(a) For the purposes of this section a "time-share" means an interest in a project involving real property acquired by means of a time-share estate or a time-share license. A "time-share estate" is a right to occupy a unit or any of several units during separated time periods coupled with a freehold estate or an estate for years in a time-share property or a specified portion thereof. A "time-share license" means a right to occupy a unit or any of several units including renewal options, not coupled with a freehold estate or an estate for years.

(b) A purchaser of a time-share shall have a right to cancel a contract of sale for five days after executing the contract. This right to cancel may not be waived.

(c) If a purchaser elects to cancel a contract pursuant to subsection (b) of this section, he or she may do so by written notice hand-delivered to the seller or mailed to the developer or to his or her agent for service of process. If mailed, written notice shall be by certified mail and shall be dated on or before the fifth day. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded within 15 days after receipt of the notice of cancellation.

(d) A contract for the sale of a time-share shall include in a size equal to at least 10-point bold type the language set forth in subsections (b) and (c) of this section. A contract violating this subsection shall be unenforceable. (Added 1983, No. 103 (Adj. Sess.), eff. April 1, 1984.)