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
