Updated: 01/28/2014 19:00

Stronger consumer protection for Time Shares

Stronger consumer protection for Time Shares

From April the 1st, consumers will enjoy greater protection when they purchase time share and long-term holiday product contracts. 

That's when amendments to the Consumer Protection (Fair Trading) (Cancellation of Contracts) Regulations take effect. 

The new changes aim to not only give consumers greater protection and flexibility but also encourage companies to review their products and services. 

The key changes include expanding the definition of 'regulated contract' to cover long-term holiday product contracts. 

Key product information must be provided to consumers before the contract is signed. 

No monetary transactions or promises are to be made during the cancellation period, which is to begin only after the consumer has access to the product information. 

Minister of State for Trade and Industry Teo Sek Luck says the changes are timely and will motivate the time share industry to enhance its products and services. 

To encourage consumers and time share companies to familiarise themselves with the amendments, a series of outreach efforts will be carried.

Latest Photo Galleries on xinmsn