The Timeshare (Amendment) Regulations 2011

Explanatory Note

(This note is not part of the Regulations)

These Regulations, issued free of charge, amend the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010 (S.I. 2010/2960) (“the principal Regulations”) to correct drafting errors. The principal Regulations implement Directive 2008/122/EC of the European Parliament and of the Council on the protection of consumers in respect of certain aspects of timeshare, long-term holiday product, resale and exchange contracts (OJ No L 33, 3.2.2009 p10).

Regulation 2 amends the Criminal Justice and Police Act 2001 to correct cross referencing errors in the amendments made by the principal Regulations. Regulation 3 amends paragraph 23 of Schedule 1 to the Consumer Credit (Agreements) Regulations 1983 (S.I. 1983/1553) to remove the reference to the principal Regulations. Paragraph 23 provides that where a credit agreement under the principal Regulations cannot be cancelled, the creditor must provide a statement to the debtor to this effect. In fact, all credit contracts which are subject to the principal Regulations benefit from a right to cancellation by the debtor and the reference to the principal Regulations is therefore otiose.

An impact assessment has not been prepared for these Regulations since they have the same effect on the costs to business and the voluntary sector as the Principal Regulations. A copy of the transposition note and impact for the principal Regulations is available from the BIS website (www.bis.gov.uk) and was placed in the libraries of both Houses of Parliament.