Canceling a Timeshare Contract in Louisiana
Thinking of canceling a timeshare contract in Louisiana? Your first important step is to find out what Louisiana timeshare laws are in place to shield you from becoming a victim of predatory timeshare sales tactics.
One such Louisiana timeshare law is the requirement that the timeshare developer gives you a proper Public Offering Statement.
As well, the timeshare laws of Louisiana require timeshare developers and salespeople to inform you of your right to rescind (or cancel) a timeshare contract, if proper timeframe and procedure is adhered to.
Even with the protections put in place by Louisiana timeshare laws, one still needs to be mindful of the full responsibilities and financial liabilities inherent in timeshare purchase and ownership, as well as the consequences of defaulting on your timeshare mortgage payments or maintenance fees.
Should you fail to make adequate repayments, you could find yourself faced with Louisiana timeshare foreclosure proceedings.
Louisiana Timeshare Laws Public Offering Statement
As mentioned above, Louisiana timeshare laws make it mandatory for a timeshare developer to supply the prospective timeshare buyers with a Public Offering Statement. This is an extremely detailed documentation of the details concerning the timeshare project and also essential matters you need to be aware of regarding the property itself.
The general Public Offering Statement required by Louisiana state timeshare laws must include, among various other details, the timeshare developer’s contact information, a thorough description of the project, details about the particular timeshare unit you are considering, and also details about costs, special assessments, funding plans and also ways to terminate the agreement. (La. Rev. Stat. Ann. Â§ 9:1131.9.2).
Terminating a Louisiana Timeshare Purchase
In Louisiana, you can terminate a timeshare contract without any sort of charge:
Within seven days from the date you authorize the agreement.
Up until seven days after you obtain the timeshare developer’s Public Offering Statement (La. Rev. Stat. Ann. Â§ 9:1131.10.1).
Whichever of these situations occurs later will be the legally recognized rescission period.
How to Cancel a Timeshare Contract in Louisiana
You are able to cancel a timeshare in Louisiana by informing the timeshare developer by writing a letter of your intent to cancel the contract (La. Rev. Stat. The designer needs to provide the name as well as address to which you must forward any kind of notice of cancellation (La. Ann. § 9:1131.10.1).
This “Notification of Cancellation” is legally effective as of the date that it is postmarked. The timeshare developer is required by law to provide timeshare buyers with the current mailing address where cancellation notices can be mailed (La. Rev. Stat. Ann. § 9:1131.9.2).
Louisiana Timeshare Contract Refunds
Timeshare developers in Louisiana are legally required to reimburse all payments made by timeshare purchasers who wish to cancel their contracts within:
Thirty days after receipt of the timeshare owner’s Notice of Cancellation
Five days after funds have cleared if the timeshare owner paid by check, whichever is later (La. Rev. Stat. Ann. Â§ 9:1131.10.1)
Louisiana Timeshare Act Advertising Regulations
Louisiana timeshare laws prohibit timeshare salesmen from making incorrect or deceiving declarations, promotions, radio ads, or television broadcasts when marketing timeshares.
Most importantly, any sort of claims or declarations forecasting immediate or certain boosts in the a timeshare’s resale value are restricted (La. Rev. Stat. Ann. Â§ 9:1131.12).
Timeshare Promotional Promotional Gifts
Timeshare sellers are well-known for luring folks to sit in on sales presentations by promising complimentary presents or gifts. These “gifts” usually come in the form of a free vacation voucher, meals, or entertainment.
In some cases, timeshare salespeople subsequently fail to come through in giving the items promised to prospective customers after they attend the presentation. The Louisiana Timeshare Act outlaws this deceptive practice (La. Rev. Stat. Ann. Â§ 9:1131.12(G )(3)).
If a timeshare salesperson attracts timeshare presentation attendees with a prize and gift marketing deal in a scheme to sell timeshares is legally required to plainly disclose every one of the following details to the public:
- That the function of the advertising is to market timeshare interests.
- The name of each timeshare developer or other individual attempting to market a timeshare interest with the promo, as well as the name of everyone paying for the advertising/promotion.
- The comprehensive guidelines of the advertising.
- The manner in which awards, vacations, gifts, etc. will be awarded to participants.
- A full and detailed description of rewards and promotional items, including an approximation of the retail worth of said items.
- The number of each of the presents, prizes, or vacations that will be given away.
- The date that all prizes must be given away by.
- If the promotion is to include games of chance, the timeshare developer and/or salespeople must publish the probabilities of winning (La. Rev. Stat. Ann. § 9:1131.12(G)(2)).
Timeshare Developers Are Liable for Violations of Louisiana Timeshare Laws
Timeshare developers in Louisiana are required to be in control of the management all components of the timeshare strategy. This includes promotional methods, marketing, contract development, and also timeshare purchase closings.
If Louisiana timeshare laws are violated throughout any of these tasks, the developer is held responsible by law, as well as the timeshare salespeople involved in committing the infraction (La. Rev. Stat. Ann. Â§ 9:1131.9.1).
Louisiana Timeshare Foreclosures
If you secure financing to acquire a deeded timeshare in Louisiana and do not repay as agreed upon in the contract, and/or you fail to pay the costs associated with timeshare ownership (i.e. maintenance fees, utilities, special assessments, etc.), you’ll be faced with timeshare foreclosure proceedings (La. Rev. Stat. Ann. Â§ 9:1131.22).
Finding Louisiana’s Timeshare Laws
To locate the details of the full Louisiana Timeshare Act, visit the State Legislature’s website at http://www.legis.la.gov/legis/LawSearch.aspx, then click “Revised Statutes.” The timeshare associated statutes are available in Title 9.
Does Canceling a Timeshare Contract in Louisiana Seem Overwhelming?
If canceling a timeshare contract in Louisiana isn’t an option for you under the Louisiana Timeshare Laws, call us now for a Free Timeshare Redemption Consultation. Redemption and Release, LLC makes your Louisiana timeshare cancellation process easy! Contact us today at 1-888-743-9051 or use our Online Contact Form for more information about canceling a timeshare contract in Louisiana.