Attorney General Eric T. Schneiderman
New York Attorney General Eric T. Schneiderman reached agreements with Hilton Resorts Corporation and Wyndham Vacation Resorts Inc. to protect consumers from deceptive sales tactics, his office announced Wednesday.
In the first settlement, Hilton agreed to remove a clause from its purchase contract for timeshares that disclaimed responsibility for claims made by its salespeople. In the second settlement, Wyndham agreed to no longer offer misleading reservation certificates to timeshare purchasers.
“The purchase of an interest in a timeshare can be a confusing and expensive proposition,” Attorney General Schneiderman said. “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.”
Timeshare companies must report to the Attorney General's Real Estate Finance Bureau according to New York's Martin Act. The law also bans the use of misleading sales practices. Another timeshare agency, the Manhattan Club is currently under investigation for similar allegations by the Attorney General's office.
Assistant Attorney General Serwat Farooq, Deputy Chief Andrew H. Meier and Bureau Chief Erica F. Buckley, all of the Real Estate Finance Bureau, as well as Executive Deputy Attorney General for Economic Justice Karla G. Sanchez were in charge of the Hilton and Wyndham negotiations.