Wyoming Timeshare Foreclosure and Right to Cancel Laws
Learn about Wyoming timeshare laws, including contract disclosures, the right to cancel, and foreclosure procedures and protections.
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If you have purchased or are thinking of purchasing a timeshare in Wyoming, or are facing a timeshare foreclosure, it’s important to learn the answers to the following questions:
- How do I cancel a timeshare purchase in Wyoming?
- Are there any timeshare sale protection laws?
- Are there any timeshare resale protection laws?
- If I stop making payments, what is the most common type of timeshare foreclosure procedure (judicial or nonjudicial)?
While Wyoming has not promulgated laws specific to timeshares, read on to find out about existing state laws that are applicable to timeshare transactions.
(Be sure to check out Nolo’s Buying or Selling a Timeshare and Timeshare Foreclosures topic areas where you can find information about selling or donating your timeshare, timeshare foreclosures, options to avoid a timeshare foreclosure, and consequences of a timeshare foreclosure.)
How to Cancel a Timeshare in Wyoming
Wyoming law does not specify a rescission period for timeshare purchases, however the timeshare purchase contract may provide a right to cancel.
Home solicitation sales. If the timeshare sales transaction takes place as the result of a telephone solicitation, the purchase falls under Wyoming’s "home solicitation sales" statute. Under Wyoming law, the purchaser then has the right to cancel the timeshare transaction until midnight of the third business day after the day on which the contract is signed (Wyo. Stat. Ann. § 40-12-104).
However, the cancellation period does not begin unless and until the buyer is given:
- a copy of the completed, approved and accepted contract
- the name and address to which the notice of cancellation should be sent, and
- is provided with a written statement of cancellation rights (Wyo. Stat. Ann. § 40-12-104).
How to cancel. To cancel, the purchaser must send written notice of cancellation to the seller at the address stated in the contract. The notice of cancellation does not need to be in a particular format. The notice is sufficient if it indicates the intention of the buyer to cancel the home solicitation sale. The seller must return payments made under the contract within ten business days after the seller receives the cancellation notice (Wyo. Stat. Ann. § 40-12-104).
(Learn more about cancelling a timeshare purchase in Nolo’s article How Do I Cancel a Timeshare Contract?)
Wyoming Timeshare Sale Protection Law
Timeshare salespeople are known for using hard-sell tactics and misrepresentations to get you to make a snap decision about buying a timeshare. Wyoming law makes it illegal for a person to engage in unfair or deceptive acts or practices in the course of business (Wyo. Stat. Ann. § 40-12-105).
Wyoming Timeshare Resale Protection Law
Owners often find it extremely difficult to sell their timeshares since there is virtually no after-market for them. As a result, scam artists have popped up who will falsely tell a timeshare owner that there is a ready and willing buyer for the timeshare -- but the timeshare owner must pay hundreds or thousands of dollars in upfront fees to process the transaction. After the timeshare owner pays the fees, the scammer often disappears. Wyoming law provides some protection to shield consumers from this type of resale scam.
Real estate license required. In Wyoming, only licensed real estate brokers may complete timeshare resale deals (Wyo. Stat. Ann. § 33-28-104).
Timeshare Foreclosure Procedure
If you take out a loan to purchase an interest in a deeded timeshare and fail to make your timeshare mortgage payments or keep up with the assessments, you will likely face foreclosure. (In addition to monthly mortgage payments, timeshare owners are ordinarily responsible for maintenance fees, special assessments, utilities, and taxes, collectively referred to as “assessments.” Find out more in Nolo’s article Can a Timeshare Be Foreclosed for Nonpayment of Fees or Assessments?)
In Wyoming, the foreclosure can be judicial or nonjudicial. (To learn more about the difference between judicial and nonjudicial foreclosure, and the procedures for each, visit Nolo's Judicial v. Nonjudicial Foreclosure page.)
(Learn more about the Wyoming foreclosure process.)
Wyoming Timeshare Laws
To find the relevant Wyoming statutes, go to http://legisweb.state.wy.us/titles/statutes.htm and click on “Wyoming Statutes, Constitution and Non-Codified Water Laws.” Then go to Title 40 (Trade and Commerce), Chapter 12 (Consumer Protection) and Title 33 (Professions and Occupations), Chapter 28 (Real Estate Brokers and Salesmen).
(For general articles on foreclosure in Wyoming, visit our Wyoming Foreclosure Law Center.)