Colorado Timeshare Cancellation Laws

Purchasing a timeshare is a big decision and it’s important to understand what protections are afforded to you by the law. Home to some of the most legendary ski resorts in the world, it’s no surprise that so many of our clients began their timeshare experience in the Centennial State. Thankfully, Colorado has many consumer protection laws on the book to protect purchasers, namely the Colorado Consumer Protection Act.

If you have purchased or are getting ready to purchase a timeshare in Colorado, you need to at least know the answers to the following questions:

• What is the timeshare cancellation period in Colorado?
• What kind of laws does Colorado have for timeshare purchasers?
• What happens if I stop making my timeshare mortgage payments?
• What happens if I do not pay my maintenance or assessment fees?
• How do I get out of a timeshare purchase in Colorado?

Colorado Timeshare Cancellation Period

When you buy a timeshare there is a timeframe in which you may easily cancel the purchase known as the cancellation period or the rescission period. The timeshare cancellation period in Colorado is 5 calendar days from the date of the sale. It is very important to note that the law is based on calendar days, not business days. This right to cancel may not be waived.

Cancelling the purchase is done by notifying the seller in writing and sending this request by mail, electronic means, or hand delivery. If sent via mail, the notice is considered given when postmarked; if sent electronically it is considered given when sent; and when delivered it is considered given on delivery. The law does not make any special mentions, but we do recommend that your notice of cancellation is sent via certified mail so that you have proof.

The seller has 7 days from receiving the notice of cancellation or 7 days from receiving your cleared check, whichever is later, to provide a refund for your cancelled purchase.

If you are still within the cancellation period, don’t waste any more time! Right now it’s as easy as sending the company a letter. So, if you are having regrets, don’t let this opportunity pass.

If the cancellation period has already passed, our team is standing by ready to help. Grab your timeshare paperwork and call or click now to get your questions answered and schedule a free consultation.

Fraud & Misrepresentation in Colorado

Colorado law explicitly prohibits many types of misrepresentations made by salespeople and advertising material. Even though these tactics are forbidden by law, as many of our clients have experienced, the salespeople still do sometimes disregard the law to make a quick buck. If you think you may be a victim of this kind of fraudulent misrepresentation don’t feel bad – it’s not because you are ‘stupid’ or ‘gullible.’ These sales people are master manipulators and will play on your emotions, not appeal to your senses.

Sellers are prohibited from misrepresenting:

• The investment, resale, or rental value of any time share
• The conditions under which a purchaser may exchange the right to use accommodations or facilities in one location for the right to use accommodations or facilities in another location
• The period of time during which the accommodations or facilities contracted for will be available to the purchaser

These specific provisions regarding timeshare sales combined with Colorado’s other consumer protections are key to our strategy. If you think that you might be a victim of misrepresentation our team is ready to get you out. Grab your timeshare paperwork and give us a call for your free consultation. The law, and our team of experts & attorneys, are on your side.

Colorado Timeshare Foreclosures

Typically, timeshare purchases in Colorado are financed through a mortgage on the ownership. Failure to make your timeshare mortgage payments will result in a foreclosure. Failure to pay maintenance fees, special assessments, or ad valorem taxes may also result in foreclosure; though in our experience timeshare companies are more interested in hounding owners for outstanding maintenance fees rather than foreclosing, though they will foreclose eventually.

In Colorado, foreclosures on timeshare mortgages can be judicial or nonjudicial.

Colorado Timeshare Resale Laws

While it can be possible to sell a timeshare the resale market is practically nonexistent. You’re better off trying to find somebody to give it away to! Because of this, and because many people are desperate to get out of their timeshare, scams are rampant. Commonly, these scam-artist get lists of thousands of potential timeshare owners, call them with too good to be true offers — only to take their money with upfront fees and run. Colorado law does prohibit this behavior, but it can’t exactly prevent it.

In Colorado, timeshare resellers are required by law to be licensed real estate brokers, however scammers have been known to use fake licenses or attempt to impersonate actual licensed brokers. Sellers are not allowed to claim someone already wants to buy your timeshare, that they can get you a certain dollar amount for your timeshare, or make any claims about the likelihood of getting it sold.

In the course of offering resale services, sellers may not make a false or misleading statement regarding:

• The existence of offers to buy or rent the resale time share
• The likelihood of, or the time necessary to complete, any sale, rental, transfer, or invalidation
• The value of the resale time share
• The current or future costs of owning the resale time share, including assessments, maintenance fees, or taxes
• How amounts paid by the purchaser of the time share resale service will be utilized
• The method or source from which the name, address, telephone number, or other contact information of the owner of the resale time share was obtained
• The identity of the time share resale entity or that entity’s affiliates
• The terms and conditions upon which the time share resale service is offered

While Colorful Colorado does clearly have quite a lot of regulations regarding resales, these kinds of scams do still happen. Unfortunately, quite a lot of our clients had fallen victim to these tactics before finding real help. The safest bet is to just steer clear of the whole mess.

Resources

Colorado Revised Statutes Title 6. Consumer and Commercial Affairs (code.findlaw.com)