New York timeshare law is found in title 13, section 24 of the NYCRR the “timeshare offering plan”. The statute is timeshare focused but includes mention to general business and real estate regulations. It is specifically designed to govern the disclosures around timeshares as a unique form of property. It refers to numerous disclosure requirements that timeshares require in addition to typical property disclosures.
Some of the most important things the New York offering plan require are as follows. First that timeshares “involve a high degree of risk” and it goes in detail about what those risk are. Second that this offering plan is required to be filed with the New York state department and constitutes the entire offer to sell a timeshare plan. What is all means for you is that you should have a document, or been given a chance to read this offering plan in order to gain your timeshare interest.
Rescission Period: 7 Days
Disclaimer: These summaries of law are intended only to serve as an information source for consumers. Statutes and laws are subject to constant change and the information listed above may not represent the most recent, or complete information. This does not constitute legal advice and a lawyer should always be contacted to provide you an analysis of your case. If you would like to have your case reviewed, please call us at (360)918-8196 for a free consultation