This text of Wisconsin § 424.401 (Cancellation by customer.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
424.401
424.401(1) (1) Following the sale of any insurance product under s. 422.202 (2s) (a) 2. , including insurance described in s. 424.301 (1m) , or, if for a term of more than one year, any future service or motor club service contracts under s. 422.202 (2s) (a) 3. , the customer has the right to cancel the products or contracts until 30 days after the insurance policy, future service contract or motor club service contract is mailed or otherwise delivered to the customer. The creditor shall provide the customer a notice in duplicate in the form set forth in subs.
(2)and (3) .
424.401(2) (2) The notice required by sub.
(1)shall be in substantially the following form:
424.401(3) (3) A creditor may elect to provide only a credit to a customer who cancels insurance or a service contract
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424.401
424.401(1) (1) Following the sale of any insurance product under s. 422.202 (2s) (a) 2. , including insurance described in s. 424.301 (1m) , or, if for a term of more than one year, any future service or motor club service contracts under s. 422.202 (2s) (a) 3. , the customer has the right to cancel the products or contracts until 30 days after the insurance policy, future service contract or motor club service contract is mailed or otherwise delivered to the customer. The creditor shall provide the customer a notice in duplicate in the form set forth in subs. (2) and (3) .
424.401(2) (2) The notice required by sub. (1) shall be in substantially the following form:
424.401(3) (3) A creditor may elect to provide only a credit to a customer who cancels insurance or a service contract under this section. If a creditor so elects, the creditor shall delete the last paragraph of the notice under sub. (2) and shall substitute the following: “If you cancel this .... (insurance or service contract), we will credit your loan balance in the amount of $.... (amount of insurance premiums or service contract charges), which is the amount of $.... (insurance premiums or service contract charges), plus the amount of applicable finance charge.”
424.401(4) (4) Any person who cancels insurance or a service contract within the 30-day period under sub. (1) is entitled to a credit or payment under s. 424.402 . Any insurance policy or service contract covered by the notice is void as of the date of purchase upon mailing or delivery of the notice of cancellation by the customer and all rights under the policy or contract shall terminate. The creditor shall promptly provide the customer with a refund or credit, as applicable, even if the original policy or contract does not accompany the notice of cancellation.
424.401(5) (5) A violation of this section is subject to s. 425.303 .
424.401(6) (6) This section does not apply to portable electronics insurance, as defined in s. 632.975 (1) (e) .