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The reasoning behind a cooling-off period is that the longer a former legislator is out of office, the fewer former colleagues will be in the statehouse upon his or her return.
The earlier legislation gives buyers the right to information in a prospectus before signing a contract, seeks to prevent 'pressure selling' by allowing for a cooling-off period of at least 10 days, and prohibits operators from taking deposits from buyers during the cooling-off period.
The current timeshare purchase 10-day cooling-off period is increased to 14 days, and includes a total ban on advance payments to sellersuntil the 14 days has expired.
MsMcCarthy said: "I have caseswhere my constituents have been pressurised into signing agreements whilst on holiday, but when back home, in the cold light of day, have changed their minds, but the company has not honoured the cooling-off period and they have had to fight to get their money back.
One broadly proposed solution to mitigate this problem is a cooling-off period, a requirement that a certain amount of time must pass before former employees or owners from the current audit firm may accept employment with an audit client.
The Sarbanes-Oxley Act of 2002 (SOA) requires a one-year cooling-off period before publicly held companies may hire their auditor's former employees or owners for key positions.
The results could assist state boards in determining whether the presence or absence of a cooling-off period influences perceptions of independence.
It requires a one-year cooling-off period before public companies may hire former auditors from their current audit firm in senior-level accounting positions, assuming that the company wishes to retain the same audit firm.
As far as the 90-day cooling-off period, Kuehl believes Runner is operating on the false assumption that divorce is entered into lightly.