What is the maximum number of days a refund must be processed after notice of cancellation?

The maximum number of days for processing a refund after notice of cancellation is set at 30 days. This timeframe is established by regulations governing timeshare transactions to ensure consumer protection and promote prompt resolution of cancellations. In the context of Tennessee timeshare laws, this 30-day period allows for an efficient administrative process, enabling the timeshare company to manage refunds while also ensuring that consumers receive their funds back in a timely manner after they exercise their right to cancel the purchase.

It's crucial that businesses adhere to this regulation as it enhances consumer trust and accountability in the timeshare market. The other timeframes mentioned, such as 15, 60, or 90 days, exceed or fall short of the established requirement, making them unsuitable under current guidelines. Understanding this regulation is essential for both consumers and timeshare operators, as it clarifies the expectations around cancellation and refunds in timeshare agreements.