Indiana Code 24-5-15-7. Contract between consumer and credit services organization; notice of cancellation form
(1) A statement in at least 10 point boldface type in immediate proximity to the space reserved for the signature of the buyer that reads:
Terms Used In Indiana Code 24-5-15-7
- buyer: means an individual who is solicited to purchase or who purchases the services of a credit services organization. See Indiana Code 24-5-15-1
- Contract: A legal written agreement that becomes binding when signed.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- credit services organization: means a person that, with respect to the extension of credit by another person, sells, provides, performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration, any of the following services:
Indiana Code 24-5-15-2
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means an individual, a corporation, a partnership, a joint venture, or any other entity. See Indiana Code 24-5-15-4
- Service of process: The service of writs or summonses to the appropriate party.
(2) The terms and conditions of payment, including the total amount of all payments to be made by the buyer to the credit services organization or to another person.
(3) A complete and detailed description of the services to be performed and the results to be achieved by the credit services organization for or on behalf of the buyer, including all guarantees and all promises of full or partial refunds and a list of the adverse information appearing on the consumer’s credit report that the credit services organization expects to have modified and the estimated date by which each modification will occur.
(4) The principal business address of the credit services organization and the name and address of the credit services organization’s agent in Indiana authorized to receive service of process.
(b) A contract shall be accompanied by two (2) copies of a form captioned “NOTICE OF CANCELLATION” attached to the contract and that contains the following statement in at least 10 point boldface type:
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NOTICE OF CANCELLATION |
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You may cancel this contract, without any penalty or obligation, at any time before midnight of the third business day after the date the contract is signed. |
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If you cancel, any payment made by you under this contract will be returned within ten days following receipt by the seller of your cancellation notice, or any other written notice, to |
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_____________________________________________________ |
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(name of seller) |
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_____________________________________________________ |
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(address of seller) |
(place of business) |
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not later than midnight __________________________________ |
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(date) |
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“I hereby cancel this transaction”. _________________________ |
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(date) |
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_____________________________________________________ |
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(buyer’s signature) |
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(c) A credit services organization shall give a copy of the completed contract and all other documents required by the credit services organization to the buyer at the time the contract and the documents are signed.
(d) If a contract is subject to this chapter and to IC 24-5.5, IC 24-5.5-4 applies to the contract.
As added by P.L.142-1990, SEC.1. Amended by P.L.209-2007, SEC.1.