Before 1999 there was little to no consumer protection regarding the sales of Timeshare. Spain was the first country in Europe that introduced Law 42/98, which came into effect on 5th January 1999. We have written this post to help timeshare owners understand what the consumer rights are for timeshares purchased after 1999. If you have purchased before 1999, please read our article regarding timeshares purchased before 1999 on this link https://legalexits.com/did-you-purchased-a-timeshare-before-1999/(opens in a new tab)
What is Law 42/98
Law 42/98 gave timeshare owners new rights and reduced the pressurised sales tactics that had previously taken place in Spain. This provided consumers with extended cooling off periods and there was a ban on resorts taking any money upfront during this cooling off period. Timeshare resorts could no longer pressure customers into making payments on the day and this included deposits. If your resort took money upfront from you when selling you a timeshare, you could be entitled to claim compensation.
Full details regarding this Law 42/98 can be found on this link https://www.boe.es/eli/es/l/1998/12/15/42
What were the main rules for selling timeshare after 1999?
- Right to cancel the contract within 14 days of signing with no penalty.
- Extended cooling off periods.
- Maximum contract length changed to 50 years. Contracts can no longer be in-perpetuity or have no end date.
- Payments cannot be taken on-site
- Contracts can no longer use the words ownership, property or investments
Law 42/98 has since been replaced in July 2012 by the current European laws that exist today. These offer even more protection for timeshare owners
If you feel that you may have been mis-sold a timeshare or would like to have your contract reviewed, use our online compensation calculator and a member of our team will contact you.
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