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(Consolidated up to 87/2005)
ALBERTA REGULATION 199/99
Fair Trading Act
TIME SHARE CONTRACTS REGULATION
Table of Contents
1 Definitions
2 Excluded class of business
3 Contents of time share contracts
4 Statement of cancellation rights
5 Method of cancellation
6 Offences
7 Expiry
8 Coming into force
Schedule
Definitions
1 In this Regulation,
(a) “Act” means the Fair Trading Act;
(b) “time share property” means the real or personal property that is the subject of a time share contract.
Excluded class of business
2 Division 2 of Part 3 of the Act does not apply to the business of any person who trades in real estate located outside Alberta in accordance with Division 2 of Part 2 of the Real Estate Act.
Contents of time share contracts
3 A time share contract must be in writing and include
(a) the consumer’s name and address;
(b) the supplier’s name, business address, telephone number and, where applicable, fax number;
(c) where applicable, the salesperson’s name and the name of the agency represented by the salesperson;
(d) the date and place at which the time share contract is entered into;
(e) a description sufficient to identify the time share property, including the precise location of the property;
(f) a statement of the period during or the dates on which the consumer is entitled to use, occupy or possess the time share property;
(g) where applicable, the details of any agreement that the consumer or the supplier may substitute different arrangements for the agreed arrangements respecting use, occupancy or possession of the time share property, including when and how substitutions may be made and a statement of any fee, assessment or cost respecting substitutions;
(h) a statement of cancellation rights that conforms with section 4;
(i) an itemized statement of the cost of the time share property and of each fee, assessment or closing cost related to the property or contract;
(j) an itemized statement of each fee, assessment or cost respecting the use, occupancy or possession of any property or facility and membership in any club or organization that the supplier represents is available to the consumer, at the option of the consumer or otherwise, by virtue of entering into the time share contract;
(k) a statement of the sum of
(i) all costs itemized in clause (i), and
(ii) any costs itemized in clause (j) that are mandatory or that the consumer has contracted to pay;
(l) the terms of payment;
(m) in the case of a time share contract where the facilities of the time share property are not yet constructed,
(i) the completion date for providing use, occupancy or possession of the facilities to the consumer, and
(ii) a statement describing any security given by the supplier to ensure completion of the facilities;
(n) where credit is extended,
(i) a statement of any security taken for payment, and
(ii) the disclosure statement required under Part 9 of the Act;
(o) the signatures of the consumer and the supplier.
AR 199/99 s3;87/2005
Statement of cancellation rights
4(1) A statement of cancellation rights must
(a) contain the words specified in the Schedule,
(b) show the heading in not less than 12‑point bold type,
(c) show the first paragraph in 12‑point type, and
(d) show the remainder of the statement in not less than 10‑point type.
(2) Where the statement of cancellation rights is not printed on the front of the time share contract, there must be a notice printed on the front of the contract, in not less than 12‑point bold type, indicating where on the contract the statement of cancellation rights is printed.
Method of cancellation
5 A consumer who cancels a time share contract must give a notice of cancellation to the supplier at the supplier’s business address listed in the contract by any method allowing proof of service, including registered mail, fax or personal service.
Offences
6 A contravention of section 3 or 4 is, for the purposes of section 162 of the Act, an offence.
Expiry
7 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on June 30, 2012.
AR 199/99 s7;108/2002
Coming into force
8 This Regulation comes into force on September 1, 1999.
Schedule
Form
Statutory Right to Cancel
The Fair Trading Act and its regulations specify that a buyer of a time share contract may cancel the contract from the day it is entered into until 10 days after the buyer receives a copy of the contract. The buyer does not need a reason to cancel.
If the buyer cancels the contract, the seller has 15 days to refund the buyer’s money. To cancel, the buyer must give a notice of cancellation to the seller at the address in this contract. The buyer must give notice of cancellation by a method that will allow the buyer to prove that notice was given, including registered mail, fax or personal delivery. If the buyer cancels after using, occupying or possessing the property, the buyer may have to pay a reasonable fee for that use, occupancy or possession after the buyer’s money has been refunded.
AR 199/99 Sched.;87/2005
