Section 500-203 - Mandatory contract itemsExcept as provided in sections 306 , 307 and 308 of this act, a home improvement installment contract shall contain the following:
(a) The name of the contractor, the place of business of the contractor, the name and address of the buyer as specified by the buyer, the location of the premises to be improved, and a description of the goods and services sufficient to identify them.(b) The cash price of the goods and services which are the subject matter of the sale.(c.1) Items required to be disclosed by the Truth in Lending Act ( Public Law 90-321, 15 U.S.C. § 1601 et seq.) and regulations issued thereunder for either closed-end or open-end extensions of credit as the case may be.(d.1) If any installment substantially exceeds in amount any prior installment other than the down payment, the following legend printed in ten point bold type or typewritten and underlined: This contract is not payable in installments of equal amounts. Followed, if there be but one larger installment, by: An installment of $.......... will be due on .........., or if there be more than one larger installment, by: Larger installments will be due as follows: ........... (Insert the amount or amounts of every larger installment and its due date).(e.1) This contract, subject to liability for any liquidated damage provision thereof authorized by law, may be rescinded by the buyer not later than five P.M. on the business day following the date thereof by giving written notice of rescission to the contractor at his place of business given in this contract, but if you rescind after five P.M. on the business day following, you are still entitled to offer defenses in mitigation of damages and to pursue any rights of action or defenses that arise out of the transaction. The items need not be stated in the sequence or order set forth above. Additional items may be included to explain the computation made in determining the amount to be paid by the buyer. The contract need not make any reference to item (c.1) if a charge for the item is not included in the contract.
1963, Aug. 14, P.L. 1082, art. II, § 203. Amended 1994, July 1, P.L. 416, No. 68, § 1, effective in 60 days.