(1) Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public-offering statement and any amendments and supplements thereto. The contract shall be voidable by the purchaser until he or she has received the public-offering statement and for three business days thereafter. Cancellation shall be without penalty, and all payments made by the purchaser before cancellation shall be refunded within thirty days after receipt of the notice of cancellation as provided in subsection (3) of this section.

(2) Up to three business days after the receipt by the purchaser of the public-offering statement, the developer may cancel the contract of purchase without penalty to either party. The developer shall return all payments made and the purchaser shall return all materials received in good condition, reasonable wear and tear excepted. If such materials are not returned, the developer may deduct the cost of the same and return the balance to the purchaser.

(3) If either party elects to cancel a contract pursuant to subsection (1) or (2) of this section, he or she may do so by hand-delivering notice thereof to the other party or by mailing notice thereof by prepaid United States mail to the other party or to his or her agent for service of process.