(a) Contents.--Every contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, shall be dated, shall be signed by the buyer and shall include all of the following:(1) A conspicuous statement in size equal to 10-point bold type or the size type used for the contract provisions, whichever is larger, 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 12 midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.
(2) 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.(3) 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 such services are to be performed or estimated length of time for performing such services.(4) The credit services organization's principal business address and the name and address of its agent, other than the Secretary of the Commonwealth, authorized to receive service of process.(b) Copy.--A copy of the fully completed contract and all other documents the credit services organization requires the buyer to sign shall be given to the buyer at the time they are signed.(c) Notice of cancellation.--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 at least 10-point 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 15 days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed and 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 12 midnight (date).
I hereby cancel this transaction.
| _______ | __________________________________________________________________________ |
| (date) | (purchaser's signature) |
(d) Effect of breach.--The seller's breach of a contract under this act or of any obligation arising therefrom shall constitute a violation of this act.1992, Dec. 16, P.L. 1144, No. 150, § 6, effective in 6 months.