EUR-Lex Access to European Union law
This document is an excerpt from the EUR-Lex website
Document 32008L0122
Protecting consumers in respect of timeshare and long-term holiday contracts
Clear information
In good time, before the consumer is bound by any contract, the trader shall provide clear, accurate and sufficient information, free of charge, using a standard information form, in an official language of the consumer’s European Union (EU) Member State.
The information form (as set out in templates annexed to the directive) should notably include information about the product (in the case of a timeshare contract, long-term holiday product contract or an exchange contract) or the service (in the case of a resale contract), the consumer’s rights and all costs to bear. It must state that there is a right of withdrawal and the conditions under which it may be exercised. This information is an integral part of the contract.
Any advertising should state where the above information can be obtained. Moreover, a timeshare or a long-term holiday product shall not be marketed as an investment.
Furthermore, in case of a sales promotion or sales event:
Right of withdrawal
Before the contract is signed, the trader must explicitly draw attention to the consumer’s right of withdrawal, the withdrawal period and the ban on advance payments during that period. These clauses are subject to separate signatures. The contract shall include a separate standard withdrawal form, intended to make it easy to withdraw from the contract.
The consumer has the right to withdraw, without giving a reason, within 14 days from signature or receipt of the contract. This cooling-off period is extended by 3 months where the information package has not been given to the consumer, and by 1 year if the withdrawal form is not provided.
If a consumer withdraws, any other contract linked to the main contract is automatically terminated at no extra cost.
Payment
No advance payment, guarantee or acknowledgement of debt to the trader or to a third party is allowed before the end of the withdrawal period. For resale contracts, no fees should be paid to a trader in advance of the actual sale.
Payments under long-term holiday contracts are to be made in equal yearly instalments. From the second instalment onwards, the consumer may end the contract without penalty by giving notice within 14 days of receiving the request for payment.
Redress
Member States shall inform consumers of methods of redress (compensation) under national legislation and encourage out-of-court settlements.
It has applied since 23 February 2009 and had to become law in the Member States by 23 February 2011.
For further information, see:
Directive 2008/122/EC of the European Parliament and of the Council of 14 January 2009 on the protection of consumers in respect of certain aspects of timeshare, long-term holiday product, resale and exchange contracts (OJ L 33, 3.2.2009, pp. 10–30).
last update 03.02.2022