1. (a) A consumer may cancel a home consumer transaction if:

   1. (1) the subject of the consumer transaction has a cash sales price of at least twenty-five dollars ($25); and
   2. (2) the consumer gives the supplier a written notice that meets the requirements of 16 C.F.R. 429.1(a) and (b).

2. (b) The notice given under subsection (a)(2) must meet the following requirements:

   1. (1) It must be given before midnight of the third business day after the later of the date:

      1. (A) the supplier furnishes the consumer with the notice required by section 9 of this chapter; or
      2. (B) the consumer and the supplier finally agree to the contract for the subject of the consumer transaction.
   2. (2) It must express in any form the consumer's intention to cancel the consumer transaction.
   3. (3) It must be delivered in person or sent by mail or other device to the address given in the supplier's notice required by section 9 of this chapter or to the address of the supplier last known to the consumer if such notice was not given.

As added by P.L.251-1987, SEC.2.