The general law in Colorado is that a consumer does not have the right to cancel a consumer contract or purchase. There are exceptions to the general rule that allow a consumer to rescind a transaction, generally referred to as Colorado's buyers' remorse laws. A rescission of a contract is to render it void as if it never occurred. Rather than a broad law, Colorado law provides for 1, 3, 5 or 30 day rescission periods based on specific subject matter of the contract. These restrictions are based on business days, so any weekend or holiday does not count for calculation of the applicable time period.
Colorado allows a consumer the right to rescind a membership buyer club contract or rescind the donation of goods under the Colorado Consumer Protection Act.
Door-to-door sales involving transactions of $25 or more are granted a three-day rescission period. The Federal Trade Commission rules also provide a thee-day rescission period, in addition to requiring the consumer be given written notice of the right to cancel. Home solicitation sales, mortgage loans, health club contracts, charity pledges, and commercial telephone sales are also subject to a three-day rescission period.
Credit repair contracts (where a private party will repair your credit for a fee) are subject to five-day rescission periods, and the seller is required to provide the consumer written notice of the right to rescind. Time-share contracts are also covered under a five-day rescission period.
Hearing aids have a 30-day rescission period, although this excludes the cost of an individual ear mold that is cast.
Based near Chicago, Sameca Pandova has been writing since 1995 and now contributes to various websites. He is an attorney with experience in health care, family and criminal prosecution issues. Pandova holds a Master of Laws in health law from Loyola University Chicago, a Juris Doctor from Case Western Reserve University and a Bachelor of Arts in history and political science from Case Western.