Timeshare

The first timeshare in the United States was started in 1974 by Caribbean International Corporation (CIC) CIC offered what it called a 25-year vacation license, but later became a regulator of the industry. Owners are not entitled to all the profits from their vacation weeks. Owners can exchange their time for more use in other areas. Ownership is not the subject of any laws; the industry is regulated by European legislation. It is a popular subject of comedy and entertainment offices. The number of timeshare owners is estimated at 16 million worldwide. The industry is not yet fully regulated by the Federal Department of Justice. The first timeshares were sold in the U.S. Virgin Islands in 1973. Owners of a unit in other area could exchange their week for moreuse, so owners could exchange time.