(a) Effective October1, 1991, every contract between a consumer and a credit repair business for thepurchase of the services of the credit repair business shall be in writing,dated, signed by the consumer, and shall include the following:
(1) A conspicuousstatement in size equal to at least 10‑point boldface type, in immediateproximity to the space reserved for the signature of the consumer, as follows:
"YOU,THE BUYER, MAY CANCEL THIS CONTRACT AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRDBUSINESS DAY AFTER THE DATE OF THE TRANSACTION. SEE THE ATTACHED NOTICE OFCANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT."
(2) The terms andconditions of payment, including the total of all payments to be made by theconsumer, whether to the credit repair business or to some other person;
(3) A complete anddetailed description of the services to be performed and the results to beachieved by the credit repair business for or on behalf of the consumer,including all guarantees and all promises of full or partial refunds and a listof the adverse information appearing on the consumer's credit report that thecredit repair business expects to have modified;
(4) The principalbusiness address of the credit repair business and the name and address of itsagent in this State authorized to receive service of process; and
(5) One of the followingstatements, as appropriate, in substantially the following form:
a. "As required byNorth Carolina law, this credit repair business has secured a bond by_____________________________(name and address of surety company), a suretyauthorized to do business in this State. Before signing a contract with thisbusiness, you should check with the surety company to determine the bond'scurrent status.", or
b. "As required byNorth Carolina law, this credit repair business has established an escrowaccount _____________(number) with _______________________________(name andaddress of bank or savings institution). Before signing a contract with thisbusiness, you should check with the bank or savings institution to determinethe current status of the account."
(b) The contract shallbe accompanied by a completed form in duplicate, captioned "NOTICE OFCANCELLATION", which shall be attached to the contract and easilydetachable, and which shall contain in at least 10‑point boldface typethe following statement:
"NOTICE OF CANCELLATION
YOU MAY CANCEL THIS CONTRACT, WITHOUT ANY PENALTY OROBLIGATION, AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THEDATE THE CONTRACT IS SIGNED.
IF YOU CANCEL, ANY PAYMENT MADE BY YOU UNDER THISCONTRACT WILL BE RETURNED WITHIN 10 DAYS FOLLOWING RECEIPT BY THE SELLER OFYOUR CANCELLATION NOTICE.
TO CANCEL THIS CONTRACT, MAIL OR DELIVER A SIGNED ANDDATED COPY OF THIS CANCELLATION NOTICE, OR ANY OTHER WRITTEN NOTICE, TO
A copy of the fully completed contractand all other documents the credit repair business requires the consumer tosign shall be given by the credit repair business to the consumer at the timethey are signed. (1991, c. 327, s. 1; 1991 (Reg. Sess., 1992), c. 1030,s. 19.)
(a) Effective October1, 1991, every contract between a consumer and a credit repair business for thepurchase of the services of the credit repair business shall be in writing,dated, signed by the consumer, and shall include the following:
(1) A conspicuousstatement in size equal to at least 10‑point boldface type, in immediateproximity to the space reserved for the signature of the consumer, as follows:
"YOU,THE BUYER, MAY CANCEL THIS CONTRACT AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRDBUSINESS DAY AFTER THE DATE OF THE TRANSACTION. SEE THE ATTACHED NOTICE OFCANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT."
(2) The terms andconditions of payment, including the total of all payments to be made by theconsumer, whether to the credit repair business or to some other person;
(3) A complete anddetailed description of the services to be performed and the results to beachieved by the credit repair business for or on behalf of the consumer,including all guarantees and all promises of full or partial refunds and a listof the adverse information appearing on the consumer's credit report that thecredit repair business expects to have modified;
(4) The principalbusiness address of the credit repair business and the name and address of itsagent in this State authorized to receive service of process; and
(5) One of the followingstatements, as appropriate, in substantially the following form:
a. "As required byNorth Carolina law, this credit repair business has secured a bond by_____________________________(name and address of surety company), a suretyauthorized to do business in this State. Before signing a contract with thisbusiness, you should check with the surety company to determine the bond'scurrent status.", or
b. "As required byNorth Carolina law, this credit repair business has established an escrowaccount _____________(number) with _______________________________(name andaddress of bank or savings institution). Before signing a contract with thisbusiness, you should check with the bank or savings institution to determinethe current status of the account."
(b) The contract shallbe accompanied by a completed form in duplicate, captioned "NOTICE OFCANCELLATION", which shall be attached to the contract and easilydetachable, and which shall contain in at least 10‑point boldface typethe following statement:
"NOTICE OF CANCELLATION
YOU MAY CANCEL THIS CONTRACT, WITHOUT ANY PENALTY OROBLIGATION, AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THEDATE THE CONTRACT IS SIGNED.
IF YOU CANCEL, ANY PAYMENT MADE BY YOU UNDER THISCONTRACT WILL BE RETURNED WITHIN 10 DAYS FOLLOWING RECEIPT BY THE SELLER OFYOUR CANCELLATION NOTICE.
TO CANCEL THIS CONTRACT, MAIL OR DELIVER A SIGNED ANDDATED COPY OF THIS CANCELLATION NOTICE, OR ANY OTHER WRITTEN NOTICE, TO
A copy of the fully completed contractand all other documents the credit repair business requires the consumer tosign shall be given by the credit repair business to the consumer at the timethey are signed. (1991, c. 327, s. 1; 1991 (Reg. Sess., 1992), c. 1030,s. 19.)
(a) Effective October1, 1991, every contract between a consumer and a credit repair business for thepurchase of the services of the credit repair business shall be in writing,dated, signed by the consumer, and shall include the following:
(1) A conspicuousstatement in size equal to at least 10‑point boldface type, in immediateproximity to the space reserved for the signature of the consumer, as follows:
"YOU,THE BUYER, MAY CANCEL THIS CONTRACT AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRDBUSINESS DAY AFTER THE DATE OF THE TRANSACTION. SEE THE ATTACHED NOTICE OFCANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT."
(2) The terms andconditions of payment, including the total of all payments to be made by theconsumer, whether to the credit repair business or to some other person;
(3) A complete anddetailed description of the services to be performed and the results to beachieved by the credit repair business for or on behalf of the consumer,including all guarantees and all promises of full or partial refunds and a listof the adverse information appearing on the consumer's credit report that thecredit repair business expects to have modified;
(4) The principalbusiness address of the credit repair business and the name and address of itsagent in this State authorized to receive service of process; and
(5) One of the followingstatements, as appropriate, in substantially the following form:
a. "As required byNorth Carolina law, this credit repair business has secured a bond by_____________________________(name and address of surety company), a suretyauthorized to do business in this State. Before signing a contract with thisbusiness, you should check with the surety company to determine the bond'scurrent status.", or
b. "As required byNorth Carolina law, this credit repair business has established an escrowaccount _____________(number) with _______________________________(name andaddress of bank or savings institution). Before signing a contract with thisbusiness, you should check with the bank or savings institution to determinethe current status of the account."
(b) The contract shallbe accompanied by a completed form in duplicate, captioned "NOTICE OFCANCELLATION", which shall be attached to the contract and easilydetachable, and which shall contain in at least 10‑point boldface typethe following statement:
"NOTICE OF CANCELLATION
YOU MAY CANCEL THIS CONTRACT, WITHOUT ANY PENALTY OROBLIGATION, AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THEDATE THE CONTRACT IS SIGNED.
IF YOU CANCEL, ANY PAYMENT MADE BY YOU UNDER THISCONTRACT WILL BE RETURNED WITHIN 10 DAYS FOLLOWING RECEIPT BY THE SELLER OFYOUR CANCELLATION NOTICE.
TO CANCEL THIS CONTRACT, MAIL OR DELIVER A SIGNED ANDDATED COPY OF THIS CANCELLATION NOTICE, OR ANY OTHER WRITTEN NOTICE, TO
A copy of the fully completed contractand all other documents the credit repair business requires the consumer tosign shall be given by the credit repair business to the consumer at the timethey are signed. (1991, c. 327, s. 1; 1991 (Reg. Sess., 1992), c. 1030,s. 19.)
