Section 455.610 - [Effective 1/6/2025] Right to cancel sales agreements or sales contracts for wholesale transactions.(a) A consumer who is party to a wholesale transaction shall have the right to cancel a sales agreement or sales contract that contains the information required under subsection (e) until midnight of the 30th day after the date when the consumer executed the agreement or contract, or until conveyance, whichever occurs first. A sales agreement or sales contract for a wholesale transaction that does not contain the information required under subsection (e) may be canceled at any time prior to conveyance. The right to cancel the sales agreement or sales contract shall not be waivable.(b) Notice of cancellation shall be given by certified return receipt mail or by any other bona fide means of delivery, including electronic delivery or personal delivery, provided that the consumer obtains a receipt. A notice of cancellation given by a bona fide means of delivery shall be effective on the date postmarked, the date of electronic transmission or on the date of deposit of the notice with any bona fide means of delivery.(c) Within ten business days after the receipt of a notice of cancellation, all payments of any kind made by the consumer shall be refunded to the consumer and an acknowledgment that the sales agreement or sales contract is void shall be sent by the broker or salesperson to the consumer. In the event of a cancellation under this section, any promotional prizes, gifts and premiums issued to the consumer shall remain the property of the consumer.(d) A consumer who exercises the right of cancellation shall not be liable for any damages as a result of the exercise of that right.(e) A sales agreement or sales contract for a wholesale transaction shall prominently include the following information which shall be disclosed in the manner and method that the commission shall establish by regulation:(1) A statement that the agreement or contract is for a wholesale transaction in which the licensee intends to assign, sell or otherwise transfer the interest for a fee, commission or other valuable monetary consideration without having taken title as the owner of record of the interest.(2) A statement that the consumer has the right to obtain an appraisal of the property from a real estate appraiser certified under section 3 of the act of July 10, 1990 (P.L.404, No.98), known as the "Real Estate Appraisers Certification Act," to consult with a licensee not affiliated with the licensee's broker or to seek legal counsel before or after entering into the agreement or contract.(3) A statement that the consumer has the right to cancel the agreement or contract until midnight of the 30th day after the date when the consumer executed the agreement or contract, or until conveyance, whichever occurs first, by certified return receipt mail or by any other bona fide means of delivery, including electronic delivery or personal delivery, provided that the consumer obtains a receipt.(4) A statement that within ten business days after the receipt of a notice of cancellation, all payments of any kind made by the consumer shall be refunded to the consumer.Added by P.L. (number not assigned at time of publication) 2024 No. 52,§ 3, eff. 1/6/2025.