How Do I Cancel a Timeshare Contract in Colorado?

Full question:

I AND MY WIFE PURCHASED A TIMESHARE AT THE GRAN LODGE ON PEAK 7 TODAY BUT AFTER LOOKING EVERYTHING OVER TONIGHT WE REALIZE THIS WON'T WORK FOR US AND WHAT WE WANTED TO DO. HOW OR CAN WE GET OUT OF THE CONTRACT?

• Category: Contracts
• Subcategory: Recission
• Date: 04/07/2025
• State: Colorado

Answer:

In Colorado, a consumer has five calendar days to cancel the sale of a timeshare. A written notice of recission may be delivered by hand, telegram, or mail. I suggest sending by a method that provides verification of receipt and obtaining a written confirmation of cancellation.

6-1-703. Time shares — deceptive trade practices.

(1) A person engages in a deceptive trade practice when, in the course of
such person's business, vocation, or occupation, such person engages in one
or more of the following activities in connection with the advertisement or
sale of a time share:

(a) Misrepresents the investment, resale, or rental value of any time
share; the conditions under which a purchaser may exchange the right to use
accommodations or facilities in one location for the right to use
accommodations or facilities in another location; or the period of time
during which the accommodations or facilities contracted for will be
available to the purchaser;

(b) Fails to allow any purchaser of a time share a right to rescind the
sale within five calendar days after the sale;

(c) Fails to provide conspicuous notice on the contract of the right of a
purchaser of a time share to rescind the sale either by telegram, mail, or
hand delivery. For purposes of this section, notice of rescission is
considered given, if by mail when postmarked, if by telegram when filed for
telegraphic transmission, or if by hand delivery when delivered to the
seller's place of business.

(d) Fails to refund any down payment or deposit made pursuant to a time
share contract within seven days after the seller receives the purchaser's
written notice of rescission.