State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-16c > 17-16c-61-5

17:16C-61.5.  Rescission;  duties of buyer and seller;  exception of certain  sales;  record of buyer's notice    (a) Any retail installment sale of goods or retail installment contract for  the sale of goods, other than a motor vehicle, a boat, and motor vehicle or  boat accessories, for a purchase price in excess of $25.00, which is entered  into at a place other than the place of business of the retail seller may be  rescinded by the retail buyer if the retail buyer:

     (1) Furnishes to the retail seller a notice of intent to rescind the retail  installment sale or retail installment contract by certified mail, return  receipt requested, postmarked not later than 5 p.m. of the third business day  following the day on which the retail installment sale or retail installment  contract is executed;  and

     (2) Gives up possession of any goods, subject to such retail installment sale or retail installment contract, delivered to the retail buyer prior to receipt by the retail seller of such notice of intent to rescind.

    (b) Within 10 business days after receipt of such notice of intent to rescind the retail installment sale or retail installment contract, a retail seller shall:

     (1) Pick up, at his own expense, any goods subject to such sale or contract, delivered to the retail buyer prior to receipt by the retail seller of such notice;

     (2) Refund to the retail buyer all amounts of money paid by the retail buyer (less reasonable charges for any damage to such goods which occurred while in the possession of the retail buyer);  and

     (3) Redeliver to the retail buyer any goods traded-in to the retail seller  on account of or in contemplation of the retail installment sale or retail  installment contract (less any reasonable charges actually incurred in making  the goods ready for sale).

    (c) This section does not apply to mail order sales, telephone sales, catalog sales where an order is placed by mail or telephone, or sales in which the retail buyer has requested the retail seller to enter into the sale at a place other than the retail seller's place of business, but it does apply to sales in which the retail buyer has requested the retail seller to conduct a demonstration or exhibition at a place other than the retail seller's place of business and has not also requested to enter into a sale at that place at the same time he has requested such demonstration or exhibition.

    (d) Each retail seller shall maintain a record of the receipt of any retail  buyer's notice of intent to rescind a sale under this act for at least 18  months after the receipt of such notice of intent to rescind.

     L.1968, c. 223, s. 5, eff. July 30, 1968.  Amended by L.1973, c. 182, s. 2.