[§514E-11.4]  Defense to action.  In the event a purchaser of a time share interest brings an action for damages under this chapter or under chapter 480, pursuant to section 514E-11.1, it shall be a defense to the action that:

     (1)  The seller offered in writing to cancel the sale of the time share interest within fifteen days of receipt of written notification by the purchaser of an alleged violation of this chapter or chapter 480, pursuant to section 514E-11.1;

     (2)  The seller simultaneously with the offer of cancellation offered in writing to refund the full amount paid by the purchaser, together with interest thereon at the rate of ten per cent a year from the date of payment by the purchaser until the date of repayment, less a pro rata portion of the amount paid representing the portion of any benefits the purchaser actually received or had the right to receive during the time preceding cancellation; and

     (3)  The purchaser refused or failed to accept the written offer of cancellation and refund within thirty days from the date the purchaser received the seller's written offer of cancellation and refund. [L 1981, c 81, pt of §1]