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Can I offer a money-back guarantee for my product or service in Oklahoma? What are the requirements?

Money-back guarantee requirements in Oklahoma

To offer a money-back guarantee for your product or service in Oklahoma, you must comply with the Oklahoma Consumer Protection Act [1.5]. The Act allows consumers to cancel a purchase for any reason within a certain period of time and receive a full refund [1.4]. However, the Act also prohibits sellers from making certain misrepresentations unless they have a minimum net worth of $50,000 [2.1].

To ensure compliance with the Act, you should provide a written receipt or contract that includes a specific statement in all bold-faced type capital letters no smaller than the largest print used in the written receipt or contract [1.4]. The statement should inform the purchaser of their right to cancel the purchase for any reason and the amount of the cancellation fee, if any [1.4].

If you violate the Oklahoma Consumer Protection Act, you may be liable for actual damages sustained by the customer, costs of litigation including reasonable attorney’s fees, and a civil penalty of up to $10,000 per violation [1.5]. Therefore, it is important to ensure that your money-back guarantee complies with the Act to avoid potential legal consequences.

Additionally, if you are a commercial telephone seller, you must register with the Attorney General at least ten days prior to conducting business in Oklahoma [1.6]. You must also allow the purchaser to cancel any purchase or agreement to purchase goods, services, or property at any time before the expiration of three business days after the purchaser’s receipt of such goods, services, or property by delivering or mailing to the commercial telephone seller written notice of cancellation [1.2].

If you offer consumers an unconditional guarantee, a clear disclosure of such guarantee by using the words “satisfaction guaranteed”, “free inspection” or “no-risk guarantee” satisfies the disclosure requirements [1.2].

Conclusion

To offer a money-back guarantee for your product or service in Oklahoma, you must comply with the Oklahoma Consumer Protection Act and provide a written receipt or contract that includes a specific statement informing the purchaser of their right to cancel the purchase for any reason and the amount of the cancellation fee, if any. Additionally, if you are a commercial telephone seller, you must register with the Attorney General and allow the purchaser to cancel any purchase or agreement to purchase goods, services, or property at any time before the expiration of three business days after the purchaser’s receipt of such goods, services, or property.

Source(s):
Jurisdiction

Oklahoma