[§480E-8]  Cancellation of a distressed
property conveyance contract.  (a)  In addition to any other legal right to
rescind a contract, any distressed property owner has the right to cancel a
distressed property conveyance contract, without any penalty or obligation, at
any time before the later of midnight of the fifteenth business day following
the day on which the last party to a distressed property conveyance contract
signs the distressed property conveyance contract or 5:00 p.m. on the last day
of the period during which any owner of a distressed property has the right to
cure a default under state law.



(b)  The period of fifteen business days
following the day on which the last party to a distressed property conveyance
contract signs the contract during which any owner of the distressed property
may cancel the contract shall not begin to run until all parties to the
distressed property conveyance contract have executed the distressed property
conveyance contract and the distressed property purchaser has complied with all
the requirements of sections 480E-6, 480E-7, and this section. 



(c)  Cancellation occurs when any owner of a
distressed property delivers, by any means, and within the time specified under
subsection (a), written notice of cancellation to the address specified in the
distressed property conveyance contract.



(d)  Notice of cancellation, if given by mail,
is effective when deposited in the mail with postage prepaid.  Notice by
certified mail, return receipt requested, addressed to the address specified in
the distressed property conveyance contract, shall be conclusive proof of
notice of cancellation.



(e)  Notice of cancellation given by any owner
of a distressed property need not take the particular form as provided with the
distressed property conveyance contract and, however expressed, is effective if
it indicates the intention of an owner not to be bound by the contract.



(f)  Within fifteen days following receipt of a
notice of cancellation given in accordance with this section, the distressed
property purchaser shall return, without condition, any and all original
contracts and documents signed by any owner of the distressed property. [L
2008, c 137, pt of §2]