§ 5-79-2 - Rescission of foreclosure consultant contract. - Rhode Island Statutes

SECTION 5-79-2

   § 5-79-2  Rescission of foreclosureconsultant contract. – (a) In addition to any other right under law to rescind a contract, an ownerhas the right to cancel such a contract until midnight of the third (3rd)business day after the day on which the owner signs a contract that complieswith § 5-79-3.

   (b) Cancellation occurs when the owner gives written noticeof cancellation to the foreclosure consultant at the address specified in thecontract.

   (c) Notice of cancellation, if given by mail, is effectivewhen deposited in the mail properly addressed with postage prepaid.

   (d) Notice of cancellation given by the owner need not takethe particular form as provided with the contract and, however expressed, iseffective if it indicates the intention of the owner not to be bound by thecontract.