420-D:4-a Rescission of Contract. –
Every continuing care contract shall contain the following notice in 10-point bold face type or larger, directly above the space provided before the signature of the resident:
NOTICE TO THE RESIDENT: YOU HAVE THE RIGHT TO CANCEL THIS CONTRACT OR AGREEMENT BY SENDING OR DELIVERING WRITTEN NOTICE OF CANCELLATION TO THE PROVIDER BY MIDNIGHT OF THE 15TH CALENDAR DAY FOLLOWING THE DAY ON WHICH IT WAS EXECUTED BY BOTH PARTIES. SUCH CANCELLATION IS WITHOUT PENALTY, AND ALL DEPOSITS MADE BY YOU SHALL BE PROMPTLY REFUNDED, EXCEPT FOR THE APPLICATION FEE AND FOR EXPENSES INCURRED BY THE PROVIDER AT THE RESIDENT'S SPECIFIC REQUEST, PROVIDED THAT SUCH EXPENSES ARE ITEMIZED AND SUPPORTED BY APPROPRIATE DOCUMENTATION.
AFTER THIS 15-DAY CANCELLATION PERIOD, YOU HAVE THE RIGHT TO CANCEL THIS CONTRACT FOR ANY REASON ANYTIME BY 90 DAYS WRITTEN NOTICE. IF YOU CANCEL THE CONTRACT IN THIS MANNER, YOU MAY BE ENTITLED TO A FULL OR PARTIAL REFUND OF YOUR ENTRANCE FEE, AS PROVIDED ELSEWHERE IN THE CONTRACT. HOWEVER, YOU MAY HAVE TO WAIT FOR RE-PAYMENT OF ANY FUNDS OWED TO YOU BY THE PROVIDER UNTIL YOUR UNIT IS UNDER CONTRACT AND THE RESCISSION PERIOD HAS PASSED FOR THE FUTURE RESIDENT.