§ 34-36.1-4.08 - Purchaser's rights to cancel. - Rhode Island Statutes

SECTION 34-36.1-4.08

   § 34-36.1-4.08  Purchaser's rights tocancel. – (a) A person required to deliver a public offering statement pursuant to §34-36.1-4.02(c) shall provide a purchaser of a unit with a copy of the publicoffering statement and all amendments thereto before conveyance of that unit,and not later than the date of any contract of sale. Unless a purchaser isgiven the public offering statement more than ten (10) days before execution ofa contract for the purchase of a unit the purchaser, before conveyance, maycancel the contract within ten (10) days after first receiving the publicoffering statement.

   (b) If a purchaser elects to cancel a contract pursuant tosubsection (a), he or she may do so by hand delivering notice thereof to theofferor or by mailing notice thereof by prepaid United States mail to theofferor or offeror's agent for service of process. Cancellation is withoutpenalty, and all payments made by the purchaser before cancellation shall berefunded promptly.

   (c) If a person required to deliver a public offeringstatement pursuant to § 34-36.1-4.02(c) fails to provide a purchaser towhom a unit is conveyed with that public offering statement and all amendmentsthereto as required by subsection (a), the purchaser, in addition to any rightsto damages or other relief, is entitled to receive from that person an amountequal to ten percent (10%) of the sales price of the unit.