New Jersey § 45:15-16
Full text of New Jersey New Jersey Statutes § 45:15-16, with citation guidance and answers to common questions.
§ 45:15-16.
Any purchase contract entered into by a purchaser of a timeshare interest under this
act shall be voidable by the purchaser, without penalty, within seven calendar days
after the receipt of the public offering statement or the execution of the purchase
contract, whichever date is later. The purchase contract shall provide notice of the seven-day cancellation period,
together with the name and mailing address to which any notice of cancellation shall
be delivered. Notice of cancellation shall be timely if the notice is deposited with the United
States Postal Service not later than midnight of the seventh day. Upon such cancellation, the developer shall refund to the purchaser all payments
made by the purchaser, less the amount of any benefits actually received pursuant
to the purchase contract. The refund shall be made within 30 days after the receipt of the notice of cancellation,
or receipt of funds from the purchaser's cleared check, whichever occurs later. If a purchaser elects to cancel a purchase contract pursuant to this section, the
purchaser may do so by hand delivering a written notice of cancellation or by mailing
a notice of cancellation by certified mail, return receipt requested, to the developer,
as applicable, at an address set forth in the purchase contract.
Frequently Asked Questions About New Jersey § 45:15-16
What does New Jersey Statutes § 45:15-16 cover?
Section 45:15-16 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 45:15-16?
A common citation format is "New Jersey Statutes § 45:15-16" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 45:15-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.