Sec. 70. Cooling-off period.

167 words·~1 min read·/il/chapter-765/act-67/70

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The buyer or the seller shall not be bound for 3 full business days after an unexecuted installment sales contract has been accepted by the buyer and the seller in the contract's full and final form.

(b)No later than the time the unexecuted installment sales contract has been accepted by the buyer and the seller in the contract's full and final form, the seller shall provide to the buyer the document described in Section 75 of this Act.

(c)An executed installment sales contract shall include a statement acknowledging that the seller provided the buyer with the installment sales contract disclosure prepared by the Office of the Attorney General, as required under Section 75 of this Act.

(d)An executed installment sales contract shall include the date the seller provided the buyer with the installment sales contract disclosure prepared by the Office of the Attorney General.

(e)The requirements of this Section cannot be waived by the buyer or the seller.