§ 76-2722 — Equity purchase contract; Notice of Cancellation; form; copy provided to homeowner

(1)(a) The equity purchase contract shall contain, as the last provision before the space reserved for the homeowner's signature, a conspicuous statement in at least twelve-point, boldface type, as follows:
YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE WITHOUT ANY PENALTY OR OBLIGATION AT ANY TIME BEFORE ............... (DATE AND TIME OF DAY). SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.
(b) The equity purchaser shall accurately specify, within the equity purchase contract, the date and time of day on which the cancellation right ends.
(c) If no right to cancel the equity purchase contract exists under the Nebraska Foreclosure Protection Act as set forth in subdivision (1)(b) of section 76-2721 , the equity purchase contract shall conspicuously state that no such cancellation right exists.
(2) The equity purchase contract shall be accompanied by duplicate completed forms, captioned Notice of Cancellation in at least twelve-point, boldface type if the equity purchase contract is printed or in capital letters if the equity purchase contract is typed, followed by a space in which the equity purchaser shall enter the date on which the homeowner executed the equity purchase contract. Such form shall:
(a) Be attached to the equity purchase contract;
(b) Be easily detachable; and
(c) Contain the following statement, in at least ten-point type if the equity purchase contract is printed or in capital letters if the contract is typed:
NOTICE OF CANCELLATION
............... (ENTER DATE EQUITY PURCHASE CONTRACT WAS SIGNED). YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME BEFORE ............... (ENTER DATE AND TIME OF DAY). TO CANCEL THIS TRANSACTION, PERSONALLY DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF CANCELLATION IN THE UNITED STATES MAIL, POSTAGE PREPAID, TO ..............., (NAME OF PURCHASER) AT ............... (STREET ADDRESS OF PURCHASER'S PLACE OF BUSINESS) NOT LATER THAN ............... (ENTER DATE AND TIME OF DAY). I HEREBY CANCEL THIS TRANSACTION
............... (DATE)
............... (SELLER'S SIGNATURE).
(3) The equity purchaser shall provide the homeowner with a copy of the equity purchase contract and the attached notice of cancellation.
(4) The time during which the homeowner may cancel the equity purchase contract does not begin to run until the equity purchaser has complied with this section.

Legislative History

Source: Laws 2008, LB123, § 22.