A. Each developer
shall furnish each purchaser with a fully completed and executed copy of a
contract, which contract shall include the following information:
(1) The actual date the contract is executed
by all parties;
(2) The names and
addresses of the seller, the developer and the timeshare plan;
(3) The total financial obligation of the
purchaser, including the purchase price and any additional charges to which the
purchaser may be subject, such as any recurring assessment;
(4) The estimated date of availability of
each accommodation, which is not completed;
(5) A description of the nature and duration
of the timeshare interest being sold, including whether any interests in real
property is being conveyed and the specific number of years or months
constituting the term of contract;
(6) Immediately above the signature line of
the purchaser(s), the following statement shall be printed in conspicuous type:
You may cancel this contract without any penalty or
obligation within seven (7) calendar days from the date you sign this contract
and seven (7) calendar days after you receive the public offering statement,
whichever is later. If you decide to cancel this contract, you must notify the
developer 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 developer)
at (address of developer). If you cancel the contract during a the seven-day
cancellation period, the developer shall refund to you all payments made under
the contract within thirty (30) days after receipt of your cancellation
notice.
No purchaser should rely upon representations other
than those included in this contract.
(7) These statements in Paragraph f. may not
be waived and failure to include them in a timeshare contract shall render the
contract void.
(8) Seller shall
refund all payments made by the purchaser under the contract and return all
negotiable instruments, other than checks, executed by the purchaser in
connection with the contract within 30 days from the receipt of the notice of
cancellation transmitted to the developer from the purchaser or if the
purchaser has received benefits under the contract, refund all payments made
less actual cost of benefits actually received by the purchaser before the date
of cancellation, with an accounting of the actual costs of the benefits
deducted from payments refunded.
