P.R. Laws tit. 31, § 1251
The purpose of this chapter is to recognize that the sale and promotion of timeshare plans and vacation clubs is an emerging, dynamic segment of the international tourism industry; that this segment of the tourism industry continues to grow, both in volume of sales and in complexity and variety of product structure; and that a uniform and consistent method of regulation is necessary in order to safeguard Puerto Rico’s tourism industry, Puerto Rico’s consumers and Puerto Rico’s economic wellbeing. In order to protect the quality of the Puerto Rico’s timeshare plans and vacation clubs and the consumers who purchase them, it is necessary to give statutory recognition to timeshare plans and vacation clubs in Puerto Rico; to establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans and vacation clubs; and to require every timeshare plan and vacation club offered for sale in Puerto Rico or created and existing with respect to accommodations and facilities that are located in Puerto Rico to be subjected to the provisions of this chapter.
All timeshare plans or vacation clubs exclusively offered for sale outside Puerto Rico and containing accommodations or facilities located in Puerto Rico, which have first filed for record in the Registry of Property the public instrument dedicating the property in which the accommodations and facilities are located to the timeshare or vacation club regime and filed with the Company the public offering statement pursuant to § 1255 of this title, and paid the corresponding filing fees under this chapter, and which are offered for sale in other jurisdictions that regulate the offering of timeshares or vacation clubs rights, shall not be subject to the other provisions of this Act to the extent that such activity is regulated in the other jurisdiction, but only after the Company has received satisfactory evidence that the timeshare plan or vacation club has complied with the requirements of the other jurisdiction. The Company shall also have the discretion to require all or a portion of the disclosures required by § 1252a of this title to be made in connection with the offerings made in the other jurisdiction.
History —Dec. 26, 1995, No. 252, § 1-102; Jan. 5, 1999, No. 3, § 22.