The French Leaseback issue was raised in the French Senate,the second chamber of French parliament, in July 2014. See the response below (a google translate rough translation) from Ms Axelle Lemaire, Secretary of State to the Minister of Economy.
Aware of this situation, in particular through your mobilization, senator, the Government has started at the end of 2013 work to identify improvements to this device, in particular to secure individual investors.
A workshop organized in the office of the Minister of crafts, March 27 Trade and Tourism has identified a set of information which, in addition to those already made mandatory by the decree of 23 December 2009 laying down the criteria for marketing materials, are intended to improve the ability of individual investors to evaluate the offer made to it, including the sustainability of rental commitments on the part of managers.
The Government also wants to be re-examined the context of financing the leveraged investment, which should at least be part of a framework making it visible to the particular consequences of a default of rent, too often presented as guaranteed .
The Government did not forbidden to strengthen sanctions against promoters and managers who do not meet their disclosure obligations with respect to individuals.
Finally, in the framework of the law of 24 March 2014 for access to housing and a renovated urban planning, the Government submitted a private member’s amendment to ensure that property owners dedicated to local public services and thus facilitate the manager change.
The Government works closely with both the representative union managers that associations representing the owners, so that this device, which contributes to the French tourist economy, can also be secured.
Read the original French text on the Senate site – Difficultés rencontrées par les copropriétaires en résidence de tourismeRead more >