If a timeshare buyer rescinds their contract, when must the developer refund their money?

When a timeshare buyer rescinds their contract, the developer is required to refund the buyer's money within 30 days. This requirement is established by North Carolina law governing timeshare sales, which is designed to protect consumers and ensure they have adequate recourse if they change their minds about purchasing a timeshare. The 30-day timeframe allows the developer enough time to process the cancellation properly while still prioritizing the buyer's right to a prompt refund.

The law reflects the understanding that buyers should feel secure in their decision to withdraw from a purchase, and a timely refund is a critical component of that reassurance. By enforcing a clear timeline for refunds, the statute aims to maintain trust and fairness in transactions involving timeshares.