§ 24-5-8-6 — Contracts; contents

Indiana § 24-5-8-6

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 8: Business Opportunity Transactions

Text

(a) The seller shall put every contract in writing
and shall give the investor a copy of the contract at the time the
investor signs the contract.
(b) The seller shall include in every contract the following:
(1) The seller's business address and the name and business
address of the seller's agent in this state authorized to receive
service of process.
(2) The terms and conditions of payment.
(3) A detailed description of any services that the seller
undertakes to perform for the investor.
(4) A detailed description of any training that the seller
undertakes to provide to the investor.
(5) The approximate delivery date of any goods the seller is to
deliver to the investor.
(6) A statement of the investor's right to cancel that must:
(A) appear under the conspicuous caption, "INVESTOR'S
RIGHT TO CANCEL WITHIN 30 DAYS"; and
(B) contain the following statement in no smaller type than the
body portion of the contract: "THE INVESTOR IN THIS
BUSINESS OPPORTUNITY HAS THE RIGHT TO CANCEL
THIS CONTRACT FOR ANY REASON AT ANY TIME
BEFORE MIDNIGHT OF THE 30TH CALENDAR DAY
AFTER THIS CONTRACT IS ENTERED INTO. YOU MAY
CANCEL THIS CONTRACT BY MAILING A NOTICE
THAT YOU DO NOT WANT THE BUSINESS
OPPORTUNITY TO THE SELLER BEFORE __________,
20__ AT 12:00 MIDNIGHT AT _______________.".
(c) Subsection (b)(6) does not apply to a contract entered into by a
substantial seller, unless required by the consumer protection division
of the office of the attorney general for good cause shown after notice.

Legislative History

As added by P.L.134-1984, SEC.1. Amended by P.L.252-1987, SEC.4; P.L.2-2005, SEC.62.