§ 34-27-59 — Acts Constituting Violation of Article - Failure to Disclose Total Financial Obligation, Etc., in Contract

Alabama § 34-27-59

• Jurisdiction: Alabama
• Title 34: Professions and Businesses
• Ch. 27: Real Estate Brokers
• Art. 3: Vacation Time-Sharing Plans

Text

It shall be a violation of this section for any seller of vacation time-sharing plans to fail to fully disclose in the contract in boldface type of a size no smaller than any other type used in the body of the contract to purchaser:
(1) The total financial obligation of the purchaser, which shall include the initial purchase price and any additional charges to which the purchaser may be subject.
(2) Any individual or business entity which has or may have the right to alter, amend, or add to charges to which the purchaser may be subject and the terms and conditions under which such charges may be imposed.
(3) The nature and duration of each agreement between the business offering the vacation time-sharing plans for sale and the individual or business entity managing the accommodations or other facilities.
(4) In immediate proximity to the space reserved in the contract for the signature of the buyer and in boldface type of the same size as required by subdivision (3) of Section 34-27-53 a statement as follows:
“No purchaser should rely upon representations other than those included in the contract.”
However, inclusion of this statement shall not impair the purchaser’s right to bring any legal action based upon any cause of action arising from oral statements.
(5) The date of availability of each amenity of the offered accommodations and facilities when they are not completed at the time of sale of such plan.
(6) The specific term of the contract.

Legislative History

(Acts 1983, No. 83-670, p. 1035, §10.)