75-66-5 - When buyer's signature required on agreement or offer to purchase or attached statement; contents of documents; effect of seller's failure to comply with section.
§ 75-66-5. When buyer's signature required on agreement or offer to purchase or attached statement; contents of documents; effect of seller's failure to comply with section.
(1) In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller must present to the buyer and obtain his signature to a written agreement or offer to purchase or his signature to a statement executed simultaneously with and attached to the written agreement or offer to purchase, which written statement, offer to purchase or attached statement, designates as the date of the transaction the date on which the buyer actually signs and contains a statement of the buyer's rights which shall comply with either subsection (2) or subsection (3) of this section.
(2) The statement must:
(a) appear under the conspicuous caption: "BUYER'S RIGHT TO CANCEL," and
(b) read as follows: "If this agreement was solicited at your residence and you do not want the goods or services, you may cancel this agreement by mailing a notice to the seller by certified or registered mail. The notice must say that you do not want the goods or services and must be mailed before midnight on the third business day after you sign this agreement. The notice must be mailed to: ________ (insert name and mailing address of seller). If you cancel, the seller may keep all or part of your cash down payment, but in no event may the seller retain an amount in excess of five percent (5%) of the cash price or the amount of the cash down payment whichever is the lesser."
(3) A home solicitation sales contract which contains the notice of cancellation in the form and content required by rule or regulation of the Federal Trade Commission shall comply with the requirements of this section if it contains information to the consumer concerning his right to cancel at least equal to that required by subsection (2).
(4) Until the seller has complied with this section, the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of his intention to cancel.
Sources: Laws, 1974, ch. 532, § 3, eff from and after July 1, 1974.