Timeshare Regulation In Cayman Islands

Our Comments: Doesn't this seem like a growing trend that governments feel the timeshare industry needs to be regulated. We see this as a positive and warn those who are looking to purchase timeshare resorts(even after all our warnings)in foreign countries to be sure that there is some type of regulations in place.

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The Cayman Islands Government has asked the Attorney General to look into the possibilities of regulating the timeshare industry in the aftermath of the failure of Indies Suites, Leader of Government Business Kurt Tibbett said.

“We certainly would like some way to protect timeshare owners in cases like [Indies Suites],” Mr. Tibbetts said.

Indies Suites failed after Hurricane Ivan because the operators were about 50 per cent under-insured and could not afford to rebuild the facility. The former timeshare owners of that property publicly called for some regulation in Cayman’s timeshare industry after they had to negotiate a compensation settlement for about 20 cents on their dollar invested...Entire Article