Section 11238 Of Article 2. Registration, Sale Requirements, And Fees From California Business And Professions Code >> Division 4. >> Part 2. >> Chapter 2. >> Article 2.
. (a) The purchase contract entered into by any person who has
made an offer to purchase a time-share interest or interests, any
incidental benefit, made on the same day or within seven calendar
days after the person attended a sales presentation for a time-share
interest, or any right under an exchange program, made on the same
day or within seven calendar days after the person attended a sales
presentation for a time-share interest, shall be voidable by the
purchaser, without penalty, within seven calendar days, or a longer
period as provided in the contract, after the receipt of the public
report or the execution of the purchase contract, whichever is later.
(1) The purchase contract for the time-share interest shall
provide notice of the seven-day cancellation period, together with
the name and mailing address to which any notice of cancellation
shall be delivered.
(2) Notice of cancellation shall be deemed timely if given not
later than midnight of the seventh calendar day.
(b) A person who has made an offer to purchase a time-share
interest, incidental benefit, or rights under an exchange program as
described above may exercise the right of cancellation granted by
this section by giving written notification of the notice to cancel
to the developer at the place of business designated by the developer
in the purchase contract.
(c) If the notice of cancellation is by United States mail, a
rebuttable presumption shall exist that notice was given on the date
that it is postmarked. If the notice is sent by facsimile, it shall
be considered given on the date of a confirmed transmission. If the
notice is by means of a writing sent other than by United States mail
or telegraph, it shall be considered as given at the time of
delivery at the place of business designated by the developer.
Exercising the rescission rights of the time-share interest shall
also automatically rescind any agreement for the purchase of an
incidental benefit or an enrollment into an exchange program where
the agreements were entered into in conjunction with the purchase of
the time-share interest.
(d) Each developer shall utilize and furnish each purchaser with a
fully completed and executed copy of a contract pertaining to the
sale of a time-share interest, which contract shall include the
(1) The actual date the contract is executed by each party.
(2) The names and addresses of the developer and time-share plan.
(3) The initial purchase price and any additional recurring or
nonrecurring charges, or a good faith estimate if the amount of those
charges cannot then be determined, that the purchaser will be
required to pay in connection with the purchase of the time-share
interest, including, but not limited to, the current year's annual
assessment for common expenses and financing charges.
(4) The estimated date of completion of construction of each
accommodation promised to be completed which is not completed at the
time the contract is executed.
(5) A brief description of the nature and duration of the
time-share interest being sold, including whether any interest in
real property is being conveyed.
(6) The specific number of years of the term of the time-share
(7) Immediately prior to the space reserved in the contract for
the signature of the purchaser, the developer shall disclose, in
conspicuous type, substantially the following notice of cancellation: