Within fourteen (14) calendar days after the execution of the contract to purchase a timeshare or within fourteen (14) calendar days after the purchaser's receipt of the public offering statement required by this chapter, whichever occurs later, the purchaser may cancel the contract without penalty.
If a purchaser elects to cancel a contract pursuant to the above paragraph, he may do so by hand delivering notice thereof to the seller or by mailing notice thereof to the seller or to the developer or the developer's agent for service of process by certified mail, return receipt requested.
All payments made by the purchaser before cancellation must be refunded within fifteen (15) days after receipt of the notice of cancellation. (1990 Code)