This bill amends existing law to allow consumers aged 65 and over a longer period to cancel home improvement contracts. Specifically, it permits these consumers to cancel such contracts for any reason before midnight of the fifth business day after receiving a copy of the signed contract, an extension from the current three business days allowed for all consumers. The bill aims to address the needs of senior citizens, who may require additional time to review contracts due to their age.

In addition to the extended cancellation period, the bill outlines the process for cancellation, which must be done in writing and can be sent via registered or certified mail or delivered in person. It also mandates that all funds paid under the cancelled contract be refunded within 30 days, and any related credit agreements must be cancelled without penalty. The contract must include a conspicuous notice informing consumers of their cancellation rights, including the specific time frames applicable to different age groups.

Statutes affected:
Introduced: 56:8-151