TITLE 5
Businesses and Professions

CHAPTER 5-79
Mortgage Foreclosure Consultant Regulation

SECTION 5-79-2


§ 5-79-2 Rescission of foreclosure consultant contract.

(a) In addition to any other right under law to rescind a contract, an owner has the right to cancel such a contract until midnight of the third (3rd) business day after the day on which the owner signs a contract that complies with § 5-79-3.

(b) Cancellation occurs when the owner gives written notice of cancellation to the foreclosure consultant at the address specified in the contract.

(c) Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

(d) Notice of cancellation given by the owner need not take the particular form as provided with the contract and, however expressed, is effective if it indicates the intention of the owner not to be bound by the contract.

History of Section.
(P.L. 2006, ch. 242, § 1; P.L. 2006, ch. 287, § 1.)