The Official Mexican Norm NOM-029-SCFI-2010, relative to the commercial information requirements and normative elements to which the timesharing service suppliers must subject, was published on the Official Gazette on May 17, 2010.
Said NOM mainly regulates the suppliers? and/or intermediary timesharing services lenders? obligations in relation to the agreed payment obligations with the consumers, the place of payment, and the rights derived from the timesharing service.
In a relevant manner, the NOM-029-SCFI-2010 deeply regulates the content and reaches of the adhesion contracts that the supplier and/or intermediary lender celebrate with the consumers, which must be written up in Spanish and be previously registered before the Federal Consumer?s Board, additionally regulating the requirements that the adhesion contract must fulfill in order to obtain the registry in mention.
Finally, the NOM in mention, establishes a series of obligations that must be credited before the Federal Consumer?s Board before offering in Mexico timesharing service in regards to an establishment located abroad, with the purpose of guaranteeing the security and commercial information aspects in order to obtain effective protection for Mexican consumers in regards to these establishments.
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