What is the Washington State Timeshare Act?

The Washington State Timeshare Act is a law that regulates the sale and marketing of timeshares in the state of Washington. The main purpose of the Timeshare Act is to protect consumers from fraudulent or misleading practices by timeshare developers and salespeople. One of the key provisions of the Act is the requirement that developers and salespeople register with the state and disclose certain information to potential buyers. This includes providing a written disclosure statement that contains details about the timeshare, such as the purchase price, terms of the purchase, and any restrictions or limitations associated with the timeshare.

Another important provision of the Timeshare Act is the requirement that developers and salespeople give potential buyers a cooling-off period of at least five business days during which the buyer can cancel the purchase without penalty. This cooling-off period is intended to give buyers time to review the purchase contract and disclosure statement and to decide if they want to go through with the purchase. During this period, the buyer can cancel the purchase by providing written notice to the developer or salesperson.

In addition to these requirements, the Timeshare Act also includes other provisions designed to protect consumers. For example, developers and salespeople are prohibited from making false or misleading statements about the timeshare, and they are required to provide a copy of the public offering statement and the purchase contract to the buyer. These documents must be provided to the buyer prior to the execution of the contract and must include information about the terms and conditions of the timeshare, any restrictions or limitations associated with it, and the rights and responsibilities of the buyer.

The Act also provides a right to rescind for the buyers, which is a right to cancel the contract within 3 years of the date of the contract if the developer or salesperson did not comply with the requirements of the Act.

The Act also provides for a civil penalties for the developers or salespeople who violate the Act. The penalties are intended to serve as a deterrent against fraud and other illegal practices, and may be imposed in addition to any other remedies available to the state or to the buyer.