In Colorado, the provisions of the Colorado Revised Statutes cover a buyer's right to cancel certain types of contracts. The public often refers to such statutes as "buyer's remorse" laws.
The amount of time in which a consumer may cancel a contract varies depending upon the type of transaction. Per Colorado law, consumers have up to five days to cancel a contract with a credit repair company or a time-share agreement, but only three days to cancel a home solicitation or telemarketing contract.
Consumers must cancel within the time allowed by law, which starts on the day after the buyer signed the contract, and ends at midnight on the day specified by law. Cancellation given by mail is considered effective when deposited in a mailbox, if properly addressed with postage prepaid.
The buyer may not cancel a home solicitation when a separate signed statement describes an emergency that requires an immediate remedy to protect property or to protect the health, safety or welfare of a person. Colorado law also prevents buyers from canceling a contract involving goods if he cannot return the goods to the seller in substantially the same condition as received.
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