A.  For the purposes of this section the following definitions shall apply to the terms used herein:

(1)  An “itinerant door-to-door salesman” means as a person who has no fixed place of business and who goes from house to house, or from place to place, selling or offering for sale goods and services.  

(2)  A “purchase agreement” means a written agreement which obligates a person to accept merchandise or services from another for a stated consideration in excess of one hundred fifty dollars.  

B.  Any person who signs a purchase agreement with an itinerant door-to-door salesman has a period of three days in which to withdraw his consent to the agreement, the three-day period shall commence on the day following the making of the agreement by the purchaser.  

Acts 1970, No. 428, §§1, 2.