If you are a resident of the state of New Mexico and own a timeshare that you would like to cancel, then our team is standing by to assist. We help timeshare owners find reputable timeshare exit solution providers who may be able to help you legally cancel your unwanted timeshare.
New Mexico Timeshare Laws
Timeshare laws for the state of New Mexico are located within the New Mexico Statutes starting at Chapter 47, Article 11. This section is known as the New Mexico Time Share Act. The laws related to timeshare registration requirements can be found at Section 47-11-2.1, and the laws related to exchange programs can be found at Section 47-11-8. The laws within the New Mexico Time Share Act outline the rules that timeshare developers are expected to follow or face potential legal liability.
In the state of New Mexico, timeshare developers are required to give prospective timeshare buyers a disclosure statement. A disclosure statement is a document that contains important disclosures about a timeshare property that is offered for sale, and is required to include:
- The total financial obligation of the purchaser
- The nature and duration of each agreement the developer has with management
- The specific term of the timeshare
- The purchaser’s cancellation rights
The laws that describe all of the mandatory disclosures that timeshare developers are required to make in a disclosure statement can be found at Section 47-11-4 of the New Mexico Time Share Act.
In the state of New Mexico, you have seven days to rescind a timeshare purchase from the date of the execution of the purchase contract. This New Mexico timeshare law can be found in the New Mexico Time Share Act at Section 47-11-5. If you have any questions about New Mexico 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 New Mexico Timeshare Owners
1. Are there laws in New Mexico that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, New Mexico timeshare law advertisements and promotions are regulated under Section 47-11-6 of the New Mexico Time Share Act. This section states that timeshare advertisements and promotions are regulated under the Unfair Practices Act, which declares any unfair or deceptive practice against the law. The Unfair Practice Act starts at Chapter 57, Article 12 of the New Mexico Statutes.
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. New Mexico timeshare foreclosure law and procedure operates under regular state law and can be found starting at Chapter 39, Article 5 of the New Mexico Statutes which describes the procedures for foreclosure sales.
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 New Mexico law, however, you may able to give up ownership of a timeshare by filing for a disclaimer of property. The law on disclaimers in New Mexico can be found at the intestate succession and wills section describing property interests within the New Mexico Statutes starting at Chapter 45, Article 2, Part 11. 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 New Mexico 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 New Mexico timeshare. In New Mexico, 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.