It shall be a violation of this chapter for a seller of vacation time sharing plans to:

1. (1) Fail to refund any and all payments made by the buyer under the contract and return any negotiable instrument, other than checks, executed by the buyer in connection with the contract or services within twenty days after receipt of notice of cancellation made pursuant to Section 27-32-40 if the buyer has not received any benefits pursuant to the contract.
2. (2) If the buyer has received any benefits pursuant to the contract, fail to refund within thirty days after receipt of notification of cancellation made pursuant to Sections 27-32-40 or 27-32-50 any and all payments made by the buyer to the seller which exceed a pro rata portion of the total price, taking into consideration the cost of use of the time share facilities at an average rental rate per unit for all time share units, representing the proportion of any contract benefits actually received by the buyer during the time preceding cancellation.

3. (3) Fail to place in the real estate broker's trust account one hundred percent of the funds received from the purchasers of such plans, where the seller of the time sharing plan transfers an interest therein to the purchaser, which trust account shall provide that:

   1. (a) Its purpose is to protect the buyer's right to refund during the four-day right to cancellation as provided in Sections 27-32-40 or 27-32-50.
   2. (b) Funds may be withdrawn by the seller upon transfer to the buyer and only after expiration of the four-day cancellation period as provided in Sections 27-32-40 or 27-32-50.