Amends TCA Section 66-32-114.

Under present law, the Time-Share Act of 1981 provides that before transfer of a time-share interval and no later than the date of any sales contract, the developer must provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract is also voidable by the purchaser for 10 days from the date of the signing of the contract by the purchaser if the purchaser made an on-site inspection of the time-share project prior to the signing of the contract, and, if the purchaser did not make an on-site inspection of the time-share project prior to signing the contract, for 15 days thereafter. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded within 30 days after receipt of the notice of cancellation.<br /> <br /> This bill adds to the above provisions regarding the contract being voidable after the signing of the contract that the provision also applies to "any component site" of the time-share project.<br /> <br />