TRENTON – The Senate Budget Committee released a bill dealing with timeshare sales.
S2152 establishes a license for timeshare salespersons, which enables them to be under the supervision of a licensed real estate broker.
Under current law, timeshare sales may only be negotiated by licensed real estate brokers.
The bill requires a person applying for licensure to furnish evidence that, among other things, the applicant is at least 18, has a high school diploma, and has undergone fingerprinting and a criminal history record background check.
Sponsor Sen. Jim Whelan, D-2, Atlantic City, said this recognizes that such sales are fundamentally different from the sale of regular real estate.
In order to sell timeshares now, the process is lengthy and onerous, he said, so this bill speeds up the process and helps create jobs.
The bill received 12 votes in favor.