(1) Each contract between the buyer and a credit services organization for the purchase
of the services of the credit services organization shall be in writing, dated, signed
by the buyer, and include all of the following:
(a) a conspicuous statement in bold type, in immediate proximity to the space reserved
for the signature of the buyer, as follows: “You, the buyer, may cancel this contract
at any time prior to midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.”;
(b) the terms and conditions of payment, including the total of all payments to be
made by the buyer, whether to the credit services organization or to some other person;
(c) a full and detailed description of the services to be performed by the credit
services organization for the buyer, including all guarantees and all promises of
full or partial refunds, and the estimated date by which the services are to be performed,
or estimated length of time for performing the services; and
(d) the credit services organization's principal business address and the name and
address of its agent, in Utah, authorized to receive service of process.
(2) The contract shall be accompanied by a completed form in duplicate, captioned
“Notice of Cancellation,” which shall be attached to the contract and easily detachable,
and which shall contain in bold type the following statement written in the same language
as used in the contract:
“Notice of Cancellation
You may cancel this contract, without any penalty or obligation, within five days
from the date the contract is signed.
If you cancel, any payment made by you under this contract will be returned within
10 days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed dated copy of this cancellation
notice, or any other written notice, to_____(name of seller)_____at _____(address of seller)_____(place of business)_____ not later than midnight _____(date)_____.
I hereby cancel this transaction.
(3) The credit services organization shall give to the buyer a copy of the completed
contract and all other documents the credit services organization requires the buyer
to sign at the time they are signed.
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