5.10.060 Cancellation of Payday Loan.
This section is included in your selections.
A. A Payday Lender shall cancel a Payday Loan without any charge to the Borrower if prior to the close of the business day following the day on which the Payday Loan originated, the Borrower:
1. Informs the Payday Lender in writing that the Borrower wishes to cancel the Payday Loan and any future payment obligations; and
2. Returns to the Payday Lender the un-cashed check or proceeds given the Borrower by the Payday Lender or cash in amount equal to the principal amount of the Payday Loan.
B. A Payday Lender shall disclose to each Borrower that the right to cancel a Payday Loan as described in this section is available to the Borrower. The Payday Lender shall disclose this requirement to the borrower in a minimum of bold 12 point type.