism contributes very significantly to the economic well-being of St. Maarten; and

Whereas timeshare investments, operations and the associated spending on tourism activities by timeshare owners is a very large part of tourism on the island; and

Whereas, it is in the interest of the government and people of St. Maarten and the timeshare owners to create a positive environment for timeshare development and ownership;

It is hereby resolved by the undersigned owners of timeshare interests at Royal Palm and Flamingo that the government of St. Maarten be asked to enact legislation to create a positive, stable and predictable environment for all timeshare interests by adopting the following principles for regulation of the industry:

Accountability
Transparency
Fiduciary Responsibility
Consumer Protection

It is further requested that in the drafting of legislation:

Accountability include the requirement that each resort:
Consult with timeshare owners on decisions with respect to the setting of annual operational and capital budgets; and
Provide full opportunity for all timeshare interests to vote in person or by mail ballot or electronically on all proposals for special maintenance charges subject to a fair arbitration process in the event there is a dispute; and that

Transparency include the full and regular reporting of financial and management matters including:
Budget plans
Level and nature of management and like fees based upon industry standards
Verified actual financial results on an annual basis
Verified status of all funds, reserves, liabilities and equities and that

Fiduciary responsibility include the requirement of:
Hurricane insurance
Long-term capital replacement program to fund the timely refurbishing of units, major repairs/replacement of infrastructure items and similar extraordinary expenses based upon an independent technical experts assessment
The establishment of reserve accounts consistent with the long-term capital replacement program
Balanced operating budgets and reasonable plans to recovery any previous years unanticipated deficits on an annual basis; and that

Consumer protection include legislated requirements for:
A reasonable cooling off period for timeshare interest purchasers to obtain a full refund of their purchase minus the disclosed value to the purchaser of any consumed marketing inducement;
Full and prominent disclosure of borrowing costs and closing costs on any purchase of a timeshare interest including type of ownership/lease and lease term as well as any conditions with respect to items such as resale, transfer, occupancy by others and exchanges internally or externally and a reasonable estimate of what the level of long-term sustainable operating and capital maintenance fees will be.

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Nona HollowayBy:
International PolicyIn:
Petition target:
Government St. Maarten

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