Nebraska Statutes 69-1605. Cancellation, effect
(1) Within ten days after a home solicitation sale has been canceled, the seller shall cause any money paid by the buyer, including a downpayment, to be returned to the buyer and shall take appropriate action to reflect the termination of the transaction including any security interest created as a result.
Terms Used In Nebraska Statutes 69-1605
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- 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.
(2) Upon cancellation, as allowed by sections 69-1601 to 69-1607, the buyer shall not be liable for any finance or other charge and the transaction, including any security interest, shall be void.
(3) If the seller receives any property from the buyer, he shall return such property in substantially as good condition as it was when it was given within twenty days after cancellation of the transaction. If such property is not returned within such time, the buyer may recover the property or the greater of its agreed or fair market value at retail.