(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 face 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;
(d) The credit services organization's principal business
address and the name and address of its agent in the state
authorized to receive service of process;
(2) The contract shall be accompanied by a completed form in
duplicate, captioned "Notice of Cancellation" that shall be
attached to the contract, be easily detachable, and contain in bold
face type the following statement written in the same language as
used in the contract.
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, it will be returned within ten 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,
(date)
(purchaser's signature) "
[1986 c 218 § 7.]