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367.46961 Cancellation of contract not reduced to writing -- Exception.
(1)
(2)
(3)
(4)
Unless the contract is reduced to writing in compliance with subsection (4) of
this section, a consumer may cancel a contract made as a result of a telephone
solicitation and obtain a full refund of all money paid, by returning the goods, if
any, undamaged and unused, or canceling services within the later of:
(a) Fourteen (14) calendar days following receipt of the goods; or
(b) Fourteen (14) calendar days following receipt of two (2) copies of a
written notice of cancellation rights containing the following language in
no less than ten (10) point, bold-faced type:
NOTICE OF CANCELLATION RIGHTS
BECAUSE YOU AGREED TO BUY THESE GOODS (or services or
other appropriate description) AS A RESULT OF AN UNSOLICITED
TELEPHONE CALL, KENTUCKY LAW GIVES YOU FOURTEEN
(14) DAYS TO CANCEL YOUR AGREEMENT WITH US.
IF
YOU WANT TO CANCEL, YOU MUST SIGN YOUR NAME BELOW
AND RETURN A COPY OF THIS NOTICE, TOGETHER WITH ANY
GOODS YOU HAVE RECEIVED, SO THEY ARE POSTMARKED
NO LATER THAN MIDNIGHT OF THE FOURTEENTH DAY
FOLLOWING THE DATE YOU RECEIVED THE GOODS OR
AGREED TO THE SERVICES, OR THE FOURTEENTH DAY
FOLLOWING THE DATE YOU RECEIVED THIS NOTICE,
WHICHEVER IS LATER. THE NOTICE AND GOODS MUST BE
ADDRESSED AS FOLLOWS:
(Name and address of Merchant)
I want to cancel my agreement to purchase.
____________________________________
(Signature)
____________________________________
(Name of Consumer - Printed)
____________________________________
(Address of Consumer - Printed)
____________________________________
(Address - City, State, Zip)
____________________________________
(Date)
The consumer shall be deemed to have complied with subsection (1) of this
section if the cancellation notice and goods, if any, are returned to the
merchant and are postmarked by midnight of the fourteenth day.
The merchant shall process the refund due any consumer within thirty (30)
days of receiving the merchandise returned by the consumer or the written
cancellation provided in subsection (1) of this section.
The cancellation period provided in subsection (1) of this section shall not
apply to a written contract signed by the consumer that:
(a) Complies with all applicable federal and state laws and regulations:
(b)
(c)
(d)
(e)
Contains a description of the goods, services, investment or business
opportunity, extension of credit, or interest in realty matching the
description used in the telephone solicitation;
Contains the name, address, and telephone number of the merchant, the
total price of the contract, including any finance or interest charges, and a
detailed description of the goods, services, credit, or interest in realty
being offered;
Contains all oral or written representations made to the consumer in
connection with the transaction; and
Sets out in at least ten (10) point, bold-face type, immediately preceding
the signature, the following statement:
YOU ARE NOT OBLIGATED TO PAY ANY
MONEY UNLESS YOU SIGN THIS CONTRACT
AND RETURN IT TO THE MERCHANT.
Effective:July 15, 1994
History: Created 1994 Ky. Acts ch. 302, sec. 4, effective July 15, 1994; and
ch. 463, sec. 4, effective July 15, 1994.
Legislative Research Commission Note (7/15/94). This statute was created by
1994 Ky. Acts chs. 302 and 463, which are substantively identical and have
been codified together. Minor variations have been resolved by giving
precedence to Acts ch. 463 which was enacted last.
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