Last updated September 13th, 2022
If you are a Minnesota resident who owns a timeshare property that needs to be cancelled, then our team is available to help you. Our company specializes in connecting timeshare property owners with reputable timeshare exit solution providers who may be able to help you cancel your timeshare once and for all.
Minnesota Timeshare Laws
Timeshare laws for the state of Minnesota can be found within the Minnesota Statutes starting at Chapter 83 which covers subdivided lands. The laws related to advertising can be found at Chapter 83, Sec. 83.45, and the laws related to timeshare registration requirements can be found at Chapter 83, Sec. 83.23. The laws that exist in these sections of the Minnesota Statutes outline the legal requirements of timeshare subdividers. If timeshare subdividers don’t follow the rules in these sections, they face the possibility of legal liability.
In the state of Minnesota, timeshare subdividers are required to provide a public offering statement to timeshare buyers. A public offering statement is a document that lists several important disclosures about the timeshare property, including:
- Name, address, and telephone number of the subdivider
- The material terms of any restrictions or encumbrances on the properties
- Information concerning existing or proposed improvements or amenities
- A statement if there will be assistance from the subdivider for the resale of a unit
The laws that list all of the required disclosures in a public offering statement can be found at Chapter 83, Sec. 83.24.
In the state of Minnesota, you have five days to rescind a timeshare purchase from either the date of the purchase contract or receipt of the public offering statement, whichever is later. This Minnesota timeshare law can be found in the Minnesota Statutes at Chapter 83, Sec. 83.28. If you have any questions about Minnesota timeshare law, then you should seek the advice of an experienced timeshare attorney. We can help you find that attorney. Give us a call at 833-416-8796 or fill out a form on the right side of the page.
Frequently Asked Questions from Minnesota Timeshare Owners
1. Are there laws in Minnesota that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, Minnesota timeshare law prohibits timeshare sellers from deceptive or unfair acts or practices regarding a timeshare. The law also forbids a subdivider from misrepresenting or failing to disclose any material fact regarding a timeshare. Minnesota timeshare purchasers are protected under the prohibited practices section of the Minnesota Statutes at Chapter 83, Sec. 83.44. This section lays out what is legal for timeshare subdividers when advertising or assisting in the sale of their timeshare properties. Failing to adhere to these laws can even result in criminal penalties as shown in Chapter 83, Sec. 83.43.
2. What types of financial harm can I face as a timeshare owner if I simply stopped paying my timeshare maintenance fees?
Answer: Multiple types, while it might be possible that the ownership of a timeshare can just revert to the timeshare company if you stop paying your maintenance fees, most timeshare agreements allow timeshare companies to foreclose the timeshare in court which would likely result in a money judgement against you. Not paying fees or other money owed can damage your credit and can result in garnishment. Minnesota timeshare foreclosure law and procedure follows regular state law and can be found at Chapter 582 of the Minnesota Statutes.
3. Will my heirs be responsible for my timeshare when I die?
Answer: Yes, heirs will most likely be fully responsible for any timeshare that is inherited. Under Minnesota law, however, you may be able to give up ownership of a timeshare by filing a disclaimer of property. The law on disclaimers in Minnesota can be found within the probate section of the Minnesota Statutes at Chapter 524, Sec. 524.2-1107. It is best to speak to an experienced and qualified attorney to find out if you are eligible to disclaim a timeshare property. We can help you find that attorney, call 833-416-8796 or fill out a form on the right side of the page.
4. Are there any laws pending in the Minnesota legislature that can help timeshare owners in the future?
Answer: No, not at the current time.
Our team of professionals is standing by to help you start the process of getting rid of your Minnesota timeshare. In Minnesota, our team’s network of timeshare exit solution providers have helped countless timeshare owners cancel their timeshare contracts legally and permanently without harming the timeshare owner’s credit. At Timeshare Exit Companies, we lean on our past experience to help you achieve future success. We help you discover the best timeshare exit companies that can help you get rid of your timeshare once and for all.
Disclaimer: This page is for informational purposes only. Timeshare Exit Companies does not provide legal services, and none of the information provided in this article should be considered legal advice.