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Can you summarize NERS 45-808?
INTEREST, LOANS, AND DEBT > Contract; requirements; cancellation; procedure; notice; breach; effect.
Short Summary
This legal document governs the requirements for contracts between buyers and credit services organizations for the purchase of services. The contract must be in writing, dated, and signed by the buyer. It should include a statement informing the buyer of their right to cancel the contract within three days of signing. The terms and conditions of payment, a detailed description of the services to be performed, and the organization’s contact information must also be included. If the buyer cancels the contract within three days, any payment made must be returned within ten days. The contract should have attached two copies of a notice of cancellation. The credit services organization must provide the buyer with a copy of the completed contract and any other required documents. Breach of the contract or any obligation under the Credit Services Organization Act is considered a violation of the act.
Whom does it apply to?
Buyers and credit services organizations
What does it govern?
Contract requirements, cancellation procedure, notice, breach, effect
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Violation of the contract or obligations under the Credit Services Organization Act is considered a violation of the act.
Jurisdiction
Nebraska