Mexico’s Ministry of the Economy has published new information on requirements and regulations for timeshare service providers. Failure to comply with the new rules will result in fines and affect timeshare purchase agreements.

This NOM (Official Mexican Norm), titled "NOM-029-SCFI-2010, Commercial Practices, Information Requirements for the Rendering of Timeshare Service," does the following:
•    Broadens 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. The previous timeshare NOM applied only to timeshare service providers.
•    Recognizes the privacy rights of timeshare consumers, prohibiting the use, sale, or assignment of their information for marketing purposes without their written consent.
•    Establishes less onerous requirements for terminating a timeshare plan.
•    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 are not included in the new NOM.)
•    Prohibits 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.

The new NOM establishes several requirements for timeshare sale and presale agreements.

Source: Lexology