House Bill 2120 Summary

• Extends the timeshare purchase cancellation period from 7 calendar days to 10 calendar days after execution of a purchase agreement, with option for parties to agree to longer periods in the purchase agreement.

• Updates public report requirements to allow electronic format (CD-ROM or other commissioner-approved formats) in addition to written copies for disclosure to prospective purchasers.

• Modifies timeshare interest reservation provisions to allow 10 business days (instead of 7) for prospective buyer and seller to enter into a purchase contract after receipt of the public report and proposed purchase agreement.

• Clarifies terminology in statutory language by replacing "per cent" with "percent," "third party" with "third-party," "less" with "minus," and making related grammatical corrections.

• Requires reservation form statement to appear in conspicuous type above the purchaser's signature line, and updates notice delivery procedures to reference "after" instead of "of" when referencing department notifications.