Sec. 6. (a) The
seller shall put every
contract in writing and shall give the
investor a copy of the
contract at the time the investor signs the contract.
Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 24-5-8-6
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Business opportunity: means an investment that:
Indiana Code 24-5-8-1
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement relating to a business opportunity. See Indiana Code 24-5-8-1
- Goods: means any merchandise, equipment, product, supply, or material. See Indiana Code 24-5-8-1
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Investor: means a person who is solicited to become obligated or does become obligated on a contract. See Indiana Code 24-5-8-1
- Seller: means a person, or his agent, who sells or leases or offers to sell or lease a business opportunity. See Indiana Code 24-5-8-1
- Service of process: The service of writs or summonses to the appropriate party.
- Substantial seller: means a seller who has a net worth on a consolidated basis, according to current financial statements certified by an independent certified public accountant, of:
Indiana Code 24-5-8-1
(1) The seller’s business address and the name and business address of the seller’s agent in this state authorized to receive service of process.
(2) The terms and conditions of payment.
(3) A detailed description of any services that the seller undertakes to perform for the investor.
(4) A detailed description of any training that the seller undertakes to provide to the investor.
(5) The approximate delivery date of any goods the seller is to deliver to the investor.
(6) A statement of the investor’s right to cancel that must:
(A) appear under the conspicuous caption, “INVESTOR’S RIGHT TO CANCEL WITHIN 30 DAYS”; and
(B) contain the following statement in no smaller type than the body portion of the contract: “THE INVESTOR IN THIS BUSINESS OPPORTUNITY HAS THE RIGHT TO CANCEL THIS CONTRACT FOR ANY REASON AT ANY TIME BEFORE MIDNIGHT OF THE 30TH CALENDAR DAY AFTER THIS CONTRACT IS ENTERED INTO. YOU MAY CANCEL THIS CONTRACT BY MAILING A NOTICE THAT YOU DO NOT WANT THE BUSINESS OPPORTUNITY TO THE SELLER BEFORE __________, 20__ AT 12:00 MIDNIGHT AT _______________.”.
(c) Subsection (b)(6) does not apply to a contract entered into by a substantial seller, unless required by the consumer protection division of the office of the attorney general for good cause shown after notice.
As added by P.L.134-1984, SEC.1. Amended by P.L.252-1987, SEC.4; P.L.2-2005, SEC.62.
