The Daily Tribune, 3 May 2024: The Council of Representatives have unanimously approved a 36-article draft law, following the recommendation of its Committee on Services.

This law aims to regulate activities related to timeshare properties. A timeshare is like a type of vacation home shared among a group of buyers who each own a portion of it.

Under this arrangement, the property’s cost is divided among the owners, and each owner gets a set period of time to stay there every year.

Timeshares usually consist of smaller living spaces within a larger resort area.

The bill allows for more flexibility in issuing contracts and provides increased versatility in contractual arrangements among stakeholders.

It also establishes legal protections to uphold the rights of all parties involved and clearly outlines their responsibilities.

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