Timeshare sellers would disclose costs and allow penalty-free cancellations

Timeshare sellers would have to include cost and exit information in sales agreements. Covered timeshares give buyers paid use of lodging, facilities, or recreation sites for less than a full year per year, for more than three years. Exchange programs are excluded. One document would list all costs required to buy and keep the timeshare. The agreement would identify fees the company can change, explain how and when buyers would receive notice, and list options for ending ownership. The sales requirements would apply to agreements entered into on or after the date 90 days after enactment.

Sellers would have to offer buyers a chance to review documents without employee supervision. This covers individual buyers of paid timeshares providing use for less than a full year per year over more than three years. Exchange programs are excluded. The review opportunity would cover all agreement documents before signing. The agreement would state that buyers may cancel without penalty during the 14-day period beginning on the date they enter the agreement.