The new EU timeshare directive has finally been enacted. Known as 2008/122/EC, the new law is aimed at resolving a lot of issues that have revolved around the directive made back in 1994. Several key points of the new directive includes extending the cooling-off period to two weeks across the entire European continent, disregarding whichever country the property was bought.

Holiday and discount travel membership clubs whose ownership periods typically fall under 3 years are now put under the directive's protection, including their exchange and resale. Through legislation, a level playing field shall be maintained across markets in the entire European continent.

For those who want to sell holiday clubs, there is a 14-day mandatory cooling-off period they will have to follow as well as full disclosure of information about properties to buyers. Consumers will be allowed to pay companies annual installments as well as have the right to withdraw their accounts.