NOTICE OF
RIGHT TO CANCEL 1. Your Right to Cancel
We have agreed to increase the credit limit on your open-end credit
account. We have a [ mortgage/lien/security interest] [on/in] your
home as security for your account. Increasing the credit limit will
increase the amount of the [mortgage/lien/security interest] [on/in]
your home. You have a legal right under federal law to cancel the
increase in your credit limit, without cost, within three business
days after the latest of the following events:
(1)
the date of the increase in your credit limit 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 increase
in your credit limit.
If you cancel, your cancellation will apply only to the
increase in your credit limit and to the [mortgage/lien/security interest]
that resulted from the increase in your credit limit. 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 increase.
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 increase in your
credit limit, 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
