Oklahoma § 24-137 - Contracts - Contents - Form for "Notice of Cancellation" Copies

§ 24-137. Contracts - Contents - Form for "Notice of Cancellation" Copies

A. 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 the following:

1. A conspicuous statement in bold face 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";

2. 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;

3. 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

4. The credit services organization's principal business

address which shall be the actual office location of the

organization and the name and address of its agent in the state

authorized to receive service of process.

B. The contract shall be accompanied by a completed form in

duplicate, captioned "Notice of Cancellation" that shall be attached

to the contract, be easily detachable, and contain in bold face 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 (5) days from the date the contract is

signed.

If you cancel any payment made by you under this contract,

it will be returned within ten (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,

Oklahoma Statutes - Title 24. Debtor and Creditor

(date)

(purchaser's signature)

"

C. 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.

Added by Laws 1987, c. 35, § 7, emerg. eff. April 20, 1987.