Indiana Code 24-5-10-12. Return of consideration upon cancellation; emergency home improvements completed; quantum meruit
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Terms Used In Indiana Code 24-5-10-12
- consumer: means an individual who is the ultimate user of the subject of a consumer transaction. See Indiana Code 24-5-10-2
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- supplier: means a seller, lessor, assignor, or other person who engages in or solicits consumer transactions, including a manufacturer, wholesaler, or retailer, whether or not the supplier deals directly with the consumer. See Indiana Code 24-5-10-6
Sec. 12. If the consumer exercises the right to cancel under this chapter, the supplier shall, within ten (10) business days after the notice of cancellation is delivered, return to the consumer any payment or other consideration transferred to the supplier by the consumer. However, if the transaction constitutes a real property improvement contract under IC 24-5-11 and if the real property improvement has been made on an emergency basis within three (3) days after final agreement to the contract, the supplier is entitled to recover from the consumer the fair market value of the material and labor involved to alleviate the emergency.
As added by P.L.251-1987, SEC.2. Amended by P.L.170-2017, SEC.3.