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Educational Consumer Tips

Three Day Cooling Off Rule-Sales Agreement

Author: Better Business Bureau

A Federal Trade Commission rule gives consumers the right to cancel sales transactions of $25 or more up until midnight of the third business day after the date of the sale. The rule applies to any sales agreements made away from the seller's normal place of business. The rule does not apply to sales made totally by telephone, by mail, real estate, insurance, securities sales, automobiles or emergency home repairs. If you decide to cancel the sale, sign and date the cancellation form. MAIL OR DELIVER a copy to the address given for cancellation anytime BEFORE MIDNIGHT of the third business day after the date of the contract. The BBB suggests sending the letter to the company return receipt certified mail.