U.S. Senator John Curtis (R-Utah) appeared on The Ramsey Show with personal finance expert Dave Ramsey to discuss the Timeshare Transparency Act (TTA), a bill recently introduced by Curtis aimed at addressing deceptive timeshare sales practices and enhancing consumer protections.
During their conversation, both Curtis and Ramsey referenced longstanding consumer complaints and financial data indicating that most timeshare buyers regret their purchases but remain locked into long-term contracts with increasing fees and limited options for exit. At the end of the interview, Ramsey encouraged his audience to contact their Representatives and Senators in support of the TTA.
Curtis explained the goals of the legislation: “It’s pretty simple: first, you should know what you’re buying—there should be transparency; second, you should know if there’s going to be radical changes to what you’ve bought; and third, you should be able to change your mind within an agreed upon period of time. And then, let’s face it, if 85% of the people regret getting into it, there needs to be some way for them to get out of it.”
The discussion also covered a proposed 14-day penalty-free cancellation period. Ramsey stated, “From my understanding, a 14-day penalty free cancelation period will cut their sales by 70%—you’ll probably put them out of business.” Curtis responded, “If any business is dependent upon getting people to do something they don’t want to do, then they perhaps should go out of business. Now, my goal is not to put them out of business, my goal is just to make it so people can trust what they’re getting into.”
Curtis highlighted concerns about seniors who are often targeted by high-pressure sales tactics while away from familiar environments: “Many of the people that get into these are seniors—they’re away from their normal support structure when they get into these very, very high-pressure sales techniques, then they maybe make a bad decision, and then they don’t have a window to change that decision. That’s just wrong.”
The pair also discussed issues in the timeshare resale market. Ramsey noted difficulties in selling timeshares: “There’s no backing out, and there’s no way to sell the stupid thing, because nobody wants to buy them. There are hundreds and hundreds and hundreds of them for sale on eBay for $1.” Curtis added context about ongoing liabilities: “Yes, and the reason is, they now come with the liability of these monthly or annually fees that are so exorbitant, far greater than any amount of money that you could spend to have a really great vacation—that’s why they’re worthless.”
The Timeshare Transparency Act seeks reforms such as clear disclosure requirements and easier contract exits for consumers.
