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Section 11238 Of Article 2. Registration, Sale Requirements, And Fees From California Business And Professions Code >> Division 4. >> Part 2. >> Chapter 2. >> Article 2.
11238
. (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 following information:
(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 plan.
(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:
(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 following information:
(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 plan.
(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:
