(View the press release by clicking HERE. )
Hilton has agreed to stop using a clause that disclaims responsibility for representations made by sales people regarding the availability, hotel use rights, rental resale and buybacks of timeshare interests.
Wyndham has agreed that they will no longer offer reservation certificates to members who want to make a reservation at a timeshare hotel known as Midtown 45. Some of the timeshare members who received certificates thought that they were buying an interest in the Midtown 45 timeshare.
“The purchase of an interest in a timeshare can be a confusing and expensive proposition,” Schneiderman said in the statement. “I am pleased to announce that these two industry leaders have agreed to make policy changes that will benefit and protect consumers. With their cooperation, we are making the timeshare industry safer, more transparent, and more accessible to investors.”
The agreements come as the attorney general continues an investigation into Ian Bruce Eichner’s timeshare company the Manhattan Club, where Schneiderman’s office temporarily forbid sales in July. Eichner and his partners were asked to testify in court about alleged fraudulent sales tactics.