NOTICE OF RIGHT
TO CANCEL 1. Your Right to Cancel
We have extended credit
to you under your open-end credit account. This extension of credit
will increase the amount you owe on your account. We already have
a [mortgage/ lien/security interest] [on/in] your home as security
for your account. You have a legal right under federal law to cancel
the extension of credit, without cost, within three business days
after the latest of the following events:
(1)
the date of the additional extension of credit which is
; or(2)
the date you received your Truth-in-Lending disclosures; or
(3)
the date you received this notice of your right to cancel the additional
extension of credit.
If you cancel the additional extension of credit, your
cancellation will only apply to the additional amount and to any increase
in the [mortgage/lien/security interest] that resulted because of
the additional amount. It will not affect the amount you presently
owe, and it will not affect the [mortgage/lien/security interest]
we already have [on/in] your home. Within 20 calendar days after we
receive your notice of cancellation, we must take the necessary steps
to reflect the fact that any increase in the [mortgage/lien/security
interest] [on/in] your home has been cancelled. We must also return
to you any money or property you have given to us or to anyone else
in connection with this extension of credit.
You may keep any money or property we have given you until
we have done the things mentioned above, but you must then offer to return the money
or property. If it is impractical or unfair for you to return the
property, you must offer its reasonable value. You may offer to return
the property at your home or at the location of the property. Money
must be returned to the address shown below. If we do not take possession
of the money or property within 20 calendar days of your offer, you
may keep it without further obligation.
2. How to Cancel
If you decide to cancel the additional extension of credit, you may
do so by notifying us, in writing, at
(creditor’s name and business address).
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. Keep one copy of this notice
no matter how you notify us because it contains important information
about your rights.
If you cancel by mail or telegram, you must send the notice
no later than midnight of
(date)
(or midnight of the third business day following the latest
of the three events listed above). If you send or deliver your written
notice to cancel some other way, it must be delivered to the above
address no later than that time.
I WISH TO CANCEL.
Consumer’s Signature Date
