[§480E-4]  Right to cancel a distressed
property consultant contract.  (a)  A distressed property consultant
contract shall contain, immediately before the space reserved for all the
distressed property owners' signatures, the following notice of right to cancel
a distressed property consultant contract in a type size no smaller than
fourteen-point boldface type, completed with the name of the distressed
property consultant:



"YOU,
THE OWNER, MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE THE DISTRESSED PROPERTY
CONSULTANT HAS FULLY PERFORMED EACH AND EVERY SERVICE THE DISTRESSED PROPERTY
CONSULTANT CONTRACTED TO PERFORM OR REPRESENTED WOULD BE PERFORMED.  SEE THE
ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.



(Name
of the distressed property consultant) (or anyone working for or with the
distressed property consultant) CANNOT:



(1)  Take any money from you or ask you for money
until (Name of the distressed property consultant) has completely
finished doing everything (Name of the distressed property consultant)
said he or she would do; or



(2)  Ask you to sign or have you sign any lien,
encumbrance, mortgage, assignment, or deed unless the lien, encumbrance,
mortgage, assignment, or deed is fully described including all disclosures required
by law."



(b)  A distressed property consultant contract
shall be accompanied by the following notice of cancellation form, in
duplicate, attached to the contract and easily detachable, in a type size no
smaller than fourteen-point boldface type, completed with the date the contract
was last signed, the name of the distressed property consultant, and the
address where the notice of cancellation is to be delivered:



"NOTICE
OF CANCELLATION



(Enter date contract
last signed)



(Date)



YOU
MAY CANCEL THIS TRANSACTION, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME
BEFORE THE DISTRESSED PROPERTY CONSULTANT HAS FULLY PERFORMED EACH AND EVERY
SERVICE THE DISTRESSED PROPERTY CONSULTANT CONTRACTED TO PERFORM OR REPRESENTED
WOULD BE PERFORMED.



 



TO CANCEL
THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF
CANCELLATION, OR ANY OTHER WRITTEN NOTICE OF CANCELLATION TO (Name of
distressed property consultant) AT (Address where notice of cancellation
is to be delivered).



 



I HEREBY CANCEL THIS TRANSACTION.



________________________________



(Date)



 



_____________________________



(Owner's
signature)"



[L 2008, c 137, pt of §2]