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. This change aims to accommodate the needs of senior citizens, who may require additional time to thoroughly review contract details.

The bill also includes specific legal language regarding the cancellation process, stating that consumers must notify the contractor in writing, either by registered or certified mail or personal delivery. Additionally, 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 contract must contain a conspicuous notice informing consumers of their cancellation rights, including the new time frame for those aged 65 and over.

Statutes affected:
Introduced: 56:8-151