Timeshare laws in Idaho are not very extensive, but they do provide timeshare purchasers with several important protections. For example, if you purchase a timeshare in Idaho, you have the right to cancel the contract, but you’ll have to act fast. In addition, Idaho law prohibits timeshare salespeople from making misleading and fraudulent statements to potential timeshare purchasers. Keep in mind that if you don't make mortgage payments or timeshare assessment payments, you could lose your Idaho timeshare to foreclosure.
Read on to learn more about the most significant features of Idaho’s timeshare law.
In Idaho, you have up until 11:59 p.m. of the fifth calendar day after signing the contract to cancel a timeshare purchase (Idaho Code Ann. § 55-1804A).
To cancel the contract, you must provide notice to the seller in writing by:
The timeshare purchase contract must include a statement about your right to cancel in boldface type on the signature page and must include the address of the seller so you know where to send the notice of cancellation (Idaho Code Ann. § 55-1804A).
A public offering statement contains detailed information about the timeshare project and important matters you should consider when buying a timeshare interest. In Idaho, a copy of the public offering statement must be provided to each prospective timeshare purchaser before he or she signs the purchase agreement.
The public offering statement must include the following information (among other things):
Timeshare salespeople are known for using hard-sell tactics and misrepresentations to get you to make a snap decision about buying a timeshare. Idaho law provides protections to shield consumers from deceptive sales practices.
Idaho law makes it illegal for a timeshare seller to:
In Idaho, timeshare brokers and salespeople must be licensed (Idaho Code Ann. § 55-1817).
Often, timeshare purchasers take out a loan to finance the transaction. If the deadline to cancel the purchase has expired and you don't make your timeshare mortgage payments, you could lose your timeshare through foreclosure. (Learn more in Nolo’s article Timeshare Foreclosures. And read about Idaho's Foreclosure Laws.)
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 fail to keep up with the assessments, you will also likely face foreclosure. (Find out more in Nolo’s article Can a Timeshare Be Foreclosed for Nonpayment of Fees or Assessments?)
To read the statutes governing foreclosures in Idaho, go to the state legislature’s webpage at www.legislature.idaho.gov, then hover over “Statutes & Rules” and click on “Idaho Statutes.” The relevant statutes can be found in Title 55, Chapter 18.