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A. Except as provided in subsection (E) of this section, in addition to any right otherwise to revoke an offer, the consumer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the consumer signs an agreement or offer to purchase.
(1) The amount of the conventional interest cannot exceed twelve percent per annum.
The amount of any periodic payment due from a person, or spouse of a person, who is on active duty under the terms of the obligation shall be reduced by the amount of the interest and finance charges forgiven under Subsection (B) of this Section that is allocable to the period for which the periodic payment is made.
Explanation of three business days: If the sale happens on a Monday during a week without a federal holiday, you will have until midnight on Thursday to cancel the contract. If the sale happens on a Monday when Tuesday is a federal holiday, you will have until midnight on Friday to cancel the contract.
The Cooling-Off Rule gives you three days to cancel certain sales made at your home, workplace, or dormitory, or at a seller's temporary location, like a hotel or motel room, convention center, fairground, or restaurant. The Rule also applies when you invite a salesperson to make a presentation in your home.
Debts from a breach of contract in Louisiana have a prescription period of 10 years beginning from the date of breach or last payment to the debt account. This period covers all types of general contracts except those assigned specific periods following their governing codes within the state's laws.
For example, goods and services must be of a satisfactory standard. During the 14-day cancellation (or cooling off) period, a consumer can cancel their order for any reason.
In consumer rights legislation and practice, a cooling-off period is a period of time following a purchase when the purchaser may choose to cancel a purchase, and return goods which have been supplied, for any reason, and obtain a full refund.