Amended
IN
Assembly
May 21, 2020 |
Amended
IN
Assembly
May 04, 2020 |
Introduced by Assembly Member Maienschein |
February 19, 2020 |
“Notice of Cancellation” | |
/enter date of transaction/ | |
---|---|
(Date) |
To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice, or send a telegram |
to , |
/name of seller/ |
at |
/address of seller’s place of business/ |
not later than midnight of . |
(Date) |
I hereby cancel this transaction. |
(Date) |
(Buyer’s signature) |
“Notice of Cancellation” | |
/enter date of transaction/ | |
---|---|
(Date) |
To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice, or send a telegram |
to , |
/name of seller/ |
at |
/address of seller’s place of business/ |
not later than midnight of . |
(Date) |
I hereby cancel this transaction. |
(Date) |
(Buyer’s signature) |
“Notice of Cancellation” | |
/enter date of transaction/ | |
(Date) |
To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice, or send a telegram | |
to
_____
/name of seller/
_____
, | |
at
_____
/address of seller’s place of business/
_____
| |
not later than midnight of(Date). | |
I hereby cancel this transaction.
_____
(Date)
_____
| |
_____
(Buyer’s signature) |
“Notice of Cancellation” | |
/enter date of transaction/
_____
(Date)
_____
|
___________________at | ||
/name of seller//Address of sellers place of
business/ | ||
not later than midnight of | ||
_____
(Date) | ||
I hereby cancel this transaction | ||
_____
(Date) | ||
(Buyer’s signature)
_____
|
Right to Cancel | |
Property Owner: [Owner Full Name],[Phone],[Email] | |
Property Address: [Property Address] | |
Your Right to Cancel: | |
You are entering into a contractual assessment with [Provider] for financing that will result in a lien on the property at [Property Address]. You may cancel this transaction, without cost, on or before midnight on the third business day after whichever of the following events occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. If you cancel the transaction, [Provider], within 20 calendar days
after [Provider] receives notice of cancellation, must take the steps necessary to reflect the fact that, if recorded, the lien on your property has been discharged and removed from the tax rolls, and [Provider] must return to you any money you have given in connection with your application, not including the application processing fee. After [Provider] has done the things mentioned above, you must return any money paid to you or on your behalf, whether to your contractor or any other person. All money must be returned to the address below. | |
If you cancel the transaction: | |
●You will not be charged a cancellation fee; and | |
●You will be refunded any money you have given, excluding application and processing fees as applicable. | |
To cancel this transaction, you may submit this form to [Provider] in writing at: | |
Provider:__________ | |
Attn:Right to Cancel Notification | |
Email:__________ | |
Fax number:__________ | |
Address:__________ | |
Deadline to Cancel: | |
If you want to cancel this transaction, you must submit this form on or before midnight on the third business day after whichever of the following
events occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. | |
You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. If you cancel by mail, fax, or email, you must send the notice no later than midnight of the third business day following the date on which you signed the contractual assessment. If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than midnight on the third business day after whichever of
the following events occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. | |
I WISH TO CANCEL | |
Property Owner | Date |
Right to Cancel | |
Property Owner: [Owner Full Name],[Phone],[Email] | |
Property Address: [Property Address] | |
Your Right to Cancel: | |
You are entering into a contractual
assessment with [Provider] for financing that will result in a lien on the property at [Property Address]. You may cancel this transaction, without cost, on or before midnight on the third business day after whichever of the following events occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. If you cancel the transaction, [Provider], within 20 calendar days after [Provider] receives notice of
cancellation, must take the steps necessary to reflect the fact that, if recorded, the lien on your property has been discharged and removed from the tax rolls, and [Provider] must return to you any money you have given in connection with your application, not including the application processing fee. After [Provider] has done the things mentioned above, you must return any money paid to you or on your behalf, whether to your contractor or any other person. All money must be returned to the address below. | |
If you cancel the transaction: | |
●You will not be charged a cancellation fee; and | |
●You will be refunded any money you have given, excluding application and processing fees as applicable. | |
To cancel this transaction, you may submit this form to [Provider] in writing at: | |
Provider:__________ | |
Attn:Right to Cancel Notification | |
Email:__________ | |
Fax number:__________ | |
Address:__________ | |
Deadline to Cancel: | |
If you want to cancel this transaction, you must submit this form on or before midnight on the third business day after whichever of the following events occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. | |
You may use any written statement that is signed and dated by you and states your intention to cancel, or you may use this notice by dating and signing below. If you cancel by mail, fax, or email, you must send the notice no later than midnight of the third business day following the date on which you signed the contractual assessment. If you send or deliver your written notice to cancel some other way, it must be delivered to the above address no later than midnight on the third business day after whichever of the following events
occurs last: (1) The date on which you signed the contractual assessment. (2) The date you received your Financing Estimate and Disclosure. (3) The date you received this notice of your right to cancel. | |
I WISH TO CANCEL | |
Property Owner | Date |
Financing Estimate and Disclosure | ||
Notice to Property Owner: You have the right to request that a hard copy of this document be provided to you before and after reviewing and signing. The financing arrangement described below will result in an
assessment against your property which will be collected along with your property taxes and will result in a lien on your property. You should read and review the terms carefully, and if necessary, consult with a tax professional or attorney. | ||
Customer Service Toll-Free telephone number and email: In the event you have a consumer complaint, questions about your financing obligations related to the contractual assessment or your contractual rights under the terms of this contract, you can contact either this toll-free telephone number or email address provided below and receive a response within 24 hours or one business day. Toll-Free telephone number: ___________ Customer
service email address: ___________ | ||
Products and Costs | ||
Product costs (including labor/installation) | $________ | |
Description 1. 2. 3. | ||
Financing Costs | ||
Application fees and costs Prepaid Interest Other
Costs Total Amount Financed | $________ $________ $________ $________ | |
Annual Percentage Rate (APR) Simple Interest Rate Total Annual Principal,
Interest, and Administrative Fees | ______% ______% $______ | |
Note: If your property taxes are paid through an impound account, your mortgage lender may apportion the amount and add it to your monthly payment. | ||
See “Other Important Considerations” below | ||
Total Amount you will have paid over the life of the financing | $________ | |
Other Costs Appraisal Fees Bond related costs Annual Administrative fees Estimated closing costs Credit Reporting Fees Recording Fees | $________ $________ $________ $________ $________ $________ | |
Total Financing Costs and Closing Costs | $________ | |
Estimated Cash (out of pocket) to close | $________ | |
Other Terms Prepayment fee | ◻ No | ◻ Yes ______ |
Additional Information About These Financing Comparisons[Use this information to compare to other financing options] | ||
Over the term of the financing | $________ Principal you will have paid off. $________ Amount of interest you have paid. $________ Amount of financing and other costs you will have paid. $________ Total you will have
paid. | |
Annual Percentage Rate | ______% | |
Total Interest Paid (as a percentage of all the payments you have made) | ______% | |
Other Important Considerations | ||
I understand that I may be required to pay off the remaining balance of this obligation by the mortgage lender refinancing my home. If I sell my home, the
buyer or their mortgage lender may require me to pay off the balance of this obligation as a condition of sale. | ||
_____
_______________
_____
[Borrower initials] | ||
Monthly Mortgage Payments | ||
Your payments will be added to your property tax bill. Whether you pay your property taxes through your mortgage payment, using an impound account, or if you pay them
directly to the tax collector, you will need to save an estimated $_______ for your first tax installment. If you pay your taxes through an impound account you should notify your mortgage lender, so that your monthly mortgage payment can be adjusted by your mortgage lender to cover your increased property tax bill. | ||
_____
_______________
_____
[Borrower initials] | ||
Tax Benefits: Consult your tax adviser regarding tax credits, credits and deductions, tax deductibility, and other tax benefits available. Making an appropriate application for the benefit is your responsibility. | ||
_____
_______________
_____
[Borrower initials] | ||
Statutory Penalties: If your property tax payment is late, the amount due will be subject to a 10% penalty, late fees, and 1.5% per month interest penalty as established by state law, and your property may be subject to foreclosure. | ||
_____
_______________
_____
[Borrower initials] | ||
Three Day Right to Cancel You, the property owner, may cancel the contract at any time on or before midnight on the third business day after the date of the transaction to enter into the agreement without any penalty or obligation. To cancel this transaction, you may mail or deliver a signed and dated copy of the contract with notice of cancellation to: ___________ [name of business] at ___________ [address] You may also cancel the contract by sending notification of cancellation by email to the following email address: _________________[email address of business].
_____
_______________
_____
[Borrower initials] | ||
Confirmation of Receipt This confirms the receipt of the information in this form. You do not have to accept this financing just because you acknowledge that you have received or signed this form, and it is NOT a contract. | ||
__________________________ [Property Owner Signature - Date] | __________________________ [Property Owner Signature - Date] |
Financing Estimate and Disclosure | ||
Notice to Property Owner: You have the right to request that a hard copy of this document be provided to you before and after reviewing and
signing. The financing arrangement described below will result in an assessment against your property which will be collected along with your property taxes and will result in a lien on your property. You should read and review the terms carefully, and if necessary, consult with a tax professional or attorney. | ||
Customer Service Toll-Free telephone number and email: In the event you have a consumer complaint, questions about your financing obligations related to the contractual assessment or your contractual rights under the terms of this contract, you can contact either this toll-free telephone number or email address provided below and receive a response within 24 hours or one business day. Toll-Free
telephone number: ___________ Customer service email address: ___________ | ||
Products and Costs | ||
Product costs (including labor/installation) | $________ | |
Description 1. 2. 3. | ||
Financing Costs | ||
Application fees and costs Prepaid Interest Other Costs Total Amount Financed | $________ $________ $________ $________ | |
Annual Percentage Rate (APR) Simple Interest Rate Total Annual Principal, Interest, and Administrative Fees | ______% ______% $______ | |
Note: If your property taxes are paid through an impound account, your mortgage lender may apportion the amount and add it to your monthly payment. | ||
See
“Other Important Considerations” below | ||
Total Amount you will have paid over the life of the financing | $________ | |
Other Costs Appraisal Fees Bond related costs Annual Administrative fees Estimated closing costs Credit Reporting Fees Recording Fees | $________ $________ $________ $________ $________ $________ | |
Total Financing Costs and Closing Costs | $________ | |
Estimated Cash (out of pocket) to close | $________ | |
Other Terms Prepayment fee | ◻ No | ◻ Yes ______ |
Additional Information About These Financing Comparisons[Use this information to compare to other financing options] | ||
Over the term of the financing | $________ Principal you will have paid off. $________ Amount of interest you have paid. $________ Amount of financing and other costs you will have paid. $________ Total you will have
paid. | |
Annual Percentage Rate | ______% | |
Total Interest Paid (as a percentage of all the payments you have made) | ______% | |
Other Important Considerations | ||
I understand that I may be required to pay off the remaining balance of this obligation by the mortgage lender refinancing my home. If I sell my home, the buyer
or their mortgage lender may require me to pay off the balance of this obligation as a condition of sale. | ||
_____
_______________
_____
[Borrower initials] | ||
Monthly Mortgage Payments | ||
Your payments will be added to your property tax bill. Whether you pay your
property taxes through your mortgage payment, using an impound account, or if you pay them directly to the tax collector, you will need to save an estimated $_______ for your first tax installment. If you pay your taxes through an impound account you should notify your mortgage lender, so that your monthly mortgage payment can be adjusted by your mortgage lender to cover your increased property tax bill. | ||
_____
_______________
_____
[Borrower initials] | ||
Tax Benefits: Consult your tax adviser regarding tax credits, credits and deductions, tax deductibility, and other tax
benefits available. Making an appropriate application for the benefit is your responsibility. | ||
_____
_______________
_____
[Borrower initials] | ||
Statutory Penalties: If your property tax payment is late, the amount due will be subject to a 10% penalty, late fees, and 1.5% per month interest penalty as established by state law, and your property may be subject to foreclosure. | ||
_____
_______________
_____
[Borrower initials] | ||
Three Day Right to Cancel You, the property owner, may cancel the contract at any time on or before midnight on the third business day after the date of the transaction to enter into the agreement without any penalty or obligation. To cancel this transaction, you may mail or deliver a signed and dated copy of the contract with notice of cancellation to: ___________ [name of business] at ___________ [address] You may also cancel the contract by sending notification of cancellation by email to the following email address:
_________________[email address of business].
_____
_______________
_____
[Borrower initials] | ||
Confirmation of Receipt This confirms the receipt of the information in this form. You do not have to accept this financing just because you acknowledge that you have received or signed this form, and it is NOT a contract. | ||
__________________________ [Property Owner Signature - Date] | __________________________ [Property Owner Signature - Date] |