What is a requirement for every non-developer timeshare sales registrant regarding their bond?

For every non-developer timeshare sales registrant, the requirement to file and maintain a bond of $10,000 is crucial in ensuring financial responsibility and protection for consumers. This bond serves as a safeguard that can cover any potential losses incurred by consumers due to unethical or unlawful practices by the timeshare salesperson. By mandating a specific bond amount, the state reinforces the importance of accountability in the timeshare market and helps instill consumer confidence.

The role of the bond is twofold; it protects consumers while also ensuring that sales registrants adhere to regulatory standards and maintain ethical business conduct. This requirement is an essential aspect of regulating the timeshare industry, as it provides a form of financial assurance and serves to separate legitimate practitioners from those who may not follow the necessary legal or ethical guidelines.