Land Investments and Time-sharing Abuses: Hearing Before the Select Committee on Aging, House of Representatives, Ninety-seventh Congress, Second Session, June 16, 1982

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U.S. Government Printing Office, 1982 - Condominiums - 109 pages

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Page 79 - During the past seven years, vacation timesharing has been one of the fastest growing industries in the United States.
Page 78 - Director of the Bureau of Consumer Protection at the Federal Trade Commission (FTC). I am pleased to be here today to discuss HR 4701, a bill known as the "Sports Agent Responsibility and Trust Act...
Page 81 - ... consider the risks as well as the benefits before signing a contract or check. There are two main types of timesharing plans: deeded and non-deeded. With the deeded type, you buy an ownership interest in a piece of real estate. In the non-deeded plan, you buy a lease, license, or club membership which lets you use the property for a specific amount of time each year for a stated number of years. With both types, the cost is proportional to the length of time per year you want to buy. As with...
Page 32 - Without objection, your statement will appear in full in the record. Mr.
Page 43 - Thank you, Mr. Chairman, for inviting me to appear today before this distinguished committee.
Page 82 - ... Review all documents or have an attorney familiar with timesharing review them before you make a purchase. Find out if the contract provides a "cooling-off" period during which you can cancel the contract and get a refund.
Page 32 - ... if you would let us put your statement in full in the record and then summarize the material in your statement or whatever you care to say.
Page 11 - ... entitlement early in their careers and the number of days for which payment is made are variables that have primary impact on cost savings. Although somewhat imprecise, we estimate the first year's cost savings at $75.9 million. The second year's cost savings are estimated at $100.1 million. Before closing, I would like to bring to your attention the fact that the House Appropriations Committee added a general provision to the Defense appropriations bill which would limit entitlement to payment...

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