Source: http://www.nolo.com/legal-encyclopedia/colorado-timeshare-foreclosure-right-cancel-laws.html
Timestamp: 2017-01-16 20:21:16
Document Index: 372933496

Matched Legal Cases: ['§ 6', '§ 6', '§ 6', '§ 6', '§ 6', 'art 7']

Colorado Timeshare Foreclosure and Right to Cancel Laws | Nolo.com
If you have purchased or are thinking of purchasing a timeshare in Colorado, or are facing a timeshare foreclosure, it’s important to learn the answers to the following questions:
How do I cancel a timeshare purchase in Colorado?
Read on to find out some of the most important features of Colorado timeshare law.
Right to Cancel a Timeshare in Colorado
In Colorado, if you buy a timeshare, you can cancel the contract within five calendar days after the sale. To cancel the purchase contract, you must notify the seller in writing by electronic means, mail, or hand delivery (Colo. Rev. Stat. § 6-1-703).
If you give notice that you want to cancel the contract, the seller must refund any down payment or deposit made pursuant to the contract within seven days after receiving the written notice of rescission (Colo. Rev. Stat. § 6-1-703).
Notice of rescission is considered given:
when postmarked (if sent by mail)
when sent (if sent by electronic mail or other electronic means), or
when delivered to the seller's place of business (if by hand delivery) (Colo. Rev. Stat. § 6-1-703).
Colorado Timeshare Sale Protection Laws
Timeshare salespeople are known for using hard-sell tactics and misrepresentations to get you to make a snap decision about buying a timeshare. Colorado law makes it illegal for a timeshare seller to misrepresent or make false statements regarding the investment, resale, or rental value of any timeshare. It is also illegal to misrepresent:
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
the period of time that the accommodations or facilities will be available to the purchaser (Colo. Rev. Stat. § 6-1-703).
Colorado Timeshare Resale Protection Laws
Owners often find it extremely difficult to sell their timeshares since there is virtually no after-market for them. As a result, scam artists have popped up who will falsely tell a timeshare owner that there is a ready and willing buyer for the timeshare -- but the timeshare owner must pay hundreds or thousands of dollars in upfront fees to process the transaction. After the timeshare owner pays the fees, the scammer often disappears. Colorado law provides protections to shield consumers from this type of resale scam.
Certain statements are illegal. Colorado law prohibits timeshare resellers from making false or misleading statements, including statements concerning:
the existence of offers to buy or rent the resale timeshare
the likelihood of, or the time necessary to complete, any sale, rental, or transfer
the value of the resale timeshare
the current or future costs of owning the resale timeshare (including assessments, maintenance fees, or taxes)
how amounts paid by the purchaser of the timeshare resale service will be utilized
the method or source from which the name, address, telephone number, or other contact information of the owner of the resale timeshare was obtained
the identity of the timeshare resale entity or that entity's affiliates, or
the terms and conditions upon which the timeshare resale service is offered.
Written contract required. Before providing resale services, a timeshare reseller must get you to sign a written contract. You can cancel the contract within five calendar days. If you cancel, the timeshare reseller must refund your money within seven days after receiving the written notice of rescission (Colo. Rev. Stat. § 6-1-703).
In Colorado, a timeshare foreclosure can be judicial or nonjudicial. (To learn more about the difference between judicial and nonjudicial foreclosure, and the procedures for each, visit Nolo's Judicial v. Nonjudicial Foreclosure page.)
To find the laws governing Colorado timeshares, go to http://www.lexisnexis.com/hottopics/colorado and click on “I agree.” Then click on the folder next to “Colorado Revised Statutes” to expand the statutes. The statutes describing timeshare law can be found in Title 6 (Consumer and Commercial Affairs). Expand the section entitled “Fair Trade and Restraint of Trade,” go to Article 1 (Colorado Consumer Protection Act), and then look in Part 7 (Specific Provisions).
(For general articles on foreclosure in Colorado, visit our Colorado Foreclosure Law Center.) Share on Google Plus