§ 5-19-220 — Cancellation of agreement - waiver

Colorado § 5-19-220

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Debt-management Services

Text

(a) An individual may cancel
an agreement before midnight of the third business day after the individual assents
to it, unless the agreement does not comply with subsection (b) of this section or
section 5-19-219 or 5-19-228, in which event the individual may cancel the
agreement within thirty days after the individual assents to it. To exercise the right
to cancel, the individual shall give notice in a record to the provider. Notice by mail
is given when mailed.

(b) An agreement shall be accompanied by a separate form that contains in
bold-faced type, surrounded by bold black lines:

Notice of Right to Cancel

You may cancel this agreement, without any penalty or obligation, at any
time before midnight of the third business day that begins the day after you agree
to it by electronic communication or by signing it.

To cancel this agreement during this period, send an e-mail to (E-mail
address of provider) or mail or deliver a signed, dated copy of this notice, or any
other written notice to (Name of provider) at (Address of provider) before midnight
on (Date) .

If you cancel this agreement within the 3-day period, we will refund all
money you already have paid us.

You also may terminate this agreement at any later time, but we are not
required to refund fees you have paid us.

I cancel this agreement,

Print your name

Signature

Date

(c) If a personal financial emergency necessitates the disbursement of an
individual's money to one or more of the individual's creditors before the expiration
of three days after an agreement is signed, an individual may waive the right to
cancel. To waive the right, the individual shall send or deliver a signed, dated
statement in the individual's own words describing the circumstances that
necessitate a waiver. The waiver shall explicitly waive the right to cancel. A waiver
by means of a standard form record is void.

Legislative History

Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1156, � 4, effective August 9.