This bill amends existing law to allow consumers aged 65 and over a longer period to cancel home improvement contracts. Specifically, it extends the cancellation period from the current three business days to five business days for seniors, enabling them to cancel for any reason before midnight of the fifth business day after receiving a copy of the signed contract. This change acknowledges the potential need for additional time for senior citizens to review contracts due to factors related to advanced age.

In addition to the extended cancellation period, the bill outlines the process for cancellation, requiring consumers to notify the contractor in writing, either by registered or certified mail or through personal delivery. It mandates that all funds paid under the cancelled contract be refunded within 30 days, and any related credit or loan agreements must also be cancelled without penalty. The bill also requires a conspicuous notice in the contract informing consumers of their cancellation rights, including the new timeframes.

Statutes affected:
Introduced: 56:8-151