Section 9: Contract for the enjoyment of immovable property on a timeshare basis.

When the travel operator intends to directly conclude a timeshare contract governed by articles L. 121-60 to L. 121-76 of the Consumer Code, or to assist in the conclusion of such a contract, he must submit the following documents to the registration commission mentioned in article L. 141-2: 1° Proof of a financial guarantee sufficient to cover these activities separately, earmarked for the repayment of funds, bills or securities held…

The financial guarantee is the result of a written undertaking of surety given by one of the bodies provided for in article R. 211-26. This guarantee is specifically allocated to the reimbursement of sums which the travel operator remains liable to pay at any time on payments or remittances made to him in the exercise of activities covered by this section. It may be provided by the same guarantor as…

The minimum amount of cover referred to in the fourth paragraph of article L. 211-24 is set at the sum of 100,000 euros.

The amount of the guarantee is reviewed at the end of each year and, except in duly justified special circumstances, may not be less than the maximum amount of sums held on behalf of third parties during the previous guarantee period. This amount may also be revised during the period at the request of the guarantor or the operator if circumstances so justify. For any revision of the amount of…

The travel operator may not hold funds, bills or securities exceeding the amount of the guarantee granted. All payments or remittances made to the travel operator pursuant to article L. 211-24 must be immediately mentioned in the register of payments or remittances provided for in the first paragraph of article R. 211-48.

When the financial guarantee ceases, under the conditions provided for in article R. 211-33, the guarantor shall immediately inform, by registered letter with acknowledgement of receipt, the persons who have made payments or remittances and whose names and addresses appear in the register of payments or remittances provided for in the first paragraph of article R. 211-48. This letter shall indicate the three-month time limit for lodging claims. The guarantor…

All payments or remittances made to the travel operator must be entered immediately, in chronological order, in a register of payments or remittances, which may be kept in electronic form under the conditions defined in articles 1366 and 1367 of the Civil Code and which must be kept for ten years. The travel operator is obliged to open an account in his name in a credit institution, which is exclusively…

A travel operator who, under the conditions provided for in Article L. 211-24, assists in the conclusion of a timeshare contract does so under a written mandate which indicates the name of the agent, the purpose of the mandate, its duration and the costs which may be incurred by the agent in the performance of his duties. The mandate shall also indicate the amount of the remuneration of the travel…