(a) Within fifteen days. A purchaser may rescind a subscription agreement for the initial sale of a membership within fifteen (15) days after signing a subscription agreement.
(b) Within five days. A purchaser may rescind a subscription agreement for the initial sale of a membership within five (5) days after receiving any material change in the property report.
(c) Until receipt of a membership certificate. If a developer fails to comply with a requirement of this chapter, the purchaser may rescind the subscription agreement until the purchaser receives a membership certificate.
(d) Liability. A purchaser may rescind a subscription agreement under this section without liability on the part of the purchaser.
(e) Notice in writing. A purchaser may rescind a subscription agreement under this section by giving the developer written notice of rescission.
(f) Return of deposit. If a developer receives a notice of rescission, the developer must within ten (10) days return to the purchaser the deposit that the purchaser made on account of the subscription agreement.
(g) Waiver of right prohibited. A purchaser may not waive the right under this section to rescind a subscription agreement. (1985 L.M.C., ch. 39, § 1.)