Spanish Timeshare Law Passes European Timeshare Directive
Tuesday, March 20, 2012
On March 16, the Spanish government passed the European Timeshare Directive into national law. The law comes into effect this week, and all Spanish timeshare companies are required to be in compliance with it at this time.
Francisco Lizarza, RDO’s Chairman in Spain and head of the Spanish lobby group said, “This new law sweeps away the confusion that has existed in Spain over the past year and timeshare companies can finally make the appropriate adjustments to their operations”. He added, “The law will help boost consumer confidence in Spain, the most popular timeshare market in Europe, where almost half of European owners have chosen to buy.”
Among other initiatives, the Spanish timeshare directive standardizes the following:
- A 14-day cooling off period (a rescission period for the timeshare buyer)
- An absolute ban on deposits
- Contracts of more than one year are within the legislation whereas previously it was three years
- Contracts must be provided in the language of the purchaser as long as it is a language of the EU
- And, detailed information of the product must be provided, again in the language of the purchaser
While these initiatives cannot be changed by individual member countries, the governments of each country can add to the directive for guidelines regarding their country.
Most European countries passed the European Timeshare Directive in 2011. The inclusion of Spain, home to so many popular and beautiful Spanish timeshare resorts, is welcomed by the global timeshare community.
