(1)
A person engages in a deceptive trade practice when, in the course of the person's
business, vocation, or occupation, the person engages in one or more of the
following activities in connection with the advertisement or sale of a time share or
the provision of a time share resale service:
(a) Misrepresents:
(I) The investment, resale, or rental value of any time share;
(II) The conditions under which a purchaser may exchange the right to use
accommodations or facilities in one location for the right to use accommodations or
facilities in another location; or
(III) The period of time during which the accommodations or facilities
contracted for will be available to the purchaser;
(b) Fails to allow any purchaser a right to rescind the sale of a time share or a
time share resale service within five calendar days after the sale;
(c) (I) Fails to provide conspicuous notice on the contract of the right of a
purchaser of a time share or time share resale service to rescind the sale in writing
either by electronic means, mail, or hand delivery.
(II) For purposes of this section, notice of rescission is given:
(A) If by mail, when postmarked;
(B) If by electronic mail or other electronic means, when sent; or
(C) If by hand delivery, when delivered to the seller's place of business.
(d) Fails to refund any down payment or deposit made pursuant to a time
share contract or contract for time share resale service within seven days after the
seller or time share resale entity receives the purchaser's written notice of
rescission; except that, if the purchaser's check has not cleared at the time notice
of rescission is received, the person has seven additional days after receipt of funds
from the purchaser's cleared check to refund the down payment or deposit;
(e) With respect to the sale or solicitation of any time share resale service,
makes false or misleading statements, including statements concerning:
(I) The existence of offers to buy or rent the resale time share;
(II) The likelihood of, or the time necessary to complete, any sale, rental,
transfer, or invalidation;
(III) The value of the resale time share;
(IV) The current or future costs of owning the resale time share, including
assessments, maintenance fees, or taxes;
(V) How amounts paid by the purchaser of the time share resale service will
be utilized;
(VI) The method or source from which the name, address, telephone number,
or other contact information of the owner of the resale time share was obtained;
(VII) The identity of the time share resale entity or that entity's affiliates; or
(VIII) The terms and conditions upon which the time share resale service is
offered;
(f) Engages in any time share resale service without first obtaining a written
contract to provide the service, which contract is signed by the purchaser of the
time share resale service and complies with the requirements of this section. For
purposes of paragraph (c) of this subsection (1), the required notice of rescission
rights applicable to a contract for a time share resale service is conspicuous if
printed in at least fourteen-point, bold-faced type immediately preceding the space
in the contract provided for the purchaser's signature. In addition to any other
remedy provided in this article, a time share resale service contract that does not
satisfy the requirements of this section is voidable at the option of the purchaser
for up to one year after the date the purchaser executes the contract.
(g) With respect to time share resale transfer agreements, fails to comply
with any provision of, or otherwise makes false or misleading statements in
connection with, any disclosure or other act required to be made or observed under
section 6-1-703.5.
(2) The unlawful practices listed in this section are in addition to, and do not
limit, the types of deceptive trade practices actionable under section 6-1-105.
(3) No person shall knowingly circumvent the requirements of this section or
section 6-1-703.5.
(4) (a) A person who, as director, officer, or agent of a time share resale
entity or as agent of a person who violates this article, assists or aids, directly or
indirectly, in a violation of this article is responsible equally with the person for
which the person acts.
(b) In the prosecution of a person as officer, director, or agent, it is sufficient
to allege and prove the unlawful intent of the person or entity for which the person
acts.