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Thursday, May 27, 2010

Transfer Smart News: Mexico Imposes New Timeshare Rules

The timeshare industry has already been a haven of scams and misselling practices in the recent years. Many consumers are complaining about this especially those owners who are trying to get out of their timeshares as they become the usual victims of such fraudulent activities in this industry. With this, most countries establish new rules regarding timeshare offers. One of these is Mexico. With its Ministry of the Economy, it recently published new information on requirements and regulations for timeshare service providers, and failure to comply with the new rules will result in fines and affect timeshare purchase agreements.

This NOM or Official Mexican Norm which is entitled NOM-029-SCFI-2010, Commercial Practices, Information Requirements for the Rendering of Timeshare Service will perform a number of functions. It will broaden the definition of timeshare service "provider" to make timeshare regulations applicable to any person or entity that periodically offers, provides, and/or sells timeshare services. In the previous timeshare NOM, it applies only to timeshare service providers.

It also recognizes the privacy rights of timeshare consumers, prohibiting the use, sale, or assignment of their information for marketing purposes without their written consent. The new rule will also establish less onerous requirements for terminating a timeshare plan. Moreover, it lessens the burden of guarantees shouldered by providers regarding the performance of obligations under timeshare purchase agreements. The "guaranties" section and the "guaranty of alternate use" provisions of the previous NOM will not be included in the new NOM.

Today, timeshares ownership still remains as one of the most popular vacation option. To protect the consumers from being lured by certain timeshare providers, the new NOM will prohibit providers from using raffles, gifts, prizes, and lodging certificates to offer their services without specifying, in clear and unambiguous terms, the purpose of the corresponding offer. Furthermore, the new NOM establishes several requirements for timeshare sale and presale agreements.

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