13-21-7 - Written contracts required -- Contents -- Notice of cancellation of contract.

13-21-7. Written contracts required -- Contents -- Notice of cancellation ofcontract.
(1) Each contract between the buyer and a credit services organization for the purchase ofthe services of the credit services organization shall be in writing, dated, signed by the buyer, andinclude all of the following:
(a) a conspicuous statement in bold type, in immediate proximity to the space reservedfor the signature of the buyer, as follows: "You, the buyer, may cancel this contract at any timeprior to midnight of the fifth day after the date of the transaction. See the attached notice ofcancellation form for an explanation of this right.";
(b) the terms and conditions of payment, including the total of all payments to be madeby 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 servicesorganization for the buyer, including all guarantees and all promises of full or partial refunds, andthe estimated date by which the services are to be performed, or estimated length of time forperforming the services; and
(d) the credit services organization's principal business address and the name and addressof 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, andwhich shall contain in bold type the following statement written in the same language as used inthe contract:

"Notice of Cancellation

You may cancel this contract, without any penalty or obligation, within five days from thedate the contract is signed.
If you cancel, any payment made by you under this contract will be returned within 10days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed dated copy of this cancellation notice, orany other written notice, to _____(name of seller)_____at _____(address of seller)_____ (placeof 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 completedcontract and all other documents the credit services organization requires the buyer to sign at thetime they are signed.

Amended by Chapter 306, 2007 General Session