Written agreement or offer to purchase
- • contents
- • notice of buyer’s right to cancel
- • form
(1) A home solicitation sale must be evidenced by a written agreement or offer to purchase signed by the buyer. At the time a buyer executes the written agreement or offer to purchase:
(a) The seller must furnish the buyer with a fully completed copy of the written agreement or offer to purchase.
(b) The written agreement or offer to purchase must:
(A) Designate as the date of the transaction the date on which the buyer actually signs;
(B) Contain the name of the seller and address of the seller’s place of business;
(C) Be in the same language as the language that is principally used in the sales presentation; and
(D) Contain, in immediate proximity to a space reserved for the signature of the buyer, in at least 10-point boldfaced type, a statement in substantially the following form:
You, the buyer, may cancel this transaction at any time prior to midnight of the third business day after the date of this transaction. See the attached notice of buyer’s right to cancel for an explanation of the right to cancel.
(c) The seller must provide the buyer, by a method chosen by the seller, with a duplicate copy of the notice of the buyer’s right to cancel described in subsection (2) of this section so that, if the buyer cancels the transaction, the buyer can retain a complete copy of the written agreement or offer to purchase. If both copies of the notice are not attached to the written agreement or offer to purchase, the seller shall change the last sentence in the statement required under paragraph (b)(D) of this subsection to conform to the actual location of the copies of the notice. Both copies of the notice must contain:
(A) The name of the seller;
(B) The address of the seller’s place of business;
(C) The date of the transaction; and
(D) The date, not earlier than the third business day following the date of the transaction, by which the buyer may give notice of cancellation.
(d) The seller must orally inform the buyer of the buyer’s right to cancel.
(2) The notice of the buyer’s right to cancel must be in conspicuous type, 10-point or larger, and must read as follows:
NOTICE OF BUYER’S RIGHT TO CANCEL
(1) (Date) You, the buyer, may cancel this agreement without any penalty, cancellation fee or other financial obligation by mailing or delivering a notice to the seller within THREE BUSINESS DAYS from the above date.
(2) If you cancel:
(a) Any property you traded in, any payments you made under the sales contract and any checks or notes you signed will be returned within 10 business days following receipt by the seller of your notice of cancellation. Any security interest that arises from the transaction will be canceled.
(b) You may either make available to the seller at your residence, in substantially as good condition as when received, any goods delivered to you under the sales contract or you may comply with the seller’s instructions regarding the return shipment of the goods at the seller’s expense and risk.
(c) If you make the goods available to the seller at your residence and the seller does not pick up the goods within 20 days of the date of your notice of cancellation, you may keep or discard the goods without further obligation.
(d) If you do not make the goods available to the seller, or if you agree to return the goods to the seller and you do not return the goods, you must perform all of your obligations under the sales contract.
(3) To cancel this transaction, mail or deliver a signed and dated copy of this notice or other written expression of your intention to cancel, or send a telegram, to (name of seller) at (address of seller’s place of business) not later than 12 midnight on (date), the third business day after you signed the written agreement or offer to purchase.
I HEREBY CANCEL THIS TRANSACTION.
(Signature of buyer) (Date)
(3) In a home solicitation sale subject to federal rules under 16 C.F.R. part 429, the seller may provide the notice required by the federal rules in lieu of the notice required under subsection (2) of this section if the notice required under federal rules contains the information specified in subsection (1)(c) of this section.
(4) Until the seller has complied with this section the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of an intention to cancel. [1971 c.744 §21 (3); 1977 c.170 §2; 2005 c.223 §3]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information