17 CAR § 220-1304 – Purchase contract — Cancellation notice — Form, time, procedure

(a)
1. (1) A purchaser may cancel any contract for the purchase of a time-share interest from a developer within five (5) days after execution of the contract.
2. (2) The purchaser's right to cancel a contract for purchase shall not be waived.
(b)
1. (1) The public offering statement shall be written in clear, plain, and concise language.
2. (2) There shall be attached to the front of the public offering statement a notice in duplicate containing the following language in at least ten-point boldface type: “IMPORTANT NOTICE I UNDERSTAND THAT IF I SIGN A CONTRACT FOR THE PURCHASE OF A TIME-SHARE INTEREST I HAVE THE RIGHT TO CANCEL THE CONTRACT WITHIN FIVE (5) DAYS AFTER SIGNING THE CONTRACT. I UNDERSTAND THAT CANCELLATION IS WITHOUT PENALTY AND ALL PAYMENTS MADE BY ME BEFORE CANCELLATION SHOULD BE REFUNDED WITHIN THIRTY (30) DAYS OF RECEIPT OF THE NOTICE OF CANCELLATION. IF THE FIFTH DAY AFTER THE SIGNING OF THIS CONTRACT IS A SATURDAY, SUNDAY, OR LEGAL HOLIDAY MY RIGHT TO CANCEL IS EXTENDED TO THE NEXT DAY WHICH IS NOT A SATURDAY, SUNDAY, OR LEGAL HOLIDAY. I REALIZE THAT TO CANCEL THIS CONTRACT I MUST MAIL OR DELIVER A WRITTEN NOTICE OF CANCELLATION TO (NAME OF DEVELOPER) AT (DEVELOPER'S ADDRESS). I UNDERSTAND THAT THE ARKANSAS REAL ESTATE COMMISSION NEITHER RECOMMENDS NOR APPROVES THIS OR ANY OTHER TIMESHARE PLAN. I HEREBY ACKNOWLEDGE RECEIPT OF THE ATTACHED PUBLIC OFFERING STATEMENT. (Purchaser's Signature) DATE:_________________________________________________”
3. (3) The original executed notice shall be retained by the developer, and the duplicate copy shall be given to the purchaser.
4. (4) This notice shall contain no other printing or writing thereon.
(c) There shall be included in each contract for the purchase of a time-share interest immediately above the signature line a notice containing the following language in print size larger than the other provisions of the contract, excluding descriptive headings and titles, but no less than ten-point boldface type: "NOTICE TO PURCHASER YOU HAVE THE RIGHT TO CANCEL THIS CONTRACT WITHIN FIVE (5) DAYS AFTER YOU SIGN THE CONTRACT. FOR FURTHER INFORMATION, SEE "IMPORTANT NOTICE" ATTACHED TO THE PUBLIC OFFERING STATEMENT."
(d)
1. (1) Should the fifth day after the execution of the contract for purchase of a time-share interest be a Saturday, Sunday, or legal holiday, then the five-day cancellation period shall not expire until the end of the next day that is not a:
  1. (A) Saturday;
  2. (B) Sunday; or
  3. (C)
(i) Legal holiday.
1. (ii) "Legal holiday" means any day designated as a holiday by the President or the United States Congress or designated by the laws of this state.
2. (2) Notice of cancellation shall be properly addressed with sufficient postage prepaid to ensure delivery, and notice shall be deemed given when postmarked by the United States Postal Service.