Section 75-81-107 - Time for commencing performance; consumer's right to rescind; disclosure of hourly rates; bonding(1) Every contract for dance studio lessons and other services shall provide that performance of the agreed upon lessons will begin within twelve (12) months from the date the contract is entered into.(2) Every contract for dance studio lessons and other services shall further provide that such contract may be rescinded within five (5) business days after receipt of the contract by the customer by written notice to the other party at the address specified in the contract, and all monies paid pursuant to such contract shall be refunded within ten (10) days of receipt of the notice of rescission, subject to payment by the customer for dance studio lessons or other services received prior to rescission.(3) Every contract for dance studio lessons and other services shall contain a written statement of the hourly rate charged for each type of lessons for which the student has contracted. If the contract includes dance studio lessons which are sold at different per-hour rates, the contract shall contain separate hourly rates for each different type of lessons sold. All other services for which the student has contracted which are not capable of a per-hour charge shall be set forth in writing in specific terms. Such statement shall be contained in the dance studio contract before the contract is signed by the buyer.(4) Every dance studio subject to the provisions of this chapter shall include in every contract for dance studio lessons or other services a statement that the studio is bonded and that information concerning the bond may be obtained by writing to the office of the State Treasurer. If the studio has elected to make a cash deposit in lieu of procuring a bond, the contract shall contain a description of the cash deposit.Laws, 1985, ch. 484, § 4, eff. 7/1/1985.