Oklahoma Timeshare Foreclosure and Right to Cancel Laws
Learn about Oklahoma timeshare foreclosure laws, right to cancel laws, and other timeshare contract laws.
Oklahoma has a relatively small number of timeshare resorts and, consequently, has few laws that address timeshare transactions. Nonetheless, Oklahoma law does provide timeshare purchasers with some protections. For example, if you purchase a timeshare in Oklahoma, you have the right to cancel the contract, but you need to act quickly. Also, keep in mind that if you don't make mortgage payments or timeshare assessment payments, you could lose your Oklahoma timeshare to foreclosure.
Read on to learn more about the most important features of Oklahoma law that pertains to timeshares.
Public Offering Statement
A public offering statement contains general information about the timeshare development and important matters to consider in making the purchase. In Oklahoma, the timeshare developer must provide you with the public offering statement at least 48 hours prior to the sale (Okla. Stat. tit. 71, § 626).
The public offering statement must disclose certain information about the timeshare to you, such as contact information for the developer, a general description of the timeshare property, and information about existing or proposed improvements (Okla. Stat. tit. 71, § 626).
Cancelling a Timeshare Purchase in Oklahoma
Under the Oklahoma Subdivided Land Sales Code, you can also rescind (cancel) a purchase agreement up until five days after the date you actually receive a legible copy of:
- the signed contract and
- the public offering statement (Okla. Stat. tit. 71, § 643).
A contract is also voidable if you don’t receive a copy of the public offering statement before signing the contract (Okla. Stat. tit. 71, § 643).
How to Cancel
To cancel, you must give written notice to the developer at the address stated in the contract (Okla. Stat. tit. 71, § 644(2)). The notice does not need to be in any particular format. (See Nolo’s article on how to cancel a timeshare contract for more information on how to rescind a timeshare purchase.)
How to Dispose of an Oklahoma Timeshare
If the cancellation period has passed and you’re having difficulty making your timeshare payments or just want to be relieved of your timeshare obligation, see Nolo’s article Options to Avoid a Timeshare Foreclosure to learn about different ways to dispose of a timeshare.
Unlawful Timeshare Telemarketing Practices
Timeshare sellers are notorious for getting people to attend sales presentations by offering free gifts, prizes, or vacations. In Oklahoma, it is unlawful for a telemarketer to sell timeshares by misrepresenting to any person that the person has won a contest, sweepstakes, or drawing. It is also illegal for a telemarketer to participate in any deceptive trade practices when selling timeshares (Okla. Stat. tit. 15 § 775A.4).
Oklahoma Timeshare Foreclosures
Often, timeshare purchasers take out a loan to finance the transaction. If you don't make your timeshare mortgage payments, you could lose your timeshare through an Oklahoma foreclosure. (Learn more in Nolo’s article Timeshare Foreclosures.)
In addition to monthly mortgage payments, timeshare owners are ordinarily responsible for maintenance fees, special assessments, utilities, and taxes, collectively referred to as “assessments.” If you don't pay the assessments, the timeshare management entity can place a lien on the timeshare. In Oklahoma, an assessments lien may be foreclosed in the same manner as a mortgage or deed of trust. If the timeshare is foreclosed, the foreclosing entity (usually an owners association) is entitled to recover reasonable attorney’s fees (Okla. Stat. tit. 60 § 852(C)). (Find out more in Nolo’s article Can a Timeshare Be Foreclosed for Nonpayment of Fees or Assessments?)
Finding Oklahoma’s Timeshare Law
To find the statutes governing timeshares in Oklahoma, go to the State Legislature’s webpage at www.oklegislature.gov. Scroll over “Legislation” at the top of the page and click on “Browse Oklahoma Statutes.” The statutes governing foreclosures and deficiency judgments in Oklahoma can be found in Titles 15, 60, and 71.