§46A-6H-5. Right of recision.
(a) Any consumer who enters into a transfer agreement shall
have an absolute, nonwaiveable right of recision for five business
days following the closing date of the transfer. During the
five-day recision period, the consumer may rescind the transfer
agreement by phone, mail or facsimile, effective upon receipt,
without penalty or further obligation to the transferee, except
that any amounts advanced by the transferee to the consumer in
contemplation of the transfer shall be immediately refunded to the
(b) When a transfer requires court approval, the consumer may
rescind without penalty until the court order is entered appointing
a guardian ad litem. When the consumer dismisses the action after
the appointment of a guardian ad litem or rescinds the transfer
agreement within five business days of court approval of the
transfer, the consumer shall be responsible for the filing fee and
any guardian ad litem fees.
(c) Notice of the right of recision shall be provided to the
consumer in writing by the transferee prior to the time of closing.