A.C.A. § 4-89-107 (2003)
§ 4-89-107. Buyer's right to cancel offer or contract
(a) In addition to any other right to revoke an offer, the buyer has the
absolute right to cancel a home solicitation contract or offer until
midnight of the third calendar day, excluding Sundays and holidays as
declared in § 1-5-101, after the day on which the buyer signs an agreement.
(b) Cancellation occurs when the buyer returns to the seller the notice of
cancellation, the notice having been provided for the buyer by the seller.
To further protect the consumer, it is suggested that the notice of
cancellation be sent by registered mail.
§ 4-89-108. Requirements for enforceable sale -- Notice of right to
cancellation required
(a) A home solicitation sale is not enforceable by way of action or
defense unless there is a writing which:
(1) Is sufficient to indicate that a contract for sale has been made
between the parties;
(2) Is signed by both the consumer and the seller;
(3) Contains no provision not included in the oral sales presentation;
(4) Contains the name and address of the seller; and
(5) Contains the date on which the consumer actually signs the writing.
(b) A home solicitation sale is not enforceable by way of action if:
(1) The seller does not provide the consumer with a fully completed copy
of the writing at the time the consumer actually signs the writing; or
(2) The seller commits a deceptive trade practice as defined by this
chapter.
(c) In a home solicitation sale, the seller must furnish to the buyer at the
time he or she signs the sales contract or otherwise agrees to buy consumer
goods or services from the seller a completed form in duplicate, captioned
"NOTICE OF CANCELLATION", which shall be attached to the contract or receipt
and easily detachable and which shall contain in 10-point bold face type the
following information and statements:
"NOTICE OF CANCELLATION
.........................................
(Enter date of
transaction)
You are entitled to cancel the agreement or offer referred to above at
any
time prior to midnight of the third day, excluding Sundays and holidays,
after the day you signed the agreement or offer. In the event you cancel,
the seller must return to you (1) any payments made; (2) any goods or
other
property (or a sum equal to the amount of the trade-in allowance given
therefor); and (3) any note or other evidence of indebtedness, given by
you
to the seller pursuant to or in connection with the agreement or offer.
After cancellation, the seller is entitled to receive back from you at
your
address any goods previously delivered by him or her to you in
substantially the same condition as delivered, providing he or she has
returned any payments and goods or other property received from you, to
the
extent indicated above. If the seller does not call for his or her goods
at
your address within twenty (20) days after you give notice of
cancellation,
you may keep them as your own.
TO CANCEL THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED COPY OF
THIS
CANCELLATION NOTICE OR ANY OTHER WRITTEN NOTICE TO
....................... AT...............................................
(Name of seller) (Address of seller's place of
business)
NOT LATER THAN MIDNIGHT OF..............................................
(Date)
I HEREBY CANCEL THIS TRANSACTION
.................
(Date)
..................................
(Buyer's
signature)."
(d) If seller fails to give both oral and written notice of the buyer's
right to cancellation, the cooling-off period does not begin to run until
actual notice is given, and the buyer is no longer obliged to return the
goods in substantially the same condition.