(1) In addition to any right of rescission available under state or federal law, the home owner has the right to cancel a foreclosure consulting contract at any time.
Cancellation occurs when the home owner gives written notice of cancellation of theforeclosure consulting contract to the foreclosure consultant at the address specified in the contract or through any facsimile or electronic mail address identified in the contract or other materials provided to the home owner by the foreclosure consultant.
Notice of cancellation, if given by mail, is effective when deposited in the UnitedStates mail, properly addressed, with postage prepaid.
Notice of cancellation need not be in the form provided with the contract and iseffective, however expressed, if it indicates the intention of the home owner to cancel the foreclosure consulting contract.
As part of the cancellation of a foreclosure consulting contract, the home owner shallrepay, within sixty days after the date of cancellation, all funds paid or advanced in good faith prior to the receipt of notice of cancellation by the foreclosure consultant or associate under the terms of the foreclosure consulting contract, together with interest at the prime rate published by the federal reserve plus two percentage points, with the total interest rate not to exceed eight percent per year, from the date of expenditure until repaid by the home owner.
The right to cancel may not be conditioned on the repayment of any funds.
Source: L. 2006: Entire part added, p. 1336, § 1, effective May 30.