Current as of: February 2010 (a) In general
Any consumer may cancel any contract with any credit repair
organization without penalty or obligation by notifying the credit
repair organization of the consumer's intention to do so at any
time before midnight of the 3rd business day which begins after the
date on which the contract or agreement between the consumer and
the credit repair organization is executed or would, but for this
subsection, become enforceable against the parties.
(b) Cancellation form and other information
Each contract shall be accompanied by a form, in duplicate, which
has the heading "Notice of Cancellation" and contains in bold face
type the following statement:
"You may cancel this contract, without any penalty or
obligation, at any time before midnight of the 3rd day which
begins after the date the contract is signed by you.
"To cancel this contract, mail or deliver a signed, dated copy
of this cancellation notice, or any other written notice to [
name of credit repair organization ] at [ address of credit
repair organization ] before midnight on [ date ]
"I hereby cancel this transaction,
[ date ]
[ purchaser's signature ].".
(c) Consumer copy of contract required
Any consumer who enters into any contract with any credit repair
organization shall be given, by the organization -
(1) a copy of the completed contract and the disclosure
statement required under section 1679c of this title; and
(2) a copy of any other document the credit repair organization
requires the consumer to sign,
at the time the contract or the other document is signed.Legislative History ________________________________________________________________________
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