| | | (b) If the purchaser elects to cancel, the purchaser | | may do so by hand delivering a notice of | | cancellation or by mailing the notice by prepaid | | United States mail to the developer. The | | cancellation must be without penalty and any | | deposit made by the purchaser must be promptly | | refunded in its entirety; |
|
| | | (12) A statement that any deposit made in connection with | | the purchase of a unit will be returned to the | | purchaser if the purchaser cancels the contract within | 10 | | statement or contract; |
|
| | | Sec. 3. 33 MRSA §592, sub-§3, as amended by PL 1997, c. 83, §3, is | | further amended to read: |
|
| | | 3. Cancellation of contract. Any purchaser or prospective | | purchaser of a time share may cancel a contract or conveyance of | | a time share by delivering or mailing a postage prepaid written | notice of the purchaser's intention to cancel within 10 | | calendar days after the date of any contract or conveyance or | within 10 | | statement required by subsection 1, whichever is later. |
|
| | | This bill reduces the time period in which the purchaser or | | potential purchaser of a time-share unit from a developer may | | cancel the contract or conveyance. Current law provides a 10-day | | cancellation period from the date of execution of the contract or | | from the provision of the required written statement, whichever | | is later. This bill reduces that time period to 3 days. The | | developer is not required to return the full amount of the | | deposit if the purchaser or potential purchaser cancels after the | | 3-day period has expired. |
|
|
