Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner

1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to resell that time share must: (a) Be in writing; (b) Contain a provision in not less than 12-point boldface type that the owner may cancel, by written notice, the agreement with the time-share resale broker until midnight of the fifth calendar day after the date of execution of the agreement; and (c) Contain a written disclosure that sets forth: (1) Whether any person other than the purchaser may use the time share during the period before the time share is resold; (2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold; (3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold; (4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share; and (5) The right to cancel the agreement provided pursuant to paragraph (b). 2. The time-share resale broker who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement. 3. The time-share resale broker who resells a time share shall make the disclosures required pursuant to paragraph (c) of subsection 1 before accepting anything of value from the owner.