The Florida Senate

721.10  Cancellation.--

(1)  A purchaser has the right to cancel the contract until midnight of the 10th calendar day following whichever of the following days occurs later:

(a)  The execution date; or

(b)  The day on which the purchaser received the last of all documents required to be provided to him or her.

This right of cancellation may not be waived by any purchaser or by any other person on behalf of the purchaser. Furthermore, no closing may occur until the cancellation period of the timeshare purchaser has expired. Any attempt to obtain a waiver of the cancellation right of the timeshare purchaser, or to hold a closing prior to the expiration of the cancellation period, is unlawful and such closing is voidable at the option of the purchaser for a period of 1 year after the expiration of the cancellation period. However, nothing in this section precludes the execution of documents in advance of closing for delivery after expiration of the cancellation period.

(2)  Any notice of cancellation shall be considered given on the date postmarked if mailed, or when transmitted from the place of origin if telegraphed, so long as the notice is actually received by the developer or escrow agent. If given by means of a writing transmitted other than by mail or telegraph, the notice of cancellation shall be considered given at the time of delivery at the place of business of the developer.

(3)  In the event of a timely preclosing cancellation, or in the event the plan is one in which timeshare licenses are sold and at any time the accommodations or facilities are no longer available, the developer shall honor the right of any purchaser to cancel the contract which granted the timeshare purchaser rights in and to the plan. Upon such cancellation, the developer shall refund to the purchaser all payments made by the purchaser which exceed the proportionate amount of benefits made available under the plan, using the number of years of the plan as portrayed in the timeshare instrument as the base for plans of specific and limited duration, or using the fair market rental value of such benefits for plans without specific or limited duration. Such refund shall be made within 20 days of demand therefor by the purchaser or within 5 days after receipt of funds from the purchaser's cleared check, whichever is later. For purposes of this subsection, the term "benefits made available under the plan" shall not include public offering statements or other documentation or materials that must be furnished to a purchaser pursuant to statute or rule.

History.--s. 1, ch. 81-172; s. 9, ch. 83-264; s. 65, ch. 87-226; s. 9, ch. 95-274; s. 896, ch. 97-102.