An Act to Decrease the Time Period Allowed for the Rescission of a Time-share Contract
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 33 MRSA §592, sub-§1, ¶A, as enacted by PL 1983, c. 248, §3, is amended to read:
A. The front cover or first page shall must contain only:
(1) The name and principal address of the developer and of the project and the location of the time-share property; and
(2) The following statements in conspicuous type.
(a) THIS CONTAINS IMPORTANT MATTERS TO BE CONSIDERED IN ACQUIRING A TIME SHARE. STATE OF MAINE LAW REQUIRES THAT THESE DISCLOSURES BE MADE BUT NO STATE AGENCY OR OFFICIAL HAS REVIEWED THE INFORMATION CONTAINED IN THIS BOOKLET.
(b) YOU MAY CANCEL THE PURCHASE TRANSACTION WITHIN FIFTEEN TEN CALENDAR DAYS FOLLOWING THE DATE OF EXECUTION OF THE CONTRACT OR THE RECEIPT OF A CURRENT WRITTEN STATEMENT, WHICHEVER IS LATER.
(c) THE STATEMENTS CONTAINED INSIDE ARE ONLY SUMMARY IN NATURE. IF YOU ARE THINKING OF BUYING A UNIT, YOU SHOULD TALK TO YOUR ATTORNEY AND LOOK AT ALL EXHIBITS, INCLUDING THE DECLARATION, PROJECT INSTRUMENT FLOOR PLAN, PLOT PLAN, BYLAWS AND CONTRACTS.
(d) YOU SHOULD ASK YOUR ATTORNEY AND THE DEVELOPER TO TELL YOU WHAT WILL HAPPEN TO YOUR DEPOSIT, INTEREST IN THE UNIT, OR COSTS AND EXPENSES IF THE DEVELOPER OR OWNER IS DECLARED BANKRUPT. OBTAIN THE ANSWER FROM THE DEVELOPER IN WRITING.
Sec. 2. 33 MRSA §592, sub-§1, ¶B, as enacted by PL 1983, c. 248, §3, is amended by amending subparagraphs (10) and (12) to read:
(10) A statement that:
(a) Within 15 10 calendar days after receipt of the current written statement or execution of a contract, whichever is later, a purchaser may cancel any conveyance or contract for purchase of a unit from the developer; and
(b) If the purchaser elects to cancel, he the purchaser may do so by hand delivering a notice thereof of cancellation or by mailing the notice by prepaid United States mail to the developer. The cancellation shall must be without penalty and any deposit made by the purchaser shall 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 15 10 calendar days after receipt of the written statement or contract;
Sec. 3. 33 MRSA §592, sub-§3, as enacted by PL 1983, c. 248, §3, is 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 15 10 calendar days after the date of any contract or conveyance or within 15 10 calendar days after delivery of the current written statement required by subsection 1, whichever is later.
See title page for effective date.
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