Sec. 42-103y. Contract. Information required. Right to cancel.
Sec. 42-103y. Contract. Information required. Right to cancel. (a) Each seller
of a time-sharing plan shall provide each purchaser of such plan with a fully completed
copy of a contract pertaining to such sale which shall include the following information:
(1) The date the contract is executed by all parties; (2) the name and address of the
seller, the developer and the time-sharing plan; (3) the total financial obligation of the
purchaser, including the initial purchase price and any additional charges to which the
purchaser may be subject, such as reserve assessments, maintenance, management and
recreation charges; (4) the estimated date of availability of each accommodation or
facility which is not completed at the time the contract is executed by the seller and
purchaser; (5) a description of the nature and duration of the time-share period being
sold, a statement of whether any interest in real property is being conveyed and the
specific period of years or months constituting the term of the contract; (6) immediately
above the space reserved in the contract for the signature of the purchaser, in boldface
type of a minimum size of ten points, substantially the following statements:
.... (Date of Transaction)
"YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN THREE BUSINESS DAYS FROM THE ABOVE DATE.
IF YOU CANCEL, ANY PAYMENTS MADE BY YOU UNDER THE CONTRACT AND ANY NEGOTIABLE INSTRUMENT EXECUTED BY YOU WILL BE RETURNED WITHIN TEN BUSINESS DAYS FOLLOWING RECEIPT BY THE SELLER OF YOUR CANCELLATION NOTICE, AND ANY SECURITY INTEREST ARISING OUT OF THE TRANSACTION WILL BE CANCELLED.
IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL. YOUR NOTICE OF CANCELLATION SHALL BE EFFECTIVE UPON THE DATE SENT AND SHALL BE SENT
TO:NAME OF SELLER ATADDRESS OF SELLER.
NO PURCHASER SHOULD RELY UPON REPRESENTATIONS OTHER
THAN THOSE INCLUDED IN THIS CONTRACT."
If no interest in real property is being conveyed, the contract shall also contain the
following statement:
"YOU MAY ALSO CANCEL THIS CONTRACT AT ANY TIME AFTER THE ACCOMMODATIONS OR FACILITIES ARE NO LONGER AVAILABLE AS PROVIDED IN THIS CONTRACT."
(b) The seller shall inform each purchaser orally, at the time he signs the contract,
of his right to cancel.
(c) Within ten days after a time-share plan contract has been cancelled the seller
shall tender to the purchaser any payments made by the purchaser and any note or other
evidence of indebtedness.
(P.A. 82-232, S. 3.)