Frequently Asked Questions About Timeshares
- What state department regulates timeshares?
- What is the procedure for registering a Timeshare with the State of Connecticut?
- When are Timeshare renewals due?
- When must a developer file an amendment for a materially adverse change?
- Do Exchange Companies have to register in the State of Connecticut?
- What is the renewal date for Exchange companies?
- Is there a filing fee for material changes to the Exchange Company filing?
- Are timeshare resales regulated in the State of Connecticut?
Answer: Real estate issues concerning timeshares are regulated by the Department of Consumer Protection. These provisions apply to contracts signed in Connecticut. Connecticut consumers who purchase property outside Connecticut must seek help under that state's statutes.
Note: Effective January 1,2010, timeshares are regulated by CGS Chapter 734b.
Answer: An application must be submitted along with all the required documentation, a $300 filing fee and initial registration fee of $700.
Answer: Timeshare registrations are biannual. All timeshare registrations expire December 31st. of every odd year. The renewal application is typically sent out 45 days before the expiration date. The fee for the two (2) year period is $700.
Answer: A developer must report any material adverse change in documents previously submitted to the department within 30 days after the developer knows or reasonably should know of the change along with a filing fee of $300. made payable to "Treasurer, State of Connecticut".
Answer: All exchange companies must file with the Department of Consumer Protection no later than 20 days prior to offering an exchange program to any Connecticut purchaser or by June 1st. of each year. This filing must be accompanied by an annual filing fee of $500. made payable to "Treasurer, State of Connecticut".
Answer: The renewal date is May 31st. of each year. A registration is effective for one year. The Exchange Company filing must be updated annually with respect to added or deleted timeshare properties. This is not considered a "material change."
Answer: Any material change in previous filings submitted to the Department requires an amendment filing prior to becoming effective. The amendment file fee is $100.
Answer: Resales of timeshare properties located in Connecticut may be regulated under certain conditions. A real estate broker's license is required to sell timeshares located or advertised for sale in Connecticut. This website also has information and advisories for consumers who are thinking of selling their timeshare.