§ 33 §589-B — Membership camping contract brokers; fees; escrow accounts; disclosures to new purchaser; notice of cancellation to purchaser

Maine § 33 §589-B

• Jurisdiction: Maine
• Title 33: PROPERTY
• Ch. 10: UNIT OWNERSHIP

Text

1.
Fees; escrow accounts.
A membership camping contract broker shall not receive any fee, including a listing fee, for selling a membership camping contract until a sale is completed. A fee may be paid into an escrow account at the time a purchaser is obtained.
2.
Disclosures to new purchaser.
The broker shall inform the new purchaser in writing of the following:
3.
Notice of right to cancel contract.
Every broker shall provide in writing the following notice of right to cancel the contract to the new purchaser in not less than 10 point type: YOU MAY CANCEL YOUR CONTRACT OF PURCHASE, WITHOUT ANY PENALTY OR OBLIGATION, WITHIN 7 BUSINESS DAYS FROM THE ABOVE DATE OF PURCHASE BY HAND DELIVERING OR MAILING A POSTAGE PREPAID NOTICE OF CANCELLATION TO: ....................................................(Name and address of broker)
4.
Broker's refund obligation.
If the broker is given written notice of cancellation of the contract of purchase pursuant to subsection 3, the broker must deliver or mail postage prepaid to the purchaser within 20 days of the effective date of the written notice of cancellation, the full amount of any payment or down payment made or consideration given under the contract of purchase.
5.
Wrongful retention; damages; burden of proof.
The following provisions apply when a membership camping broker fails to perform his refund obligation under subsection 4.

Legislative History

PL 1985, c. 390 (NEW).