75-66-7 - Tender to buyer on cancellation or revocation; retention of cancellation fee; rights of buyer on seller's failure to act.
§ 75-66-7. Tender to buyer on cancellation or revocation; retention of cancellation fee; rights of buyer on seller's failure to act.
(1) Except as provided in this chapter, within ten (10) days after a home solicitation sale has been cancelled or an offer to purchase revoked, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness.
(2) If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.
(3) The seller may retain as a cancellation fee five percent (5%) of the cash price but not exceeding the amount of the cash down payment. If the seller fails to comply with an obligation imposed by this section, or if the buyer avoids the sale on any ground independent of his right to cancel provided by the provisions on the buyer's right to cancel as provided by Section 75-66-3 (1) of this chapter or revokes his offer to purchase, the seller is not entitled to retain a cancellation fee.
(4) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to him by the seller and has a lien on the goods in his possession or control for any recovery to which he is entitled.
Sources: Laws, 1974, ch. 532, § 4, eff from and after July 1, 1974.