2011 Kentucky Revised Statutes CHAPTER 380 DEBT ADJUSTING 380.060 Person engaged in debt adjusting to contract with debtor -- Disclosure and notice to debtor -- Debtor's right to cancel.
KY Rev Stat § 380.060 (1996 through Reg Sess) What's This?
380.060 Person engaged in debt adjusting to contract with debtor -- Disclosure and
notice to debtor -- Debtor's right to cancel.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
A person engaged in debt adjusting shall contract in writing with the debtor and
obtain the debtor's signature on the contract which shall designate the date on which
the debtor actually signs the contract as the date of the transaction and fully disclose
the exact nature of the debt-adjusting services and the total amount and terms of
compensation.
Any debtor entering into a contract to provide debt-adjusting services shall have a
right to cancel the contract until midnight of the fourteenth day after the day on
which the debtor signs a contract offer to enter into a contract for debt-adjusting
services, except as provided in subsection (7) of this section.
The following notice, printed in at least twelve (12) point boldface type and
completed with the name and address of the debt adjuster, shall appear on the
contract under the conspicuous caption "DEBTOR'S RIGHT TO CANCEL" and
shall read as follows:
NOTICE OF CANCELLATION
.......................................................
(enter date of transaction)
You may cancel this contract or offer without penalty or monetary obligation,
within fourteen (14) days from the above date. To cancel this transaction, you
may use any of the following methods: mail or otherwise deliver a signed and
dated copy of this cancellation notice, or any other written notice of
cancellation which you sign and date to (enter physical address of debt
adjuster) or e-mail a notice of cancellation to (enter name of debt adjuster) at
(enter e-mail address of debt adjuster) not later than midnight of (enter date
fourteen (14) days after transaction date).
I hereby cancel this transaction.
........................................................
(Date)
........................................................
(Debtor's Signature)
Cancellation occurs when the debtor gives written notice of cancellation to the debt
adjuster at the physical or e-mail address stated in the contract or offer to perform
services.
Notice of cancellation, if given by mail, is given when it is deposited in a mailbox
properly addressed and postage prepaid and, if given by e-mail, when the debtor
sends the e-mail.
Notice of cancellation given by the debtor is sufficient if it indicates in writing the
intention of the debtor not to be bound by the contract or offer of services.
Until the debt adjuster has complied with the disclosure notice required by
subsection (3) of this section, the debtor may cancel the contract or offer of services
by notifying the debt adjuster of his or her intention to cancel.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 86, sec. 2, effective July 15, 2010.
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