P.R. Laws tit. 31, § 1253
(1) A purchaser shall have the right to cancel his purchase contract until midnight of the seventh calendar day following the date upon which the purchaser executed such purchase contract or received the timeshare or vacation club permit, whichever occurs later. Purchaser shall also have the right to cancel his purchase contract after the rescission period has expired if the developer has not completed the accommodations which are the object of the purchase contract or of the timeshare or vacation club right which is the object thereof within the term set forth in § 1254b of this title. The following notice of the purchaser’s right of cancellation shall be set forth in conspicuous type in the immediate proximity of the place for the purchaser’s signature in the purchase contract:
YOU MAY CANCEL THIS PURCHASE CONTRACT AND RECEIVE A REFUND OF ANY MONIES PAID TO THE SELLER, LESS THE VALUE OF ANY BENEFITS RECEIVED PURSUANT TO THIS PURCHASE CONTRACT, WITHIN SEVEN DAYS FOLLOWING THE DATE UPON WHICH YOU EXECUTED THIS PURCHASE CONTRACT OR RECEIVED THE TIMESHARE [OR VACATION CLUB] PERMIT, WHICHEVER OCCURRED LATER. SHOULD YOU DECIDE TO CANCEL THIS CONTRACT FOR ANY REASON, YOU MUST PROVIDE WRITTEN NOTICE OF YOUR DECISION TO [NAME OF SELLER] AT [SELLER’S ADDRESS] BY FIRST CLASS MAIL POSTMARKED PRIOR TO MIDNIGHT OF THE SEVEN (7TH) CALENDAR DAY AFTER YOU SIGNED THIS PURCHASE CONTRACT OR RECEIVED THE TIMESHARE [OR VACATION CLUB] PERMIT, WHICHEVER OCCURRED LATER.
The purchaser’s right of cancellation, as provided in this subsection shall not be subject to waiver by the purchaser, and any provision of the purchase contract or any other timeshare or vacation club document purporting to constitute such a waiver shall he deemed null and void.
Any notice of cancellation given by mail, postage prepaid, shall be effective on the date postmarked. Any written notice of cancellation delivered other than by mail shall be effective at the time of its delivery at the place of business of the seller designated in the form of notice of cancellation.
(2) It shall be a violation of this chapter for a developer to misrepresent in any manner a purchaser’s right to cancel his purchase contract or to fail or refuse to refund any and all payments made by the purchaser of a timeshare or vacation club right or accommodation and return any negotiable instruments (other than checks) executed by the purchaser as partial consideration for his purchase, less the value of any benefits received by the purchaser pursuant to his purchase contract, within ten (10) days following the developer’s receipt of the purchaser’s written notice of cancellation.
History —Dec. 26, 1995, No. 252, § 3-101.