What is the 3-day rescission law?

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What is the 3-day rescission law?

I signed a loan for a training course during a seminar at a hotel. I realized shortly after the signing that it was not within my budget and that I was caught up in the sales pitch. Can I cancel within 3-business days or do I need to follow company’s refund policy, which is complete the course and exams before asking for a refund? I know I could cancel the loan/contract in several states; however, I do not know NV’s law.

Asked on August 7, 2011 Nevada

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Under NV law, the 3-day right of rescission applies to door-to-door sales where the price is in excess of $25. It also applies to the sale of timeshares. Additionally, federal law gives a 3-day right of rescission for a finance agreement, however rights and it does not apply to the underlying sale.  It also applies to some bank loans. 

Based on the facts presented, it appears that the 3-day law would apply; a loan is involved. To be sure of your rights and remedies, you should consult diestcly with an attorney in your area or try Legal Aid even. A quick phone call should do.


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