Sec. 21a-220. (Formerly Sec. 19-341e). Negotiable promissory notes to be clearly identified. Buyer's rights upon sale or discount. Time period for payment. - Connecticut Statutes

      Sec. 21a-220. (Formerly Sec. 19-341e). Negotiable promissory notes to be clearly identified. Buyer's rights upon sale or discount. Time period for payment. If the buyer's obligation is in the form of a negotiable promissory note, such contract shall state in boldface type on the face page of said contract that the buyer's promissory note may be discounted and sold to third parties to whom the buyer will become obligated to make full payment. The selling or discounting of a negotiable promissory note which represents the buyer's obligation under a health club service contract shall not affect the right of the buyer to cancel the contract, the method by which cancellation may be made, or the buyer's rights under section 52-572g or Section 433.1 et seq. of Title 16 of the Code of Federal Regulations, as they may from time to time be amended. When a buyer's obligation is in the form of a promissory note, the time period for payment of the note shall not exceed the term of the health club contract.

      (P.A. 76-262, S. 5; P.A. 77-585, S. 5; P.A. 90-96, S. 5; P.A. 05-158, S. 5.)

      History: P.A. 77-585 added provision protecting buyers' rights despite selling or discounting of negotiable promissory note; Sec. 19-341e transferred to Sec. 21a-220 in 1983; P.A. 90-96 added provision limiting the time period for payment when buyer's obligation is in the form of a promissory note; (Revisor's note: In 1997 a reference to "bold-faced" type was replaced editorially by the Revisors with "boldface" type for consistency with customary statutory usage); P.A. 05-158 changed "duration of the health club contract" to "term of the health club contract", effective July 1, 2005.