(a) Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract is also voidable by the purchaser for ten (10) days from the date of the signing of the contract by the purchaser if the purchaser shall have made an on-site inspection of the time-share project or any component site prior to the signing of the contract, and if the purchaser did not make an on-site inspection of the time-share project or any component site prior to signing the contract, for fifteen (15) days thereafter. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded within thirty (30) days after receipt of the notice of cancellation as provided in subsection (c).
contract signature

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Terms Used In Tennessee Code 66-32-114

  • Component site: means a specific geographic site at which certain time-share accommodations and facilities are located. See Tennessee Code 66-32-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Developer: means , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
  • Offering: means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. See Tennessee Code 66-32-102
  • Public offering statement: means that statement required by §. See Tennessee Code 66-32-102
  • Purchaser: means any person other than a developer or lender who acquires an interest in a time-share interval. See Tennessee Code 66-32-102
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Time-share interval: means a time-share estate or a time-share use. See Tennessee Code 66-32-102
  • Time-share project: means any real property that is subject to a time-share program. See Tennessee Code 66-32-102
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) During the applicable rescission period, the developer may cancel the contract of purchase without penalty to either party. The developer shall return all payments due, the purchaser shall return all material received in good condition, reasonable wear and tear excepted. If such materials are not returned, the developer may deduct the cost of the same and return the balance to the purchaser.
(c) If either party elects to cancel a contract pursuant to subsection (a) or (b), then that party may do so by:

(1) Hand delivering notice of cancellation to the other party within the designated period for voiding the contract;
(2) Mailing notice of cancellation by prepaid United States mail, postmarked anytime within the designated period for voiding the contract, to the other party or to the other party’s agent for service of process; or
(3) Sending notice of cancellation via electronic mail, time stamped within the designated period for voiding the contract to the other party.
(d) The purchaser and the developer shall not waive the rescission rights set forth in subsections (a) and (b).
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