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18-14-409. Mutual rights of cancellation.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-14-409. Mutual rights of cancellation.
(a)(1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement.
(2) The contract is voidable by the purchaser until he or she has received the public offering statement.
(3) The contract is voidable by the purchaser for five (5) days after execution of the contract of sale.
(4) Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded within a reasonable time after receipt of the notice of cancellation under subsection (c) of this section.
(b) Up to five (5) days after execution of the contract of sale, the developer may cancel the contract of purchase without penalty to either party and shall return all payments made within a reasonable time.
(c) If either party elects to cancel a contract under subsection (a) or subsection (b) of this section, he or she may do so by hand-delivering the notice to the other party or by mailing the notice by regular mail to the other party or to his or her agent for service of process, which notice is considered given when deposited in the mail.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-409
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:18-14-409
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 94ba687624a1fc79a65bb8c3e8869caba128f89e9cef0a4d1d7c50e86fd21196
Source location: content.xml paragraph 3027
Stored source content
18-14-409. Mutual rights of cancellation.
(a)(1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement.
(2) The contract is voidable by the purchaser until he or she has received the public offering statement.
(3) The contract is voidable by the purchaser for five (5) days after execution of the contract of sale.
(4) Cancellation is without penalty, and all payments made by the purchaser before cancellation shall be refunded within a reasonable time after receipt of the notice of cancellation under subsection (c) of this section.
(b) Up to five (5) days after execution of the contract of sale, the developer may cancel the contract of purchase without penalty to either party and shall return all payments made within a reasonable time.
(c) If either party elects to cancel a contract under subsection (a) or subsection (b) of this section, he or she may do so by hand-delivering the notice to the other party or by mailing the notice by regular mail to the other party or to his or her agent for service of process, which notice is considered given when deposited in the mail.
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