Section 358-J:2 - Cancellation of MembershipI.Any person who has elected to become a member of a club may cancel such membership by: (a) Giving written notice any time before midnight of the third business day following the date on which membership was attained. Such cancellation shall be without liability on the part of the member and shall entitle the member to a refund of the entire consideration paid for the contract; or(b) Giving written notice any time after the third business day following the date on which membership was attained. Such cancellation shall be on a pro rata daily basis, the member being responsible only for that portion of the contract consideration representing the time elapsed on the contract and being entitled to a refund of that portion of the fee representing the days remaining on the contract at date of cancellation. If the contract duration is for the life of the member, the daily value shall be determined by standard actuarial tables.II.Notice of cancellation shall be in writing and delivered personally or by mail. If given by mail, the notice is effective upon deposit in a mailbox, properly addressed and postage paid. Notice of cancellation need not take a particular form and is sufficient if it indicates, by any form or written expression, the intention of the member not to be bound by the contract. If delivered personally, the notice shall be accepted by any agent or employee of the club, and a receipt for the notice shall be given by that agent or employee to the person cancelling.III.The entitled refund shall be delivered to the member within 10 days after notice of cancellation is given.IV.Rights of cancellation may not be waived or otherwise surrendered.V.Cancellation shall not relieve the member from paying for any merchandise purchased or ordered prior to the date of cancellation. 1983, 438:1, eff. June 24, 1983.