Whenever for the purpose ofa particular transaction a seller of travel services is acting as a tour operator, and the seller fails to provide any of the travel services that a consumer has purchased directly or indirectly from the seller, the seller must offer the consumer the following three options, and must honor the consumer's choice:

1. (1) the seller will refund to the consumer in cash an amount equal to the fair market retail value of any undelivered, purchased travel service, such cash refund not to exceed the total amount paid by the consumer for the travel package, and such cash refund to be delivered within 30 days of the consumer's selection of this option; or
2. (2) the seller will provide a specifically identified substitution travel service of equal or greater fair market retail value for any undelivered, purchased travel service, at no additional cost to the consumer; or
3. (3) the seller will provide a specifically identified substitute travel service oflower fair market retail value for any undelivered, purchased travel service, and refund to the consumer in cash an amount equal to the difference in the fair market retail prices of the~ purchased and the substitute travel services, such cash refund to be delivered within 30 of the consumer's selection of this option.