13-21-7. Written contracts required -- Contents -- Notice of cancellation of
contract.
(1) Each contract between the buyer and a credit services organization for the purchase of
the services of the credit services organization shall be in writing, dated, signed by the buyer, and
include all of the following:
(a) a conspicuous statement in bold type, in immediate proximity to the space reserved
for the signature of the buyer, as follows: "You, the buyer, may cancel this contract at any time
prior to midnight of the fifth day after the date of the transaction. See the attached notice of
cancellation form for an explanation of this right.";
(b) the terms and conditions of payment, including the total of all payments to be made
by the buyer, whether to the credit services organization or to some other person;
(c) a full and detailed description of the services to be performed by the credit services
organization for the buyer, including all guarantees and all promises of full or partial refunds, and
the estimated date by which the services are to be performed, or estimated length of time for
performing the services; and
(d) the credit services organization's principal business address and the name and address
of its agent, in Utah, authorized to receive service of process.
(2) The contract shall be accompanied by a completed form in duplicate, captioned
"Notice of Cancellation," which shall be attached to the contract and easily detachable, and
which shall contain in bold type the following statement written in the same language as used in
the contract:
"Notice of Cancellation
You may cancel this contract, without any penalty or obligation, within five days from the
date the contract is signed.
If you cancel, any payment made by you under this contract will be returned within 10
days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed dated copy of this cancellation notice, or
any other written notice, to _____(name of seller)_____at _____(address of seller)_____ (place
of business)_____ not later than midnight _____(date)_____.
I hereby cancel this transaction.
_______________(date)
__________________________________________________________
(purchaser's signature)"
(3) The credit services organization shall give to the buyer a copy of the completed
contract and all other documents the credit services organization requires the buyer to sign at the
time they are signed.
Amended by Chapter 306, 2007 General Session
Download Code Section Zipped WordPerfect 13_21_000700.ZIP 3,008 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Wednesday, July 23, 2008