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Timeshare Act 1992

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This is the original version (as it was originally enacted).

3Obligation to give notice of right to cancel timeshare credit agreement

(1)A person must not in the course of a business enter into a timeshare credit agreement to which this Act applies as creditor unless the offeree has received, together with a document setting out the terms of the agreement or the substance of those terms, notice of his right to cancel the agreement.

(2)A notice under this section must state—

(a)that the offeree is entitled to give notice of cancellation of the agreement to the creditor at any time on or before the date specified in the notice, being a day falling not less than fourteen days after the day on which the agreement is entered into, and

(b)that, if the offeree gives such a notice to the creditor on or before that date, then—

(i)so far as the agreement relates to repayment of credit and payment of interest, it shall have effect subject to section 7 of this Act, and

(ii)subject to sub-paragraph (i) above, the offeree will have no further rights or obligations under the agreement.

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