New federal regulations requiring companies to provide upfront pricing for services such as vacation rentals, hotels, and event tickets go into effect on Monday.

The new rules were initiated by the Biden administration in January and are being enforced under a new administration. They are set to take effect 120 days after being finalized in January.

The rule is intended to eliminate "junk fees," the added costs that are tacked on when a consumer goes to checkout for a purchase. The Federal Trade Commission (FTC) said it expects the new rule will save consumers up to 53 million hours per year of wasted time spent searching for the total price of tickets and lodging.

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On Monday, the FTC issued final guidance for companies to follow to comply with the law. The regulation states that these businesses must disclose the upfront cost of most mandatory fees. Taxes, shipping charges, and charges for optional goods and services are not required to be shown upfront.

"The Rule prohibits bait-and-switch pricing and other tactics used to hide total prices and mislead people about fees in the live-event ticketing and short-term lodging industries. These unfair and deceptive pricing practices can harm consumers and undercut businesses trying to compete fairly on price," the FTC said.

The new rule had the support of four out of five FTC commissioners at the time. Andrew Ferguson, who became chair of the commission after President Donald Trump took office, was the lone dissenting vote.