Bill > A551

This bill enhances consumer protections by modifying existing law to provide more flexible contract cancellation rights for home improvement and consumer goods contracts. For home improvement contracts exceeding $500, consumers can now cancel within three business days of receiving the signed contract, with an extended five-day cancellation period specifically for consumers aged 60 or older or those with intellectual disabilities. The bill also introduces a new provision allowing consumers in these age or disability categories to cancel contracts for goods priced at $500 or more within three business days. When a contract is cancelled, the consumer is entitled to a full refund within 30 days, and any associated credit or loan agreements must be cancelled without penalty. The bill includes a specific provision for emergency restoration services, allowing consumers to waive cancellation rights if they sign an emergency authorization form, and clarifies definitions of "goods" and "emergency restoration services." The law will not apply to real estate or real estate brokerage service contracts and will take effect on the first day of the fourth month following its enactment, applying only to contracts entered into on or after that date.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A551