Page 18 - Book8E

Try not to become a man of success but rather to become a man of value.
—Albert Einstein
8
Under the Cooling-Off Rule, the salesperson must tell you about your cancellation rights at the time of sale. He or she must also give you two copies of a cancellation form (one to keep and one to send) and a copy of your contract or receipt. The contract or receipt should be dated, show the name and address of the seller, and explain your right to cancel. The contract or receipt must be in the same language that's used
in the sales presentation.
Some Exceptions
Certain types of sales cannot be cancelled even if they do occur in locations normally covered by the Rule. The Cooling-Off Rule does
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cover sales that:
are under $25;
are for goods or services not primarily intended for personal, family, or household purposes; (The Rule applies to courses of instruction or training.);
are made entirely by mail or telephone;
are the result of prior negotiations at the seller’s permanent busi- ness location where the goods are sold regularly;
are made as part of your request for the seller to do repairs or maintenance on your personal property (purchases made beyond the maintenance or repair request are covered).
Also exempt from the Cooling-Off Rule are sales that involve:
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real estate, insurance, or securities;
automobiles, vans, trucks, or other motor vehicles sold at tem- porary locations, provided the seller has at least one permanent place of business; or
arts or crafts sold at fairs or locations such as shopping malls, civic centers, and schools.
Important Laws and Regulations Designed to Protect Consumers