Timeshares Can no longer be sold on the spot after the EU put a total ban on deposits and advance payments..
Crucially, the directive includes a total ban on deposits or advance payments.
Consumers will also have a standard 14-day cooling off period to be able to withdraw from the contract without incurring costs.
It will also mean that consumers have to receive comprehensive information about what they are buying so that this is received and understood prior to any signature.
The Timeshare Association, which represents more than 70 European resorts, welcomed the new bill, saying many loopholes that existed before have now been closed.
CEO Harry Taylor said: “We as an organisation support and encourage any action which will assist the consumer in receiving the correct and valid information they need in order to make an informed decision as to buying timeshare and also prevent the fraudulent practices which have so damaged the industry.
“The previous bill was not flexible enough to cover such products as canal boats and as usual there were companies that were able to circumvent the law. For instance the introduction of holiday clubs.
“Also there was the confusing aspect of there being different rulings in different countries.
“This new European legislation will remove any confusion and protect consumers whether they are buying in Spain or Greece.”