NAC645F.635. Contract to provide covered services: Rescission of contract by homeowner; notification of rescission.

     1. A homeowner may rescind without penalty or obligation a contract at any time before midnight of the third business day after the date on which the homeowner signs a contract with a licensee.

     2. Except as otherwise provided in this subsection, in the event a homeowner rescinds a contract in accordance with this section, the licensee shall immediately provide a full refund of all compensation paid by the homeowner. If the licensee deposited the homeowner’s check before the homeowner rescinds the contract, the licensee may wait to provide the refund until the homeowner’s check clears though the bank account used by the licensee.

     3. The contract must contain in immediate proximity to the space reserved for the homeowner’s signature a conspicuous statement in at least 12-point boldface type that the homeowner has the right to rescind the contract without penalty or obligation until midnight of the third business day after the date on which the homeowner signs the contract.

     4. Rescission occurs when the homeowner gives written notice of rescission to the licensee at the address specified in the contract. For the purposes of this section, the notice may be given to the licensee by electronic mail, facsimile, regular mail or personal delivery.

     5. Notice of rescission, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

     6. Notice of rescission given by the homeowner is not required to take the particular form as provided in the contract and, however expressed, is effective if the notice indicates the intention of the homeowner not to be bound by the contract.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)