(1) Except for home solicitation sales on loans in which a security interest is taken
in the principal dwelling of the buyer as provided in subsection (6) of this section,
and except as provided in subsection (5) for other goods and services, including all
other consumer loans, in addition to any right otherwise to revoke an offer, the buyer
has the right to cancel a home solicitation sale until midnight of the third business
day after the day on which the buyer signs an agreement or offer to purchase which
complies with this part.
(2) Cancellation occurs when the buyer gives written notice of cancellation to the
seller at the address stated in the agreement or offer to purchase.
(3) Notice of cancellation, if given by mail, is given when it is deposited in a
mailbox properly addressed and postage prepaid.
(4) Notice of cancellation given by the buyer need not take a particular form and
is sufficient if it indicates by any form of written expression the intention of the
buyer not to be bound by the home solicitation sale.
(5) The buyer may not cancel a home solicitation sale if the buyer requests the seller
to provide goods or services without delay because of an emergency, and
(a) The seller in good faith makes a substantial beginning of performance of the contract
before the buyer gives notice of cancellation, and
(b) In the case of goods, the goods cannot be returned to the seller in substantially
as good condition as when received by the buyer.
(6) For home solicitation sales on loans in which a security interest is taken in
the principal dwelling of the buyer, the buyer shall have the right to rescind or
cancel the transaction until midnight of the tenth business day following the later
of the consummation of the loan transaction or the delivery of the material disclosures
required under the Truth in Lending Act, 15 U.S.C. 1601 et seq.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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