Local regulators are now working on drafting a new set of guidelines for Mexican timeshares. The current rules and regulations have been undergoing a revision process for the past year.

The regulations are working under the Norma Oficial Mexicana, which were instituted in 1999.

New regulations are set to take effect by mid-October this year. Experts say that it will have significant impact on the properties of Mexican timeshare owners and developers.

If the new rules are to be implemented, here are some of the important changes as stated in the Timeshare Authority Blog:

•    Sales contracts must be further augmented to include an explanation of how assessments will be calculated and paid. Developers are also expressly obligated to notify purchasers of any changes in those provisions.
•    A purchaser’s rescission right can be exercised by mail, but not by e-mail as contemplated in the initial drafts of the Proposed NOM.
•    Termination of a timeshare plan will no longer require the advance permission of administrative authorities.