It is absolutely correct on federal law. If you tell me your state I can check state law to see if there is a provison that will apply to you.

Hello,

It is three days under Colorado State law also. Here is a summary of Colorado's rights of rescission (buyer's remorse) from the District Attorney's Office web site:

Rescission Rights

Rescission rights are also known as cooling-off periods or cancellation periods. Colorado law allows specific transactions to be rescinded. Please note: Vehicle purchases do not come with a rescission or cancellation policy. The law provides different rescission periods for specific contracts. Refer to the chart below to determine if your transaction has a rescission period associated with it and to determine the length allowed by law.

One Day Right of Rescission

• For membership buyer club contracts, please see Colorado Revised Statute 6-1-105-(bb)(1).
• Donations of goods, Colorado Revised Statute 6-16-106.
• You can access the statutes by going to the State of Colorado's Web site, selecting the link "Legislature", and then "Colorado Revised Statutes".

Three Day Right of Rescission

• Door-to-door sales (see section under Door-to-Door sales in this Web site).
• Any solicitation credit transaction involving four or more payments (excluding the down payment) made at your home that does not involve a credit card. Your legal rights can be found in the Colorado Revised statute 5-2-501-5 and 5-2-104 and 5-1-301(12). Any credit transaction that could result in a lien being placed on your home comes with a three-day cancellation period (home improvement repairs). See the Uniform Commercial Credit Code Loan information in Colorado Revised Statutes 5-5-204.
• All health club contracts are covered in Colorado Revised Statutes 6-1-105 (t) (I)
• Pledges of cash or purchases made to benefit a non-profit organization. The rescission period begins within three days of receiving written confirmation of the contribution from the charity.
• Telemarketing contracts.

You can access the statutes by going to the State of Colorado's Web site, selecting the link "Legislature", and then "Colorado Revised Statutes".

Five Day Right of Rescission

• Credit repair contracts are covered in Colorado Revised Statutes 12-1405-108(2).
• Time share or interval ownership contract information is found in Colorado Revised Statutes 6-1-105 (s)(II).

You can access the statutes by going to the State of Colorado's Web site, selecting the link "Legislature", and then "Colorado Revised Statutes".

30 Day Right of Rescission

• Hearing Aid sales

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THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE.