§ 18-14-409 — Mutual rights of cancellation

Arkansas § 18-14-409

• Jurisdiction: Arkansas
• Title: 18

Text

(a) (1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement. (2) The contract is voidable by the purchaser until he or she has received the public offering statement. (3) The contract is voidable by the purchaser for five (5) days after execution of the contract of sale. (4) Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded within a reasonable time after receipt of the notice of cancellation under subsection (c) of this section. (b) Up to five (5) days after execution of the contract of sale, the developer may cancel the contract of purchase without penalty to either party and shall return all payments made within a reasonable time. (c) If either party elects to cancel a contract under subsection (a) or subsection (b) of this section, he or she may do so by hand-delivering the notice to the other party or by mailing the notice by regular mail to the other party or to his or her agent for service of process, which notice is considered given when deposited in the mail.

Legislative History

Amended by Act 2013, No. 710,§ 4, eff. 8/16/2013. Acts 1983, No. 294, Art. 3, § 3-104; A.S.A. 1947, § 50-1318.