(a) No home improvement installment contract shall require or entail the execution of any note or series of notes by the buyer which, when separately negotiated, will cut off as to third parties any right of action or defense which the buyer may have against the contractor.

(b) The contract may require or entail the execution of a promissory note but only if it bears on the same side of the note as contains the maker's signature, the following legend in at least ten point bold type: “Payment of this note is subject to the terms of a home improvement installment contract of even date between maker and payee.” No such note may be negotiated or otherwise transferred without simultaneous delivery of the related contract.