§ 34-41-4.06 - Purchaser's right to cancel.
SECTION 34-41-4.06
§ 34-41-4.06 Purchaser's right to cancel.– (a) A purchaser has the right to cancel the contract until midnight of thefifth (5th) business day (specifically excluding therefrom Saturdays, Sundaysand legal holidays) following whichever of the following days occurs later:
(i) The execution date; or
(ii) The day on which the purchaser received the last of alldocuments required to be provided to him or her.
This right of cancellation may not be waived by any purchaseror by any other person on behalf of the purchaser. Furthermore, no closing mayoccur until the cancellation period of the time-share purchaser has expired.Any attempt to obtain a waiver of the cancellation right of the time-sharepurchaser, or to hold a closing prior to the expiration of the cancellationperiod, is unlawful and such closing is voidable at the option of the purchaserfor a period of one (1) year after the expiration of the cancellation period.
(b) Any notice of cancellation shall be considered given onthe date postmarked if mailed, or when transmitted from the place or origin iftelegraphed, so long as the notice is actually received by the developer orescrow agent. If given by means of a writing transmitted other than by mail ortelegraph, the notice of cancellation shall be considered given at the time ofdelivery at the place of business of the developer.
(c) In the event of a timely preclosing cancellation, thedeveloper shall honor the right of any purchaser to cancel the contract whichgranted the time-share purchaser rights in and to the plan. Upon suchcancellation, the developer shall refund to the purchaser the total amount ofall payments made by the purchaser under the contract, reduced by theproportion of any contract benefits the purchaser has actually received underthe contract prior to the effective date of the cancellation. Such refund shallbe made within twenty (20) days of demand therefore by the purchaser or withinfive (5) days after receipt of funds from the purchaser's cleared check,whichever is later.