Plain English Breakdown
The official source material does not provide specific details about the consequences of breaking new rules or the impact on existing contracts.
Indiana Time Share and Camping Club Purchase Law
This bill amends Indiana's property laws by adding requirements for buying time shares and camping club memberships, giving buyers up to 14 days to cancel their purchase, and prohibiting notaries from participating in transactions if they have a personal interest or work for one of the parties involved.
What This Bill Does
- Adds conditions that must be met before someone can sign a contract to buy an interest in a time share unit.
- Gives people who buy time shares or join camping clubs up to 14 days to cancel their purchase, excluding Sundays and legal holidays.
- Prohibits notaries from performing notarial acts for transactions if they are an interest holder or work for one of the parties involved.
Who It Names or Affects
- People who want to buy time shares or join camping clubs
- Notary publics
Terms To Know
- time share unit
- A part ownership in a vacation property that allows the owner to use it for a certain period each year.
- notarial act
- An official action by a notary public, like signing papers or witnessing signatures.
Limits and Unknowns
- The bill does not specify the consequences of breaking these new rules.
- It is unclear how this will affect existing time share and camping club contracts.