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Mississippi 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.
The Mississippi Real Estate Commission governs Mississippi timeshare law under their licensing laws. The law the specifically relates to timeshare is Rule VIII – “Time sharing”.
Timeshare Resale Laws in Mississippi
In the state of Mississippi, any seller involved in timeshare sales or resale must be a licensed real estate broker. The only exception to this is the developer and its staff; they are exempted from this timeshare law.
Mississippi Timeshare Cancelation
Under Mississippi timeshare law, a purchaser is entitled to rescind any timeshare contract within seven calendar days of signing the contract or until seven calendar days after receiving the public offering statement, whichever is later. The buyer needs to submit notification that they want to cancel their timeshare contract in writing. The seller must refund all payments (less benefits to the purchaser) within 30 days.
Mississippi timeshare law states that no sales or advertisements may have any misleading or false information. Misrepresentation of the resort and/or what is included within the timeshare plan are also prohibited. The seller is also forbidden from making any contradictory statements, including an asterisk next to a given clause to differ from the original content. It is also deemed unlawful to predict any increase in the future price or value of the timeshare. Mississippi strictly regulates timeshare telemarketing within the state, including when calls can be made, how the caller must identify himself/herself, and registration requirements.
Timeshare Foreclosure Laws in Mississippi
Mississippi gives sellers the right to foreclose on any timeshare property in which there is a delinquent lien on the mortgage or any past due assessments. This foreclosure would be processed similar to a foreclosure on the mortgage of a house. However, under this timeshare law, the developer may not file a lien for any debit caused by manual labor or furnishing of the resort.
Click here to learn more about Rule VIII – “Time sharing”.
If you need help regarding Mississippi timeshare laws, please contact our attorneys to review your options at 1-800-242-0532.
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