Maine § 33 §592 Requirements of time shares

Maine Statutes

§ 33 §592 — Requirements of time shares

Maine·Title 33 PROPERTY·Ch. 10-A TIME SHARES

1.Specific disclosures. No time share may be conveyed by a developer or conveyed for the first time unless, prior to that conveyance or the execution of an agreement for the purchase, whichever is earlier, the purchaser is provided, at no cost to the purchaser, with a written statement containing the following information, all of which shall be current to a point not more than 60 days prior to the date of delivery to the purchaser.

2.Restraint upon partition of time-share units. No action for partition of any unit in which time shares are created may lie.

3.Cancellation of contract. Any purchaser or prospective purchaser of a time share may cancel a contract or conveyance of a time share by delivering or mailing a postage prepaid written notice of the purchaser's intention to cancel wit

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Specific disclosures.
No time share may be conveyed by a developer or conveyed for the first time unless, prior to that conveyance or the execution of an agreement for the purchase, whichever is earlier, the purchaser is provided, at no cost to the purchaser, with a written statement containing the following information, all of which shall be current to a point not more than 60 days prior to the date of delivery to the purchaser.
2.
Restraint upon partition of time-share units.
No action for partition of any unit in which time shares are created may lie.
3.
Cancellation of contract.
Any purchaser or prospective purchaser of a time share may cancel a contract or conveyance of a time share by delivering or mailing a postage prepaid written notice of the purchaser's intention to cancel within 10 calendar days after the date of any contract or conveyance or within 10 calendar days after delivery of the current written statement required by subsection 1, whichever is later.
4.
Time share located outside State.
This section shall apply to offers or sales within this State of time shares in property, even if the project is located outside of this State.
5.
Application with respect to foreclosures of mortgages.
This section shall not apply to offers or sales by financial institutions as defined in Title 9‑B of time shares in property with respect to foreclosure of any mortgage or the delivery of any deed in lieu of that foreclosure.
6.
Violation.
Any violation of this section shall be a violation of Title 5, chapter 10.
7.
Completion of construction; escrow requirement.
Notwithstanding chapter 31, a developer of a time-share project may convey a time-share to a purchaser prior to the time-share unit containing the time-share being substantially completed, as long as the developer deposits all funds or other consideration received from or on behalf of the purchaser into an escrow account subject to an escrow agreement with an independent escrow agent.