NOTICE OF RIGHT
TO CANCEL 1. Your Right to Cancel
We have agreed to establish
an open-end credit account for you, and you have agreed to give us
a [mortgage/lien/security interest] [on/in] your home as security
for the account. You have a legal right under federal law to cancel
the account, without cost, within three business days after the latest
of the following events:
(1)
the opening date of your account 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 account.
If you cancel the account, the [mortgage/lien/security
interest] [on/in] your home is also cancelled. Within 20 days of receiving
your notice, we must take the necessary steps to reflect the fact
that the [mortgage/lien/security interest] [on/in] your home has been
cancelled. We must return to you any money or property you have given
to us or to anyone else in connection with the account.
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 account, 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
