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Updates to The Cooling-Off Rule

January 25, 2016

We often receive questions about the “right to cancel” or “cooling off” rule.  Many people have heard about a law which allows consumers to cancel contracts within 3 days of signing, but most people don’t know the details.  In general the “cooling off” rule applies to sales made outside of your normal place of business (e.g. sales made at customer’s homes or offices, or sales made at trade shows, outside events or temporary locations).  There are certain exclusions for smaller sales (sales of $25 or less made at a customer’s home or sales of $130 or less at trade show), but most larger sales are covered by the rule.

 

If your sale is covered by the rule then you must comply with certain notice requirements.  The following is a summary of the requirements (please note there may be other local, state and/or federal requirements applicable to your sales, depending on what you are selling):

 

-Seller must tell the customer about the right to cancel at the time of the sale

 

-Seller must give the customer at least two copies of the statutory cancellation form

 

-Seller must give the customer a copy of the contract or receipt, which must be dated, show the name and address of the seller, and explain the Customer’s right to cancel

 

-If the sales process is conducted in a language other than English then the contract or receipt must be in that same language

 

Be aware that failure to comply can result in fines, attorney fees and other sanctions.  For more information visit the FTC’s website by clicking here.

 

If you need assistance in drafting contract language, complying with FTC rules, understanding your duties under the “cooling off” rule, or preparing the required notices please contact our attorneys (Pat Durazzo, Neal Eckel or Eric Hawkins) at 520-792-0448 or attorneys@durazzo-eckel.com.  Our lawyers work with businesses in Tucson and throughout Southern Arizona on all types of business, employment and other legal matters.

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