I. A fully completed copy of every contract shall be delivered to the member at the time the contract is signed. Every contract must constitute the entire agreement between the seller and the member, shall be in writing, shall be signed by the member, and shall designate the date on which the member signed the contract.
II. Each contract shall state in at least 10 point boldface type the following:
"NOTICE TO PROSPECTIVE MEMBER: DO NOT SIGN THIS CONTRACT UNTIL YOU HAVE READ ALL OF IT. ALSO, DO NOT SIGN THIS CONTRACT IF IT CONTAINS ANY BLANK SPACES."
III. Each contract shall also contain the following notice in at least 10 point boldface type:
"MEMBERS’ RIGHT TO CANCEL"
"IF YOU WISH TO CANCEL THIS CONTRACT, YOU MAY CANCEL BY DELIVERING OR MAILING A WRITTEN NOTICE TO THE COMPANY. CERTIFIED MAIL WOULD PROVIDE GREATER PROTECTION THAN FIRST-CLASS MAIL, BUT IS NOT NECESSARY. IF YOU DELIVER THE NOTICE PERSONALLY, YOU ARE ENTITLED TO A RECEIPT. YOUR NOTICE MUST MAKE KNOWN THAT YOU DO NOT WISH TO BE BOUND BY THE CONTRACT. IF THE NOTICE IS DELIVERED OR MAILED BEFORE MIDNIGHT OF THE THIRD BUSINESS DAY AFTER YOU SIGN THIS CONTRACT, YOU ARE ENTITLED TO A REFUND OF THE ENTIRE CONSIDERATION PAID FOR THE CONTRACT. OTHER CANCELLATION ENTITLES YOU TO A PRO RATA REFUND FOR THOSE DAYS REMAINING ON THE CONTRACT. THE NOTICE MUST BE DELIVERED OR MAILED TO (insert name and address of company). IF YOU CANCEL, THE CLUB IS REQUIRED TO RETURN, WITHIN 10 DAYS OF THE DATE ON WHICH YOU GIVE NOTICE OF CANCELLATION, AND PAYMENTS YOU HAVE MADE."
IV. Until the buying club has complied with this section, the member may cancel the contract by notifying the buying club in any manner and by any means of his intention to cancel and is then entitled to a refund of the entire consideration paid for the contract.
Source. 1983, 438:1, eff. June 24, 1983.