On March 28, the Ministry of Economy (SE) published in the Official Gazette of the Federation the Mexican Official Standard (NAME-029-SE-2021), regarding the provision of the service of shared timewhich is frequently offered within the tourist offer of the country and which is based on seasons of holidays.
According to the Mexican Association of Tourism Developers (Amdetur), the service of shared time It consists of making available to a person or group of people, the use, enjoyment and other rights that may be agreed on a good or part of it, in a variable within a certain class, for previously agreed periods, by means of the payment of an amount , without, in the case of real estate, transferring their ownership.
In a few words: “It is the right to use weeks or intervals of a tourist development during a specific period. It is the advance purchase of a vacation for a certain number of years.
In this context, the firm Nader, Hayaux & Goebel pointed out the most important points of said rule, by which the NAME-029-SCFI-2010. For the firm, these are the most important points:
- The ban is included of using misleading and abusive advertising, as well as incurring in coercive or unfair commercial practices. “Additionally, the provider or intermediary provider will adopt the necessary measures to avoid offering the intake of alcoholic beverages in the performance of promotional activities.”
- The recently published NOM adds format requirements for contracts, as well as several points that must contain the covers of the same, which must be registered with the Federal Consumer Protection Agency (Profeco).
- Adhesion contracts registered with Profeco must contain a clause specifying that the celebration of the same at no time constitutes a real right over the property subject to the provision of the service of shared time.
- The service provider must certify that the property is subject to the provision of the service of shared timeso you must present proof of definitive registration in the Public Registry of Property.
- Said NOM specifies that in case you cancel your timeshare contract, within the term provided for it, the return of the total initial investment must be made within 15 business days following the date of notification to the provider or intermediary provider. “In case of non-compliance with the aforementioned, the provider or intermediary provider must additionally pay a default interest of 9% per year on the amounts not returned.”
- In the event that one of the parties fails to with a contract provision, penalties for breach must be “reasonable, equitable, proportionate and reciprocal”
- To evaluate and certify compliance with the NAMEsaid process will be in charge of the Inspection Units contemplated in the publication of the standard.
“It is important to understand that the property holiday it is a commodity that is bought to be enjoyed and used through the years. One should never buy a shared time with the intention of reselling it for financial gain. The holidays they are a leisure time for which we pay money to relax and rejuvenate ourselves; they are not investments,” highlighted Amdetur.
It is noteworthy that the NAME newly published will enter into force 180 calendar days from the day of its publication, that is, on September 28, 2022.
legal forms
It is important to note that, according to Amdetur, the supply of shared time It can take various legal forms, such as:
- Week and fixed unit.
- Right to use.
- clubs holiday or points programs.
- Fractional ownership.
- Units with Lockoff or Lockout.
- Split week.
- Biannual property.
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