1. The owner of damaged property has the right to cancel any agreement entered into with a licensed public adjuster or licensed public adjuster solicitor until midnight of the third business day after the day on which the agreement was signed.

2. Cancellation occurs when the buyer gives written notice of cancellation to the licensed public adjuster or licensed public adjuster solicitor at the address stated in the agreement between the parties. Notice of cancellation may be given by mail and is given when deposited in a United States mail box properly addressed and postage prepaid. Notice of cancellation must contain the written intention of the owner to cancel the agreement. No liability accrues to the owner when the agreement is cancelled within said period, except for reasonable expenses incurred in preserving the damaged premises during the said three-day period.