Baker Hostetler Denver partner David Waller authored “Legislative Brief: Mexico,” published in the April/May 2011 issue of Developments, the magazine of the American Resort Development Association.
In the article Waller comments on the recent amendment to the Mexican Official Standard NOM-029-SCFi-2010 (“NOM”) which governs the marketing and sale of non-deeded timeshares and fractionals in Mexico. The amendment requires sales contracts and commercial practices to be revised to comply with more stringent standards.
Waller anticipates that developers will face approval delays when submitting revised sales contracts. The amendment will potentially create two classes of purchasers those who execute sales contracts under the new rules and those subject to prior rules. Furthermore, this will create a problem from an administrative perspective as the rights and obligations of two separate classes will be difficult to track.