ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature First Regular Session
	House: COM DP 10-0-0-0 |3^rd Read 58-0-1-0-1 Senate: COM DP 8-1-0-0 | 3^rd Read 29-1-0-0

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HB 2120: timeshares; public reports; purchase contracts

Sponsor:  Representative Bolick, LD 20

Transmitted to the Governor

Overview

Updates statutory references regarding the timeframe for canceling a timeshare to reflect 10 days rather than 7 days.

History

Pursuant to A.R.S. § 32-2197.03, a purchaser of a timeshare may rescind the purchase agreement without any cause by sending a written notice of rescission to the developer within 10 calendar days after the date the purchaser signs the agreement, unless the agreement discloses a longer period of time.

The Real Estate Commissioner must approve a public report authorizing the sale or lease of the timeshare interests within the timeshare plan.  The public report must include a statement regarding rescission rights of the purchaser.  Currently, the statement's language references 7 calendar days for cancelation (A.R.S. § 32-2197.08).

Provisions

1. Conforms certain statutory references regarding the timeframe for canceling a timeshare purchase agreement to reflect the statutorily allowed amount of time of 10 days. (Sec. 1, 2)

2. Requires the prescribed statement on the timeshare reservation form relating to the prohibition on offering to sell or purchase a timeshare interest before issuance of a public report to be above the purchaser’s signature. (Sec. 2)

3. Makes technical changes. (Sec. 1, 2)

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7.                   HB 2120

8. Initials PRB           Page 0 Transmitted

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