Last updated September 13th, 2022
If you live in the state of Mississippi and you are the owner of a timeshare property that you would like to cancel, then we are standing by to help you. Our company helps timeshare property owners connect with reputable timeshare exit solution providers who may be able to help timeshare property owners legally cancel their timeshare properties once and for all.
Mississippi Timeshare Laws
Timeshare laws for the state of Mississippi can be found within the Mississippi Real Estate Commission rules and regulations starting at Part 1601, Chapter 8. The laws related to advertising can be found at Part 1601, Chapter 8, Rule 8.11, and the laws related to timeshare developer escrow requirements can be found at Part 1601, Chapter 8, Rule 8.9. These sections of the law outline the rules that timeshare property developers must follow or face potential legal liability.
In the state of Mississippi, timeshare developers are required to make specific disclosures in the form of a public offering statement when offering timeshare properties for sale to buyers. A public offering statement is required to contain important information about the timeshare, including:
- Name and address of timeshare developer
- A general description of the timeshare property
- Annual budget and fees
- A description of any financing offered by the timeshare developer
The laws that detail all of the disclosure requirements for Mississippi timeshare developers can be found at Part 1601, Chapter 8, Rule 8.4.
In the state of Mississippi, you have seven calendar 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 Mississippi timeshare law can be found in the Mississippi Real Estate Commission rules and regulations at Part 1601, Chapter 8, Rule 8.7. If you have any questions about Mississippi 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 Mississippi Timeshare Owners
1. Are there laws in Mississippi that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, Mississippi timeshare law prohibits timeshare sellers from false or contradictory acts or practices regarding a timeshare. The law also forbids a developer from misrepresenting or failing to disclose any material fact regarding a timeshare. Mississippi timeshare property purchasers are protected under the regulations of timeshare advertising and marketing section of the Mississippi Real Estate Commission rules and regulations at Part 1601, Chapter 8, Rule 8.11. This section lays out all of the legal responsibilities that timeshare developers have when advertising or marketing the sale of their timeshare properties.
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 judgment against you. Not paying fees or other money owed can damage your credit and can result in the garnishment. Mississippi timeshare foreclosure law and the procedure can be found at the liens section of the Mississippi Real Estate Commission rules and regulations Part 1601, Chapter 8, Rule 8.13.
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 Mississippi law, however, you may able to give up ownership of a timeshare by filing for a disclaimer of property. The law on disclaimers in Mississippi can be found within the Uniform Disclaimer of Property Interests Act of the Mississippi Code at Title 89, Chapter 21. It is best to speak to an experienced and qualified attorney to find out if you are eligible to file for a disclaimer of 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 Mississippi 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 Mississippi timeshare. In Mississippi, 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.