NAC645F.640. Contract to provide covered services: Cancellation of contract by homeowner; notification of cancellation.

     1. A homeowner may cancel a contract upon written notification at any time after the expiration of the rescission period that is provided for in NAC 645F.635. A homeowner may cancel a contract without penalty or obligation for payment of any phase of service that has not been fully completed. For the purposes of this section, the notice may be given to the licensee by electronic mail, facsimile, regular mail or personal delivery.

     2. Except as otherwise provided in this subsection, in the event a homeowner cancels a contract in accordance with this section, the licensee must, within 5 business days after receipt of the written notification, provide a full or partial refund of all compensation paid by the homeowner for phases of services not fully performed. If the licensee deposited the homeowner’s check before the homeowner cancels 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 clearly set forth the refund policy and procedure of the licensee in 12-point boldface type and provide the physical address, facsimile number and electronic mail address for providing notice of cancellation.

     4. Notice of cancellation 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)