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Kentucky Timeshare Laws
Please be advised that you should not act upon any of this information without seeking proper legal counsel from an attorney experienced in timeshare law. Roberts Law Group makes no representation or warranty regarding the accuracy, reliability, completeness, or timeliness of any information provided. This information is provided for information only. All information posted here should not be used as a substitute for the advice of an appropriately qualified and licensed lawyer.
In the state of Kentucky, timeshare laws are sanctioned by Kentucky Revised Statutes, specifically Chapter 367.395 and 367.470. These timeshare rules are regulated and enforced by the Kentucky Real Estate Commission. If you have any questions or if your case is one that needs immediate attention, please contact one of our timeshare attorneys at 1-800-242-0532.
Right of Rescission for a Timeshare in Kentucky
Under timeshare law 367.397, in Kentucky you may cancel a vacation club contract within three business days. The request must be submitted in the form of a “Members’ Right to Cancel” notification specific to Kentucky’s timeshare laws. The request must be submitted by midnight of the third day. The rights of timeshare cancelation may not be waived or denied, and full refund must be provided to the purchaser within ten days after notification to cancel is received.
In addition to allowing a rescission period for vacation clubs, the Kentucky Statutes also allow a rescission period for timeshares. Section 367.477 states that in a sale of interest, the subdivider must present to the buyer a statement of the buyer’s rights, including the right to cancel before midnight of the fifth business day after signing the agreement. The statement must also include the address to which the written cancelation must be sent. Until the seller has complied with this section, the buyer may cancel the sale by notifying the seller in any manner and by any means.
Timeshare Foreclosure Laws in Kentucky
Kentucky timeshare law only allows the option for judicial foreclosure. Therefore, timeshare developers must go through the courts system in order to foreclosure on a mortgage or lien. Under this timeshare law, in Kentucky it may vary how much time the borrower has to pay back the owed amount. After that time period has past the court will conduct a sale of the timeshare.
If the timeshare is sold for less than two thirds of the perceived value, the original owner has up to 12 months to repurchase the timeshare for the amount that it was sold by the court, plus interest.
Unsure of your legal rights? Let our experienced timeshare attorneys assist you today. Please call us at 1-800-242-0532 for a case consultation.
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