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§ 137. Contracts--Contents--Form for “Notice of Cancellation”--Copies

Oklahoma Statutes AnnotatedTitle 24. Debtor and Creditor

Oklahoma Statutes Annotated
Title 24. Debtor and Creditor (Refs & Annos)
Chapter 8. Credit Services Organization Act
24 Okl.St.Ann. § 137
§ 137. Contracts--Contents--Form for “Notice of Cancellation”--Copies
Currentness
A. Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following:
1. A conspicuous statement in bold face type, in immediate proximity to the space reserved for the signature of the buyer, as follows: “You, the buyer, may cancel this contract at any time prior to midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right”;
2. The terms and conditions of payment, including the total of all payments to be made by the buyer, whether to the credit services organization or to some other person;
3. A full and detailed description of the services to be performed by the credit services organization for the buyer, including all guarantees and all promises of full or partial refunds, and the estimated date by which the services are to be performed, or estimated length of time for performing the services; and
4. The credit services organization's principal business address which shall be the actual office location of the organization and the name and address of its agent in the state authorized to receive service of process.
B. The contract shall be accompanied by a completed form in duplicate, captioned “Notice of Cancellation” that shall be attached to the contract, be easily detachable, and contain in bold face type the following statement written in the same language as used in the contract:
“Notice of Cancellation
You may cancel this contract, without any penalty or obligation, within five (5) days from the date the contract is signed.
If you cancel any payment made by you under this contract, it will be returned within ten (10) days following receipt by the seller of your cancellation notice.
To cancel this contract, mail or deliver a signed 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)
__________(purchaser's signature)”
C. The credit services organization shall give to the buyer a copy of the completed contract and all other documents the credit services organization requires the buyer to sign at the time they are signed.

Credits

Laws 1987, c. 35, § 7, emerg. eff. April 20, 1987.
24 Okl. St. Ann. § 137, OK ST T. 24 § 137
Current with emergency effective legislation through Chapter 317 of the First Regular Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
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