Article - Commercial Law
(a) Every contract between a consumer and a credit services business for the purchase of the services of the credit services business shall:
(1) Be in writing, dated, and signed by the consumer;
(2) For a credit services business providing the services described in § 14–1901(e)(1)(i) of this subtitle, include:
(i) A conspicuous statement in size equal to at least 10–point bold type, in immediate proximity to the space reserved for the signature of the consumer as follows:
“You, the buyer, may cancel this contract at any time prior to midnight of the third business day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.”;
(ii) The terms and conditions of payment, including the total of all payments to be made by the consumer, whether to the credit services business or to some other person;
(iii) A complete and detailed description of the services to be performed and the results to be achieved by the credit services business for or on behalf of the consumer, including all guarantees and all promises of full or partial refunds and a list of the adverse information appearing on the consumer’s credit report that the credit services business expects to have modified and the estimated date by which each modification will occur; and
(iv) The principal business address of the credit services business and the name and address of its agent in this State authorized to receive service of process; and
(3) For a credit services business providing the services described in § 14–1901(e)(1)(ii) of this subtitle, include:
(i) A statement of the consumer’s right to file a complaint under § 14–1911 of this subtitle;
(ii) The address of the Commissioner where a consumer can file a complaint under § 14–1911 of this subtitle;
(iii) A statement that a bond exists and the consumer’s right to proceed against the bond under the circumstances and in the manner set forth under § 14–1910 of this subtitle; and
(iv) The principal business address of the credit services business.
(b) The contract shall be accompanied by a form completed in duplicate, captioned “NOTICE OF CANCELLATION”, which shall be attached to the contract and easily detachable, and which shall contain in at least 10–point bold type the following statement:
“NOTICE OF CANCELLATION You may cancel this contract, without any penalty or obligation, at any time prior to midnight of the third business day after the date the contract is signed. If you cancel, any payment made by you under this contract will be returned within 10 days following receipt by the seller of your cancellation notice. To cancel this contract, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice, to (Name of seller) At (Address of seller) (Place of business) Not later than midnight (Date) I hereby cancel this transaction. (Date) (Buyer’s signature)”
(c) A credit services business providing the services described in § 14–1901(e)(1)(ii) of this subtitle shall provide the consumer with a copy of the contract between the credit services business and the consumer before the consumer executes the contract.
(d) A copy of the completed contract and all other documents the credit services business requires the consumer to sign shall be given by the credit services business to the consumer at the time they are signed.