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Cooling-off period.
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50.—(1) Subject to subsections (2) and (4), a consumer may withdraw from an agreement within 10 days of receiving it or a copy thereof (“the cooling-off period”) by giving written notice to this effect to the creditor or the owner, as the case may be.
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(2) A consumer may forego his right to a cooling-off period in any credit agreement by signing a statement to this effect separately from any other term of the agreement.
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(3) A statement by which a consumer forgoes the right to a cooling-off period shall carry in a prominent position:
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“WARNING
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THIS WAIVER MEANS YOU ARE GIVING UP YOUR RIGHT TO A 10 DAY PERIOD TO RECONSIDER YOUR COMMITMENT TO THE AGREEMENT.”.
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(4) This section does not apply to a housing loan or credit availed of by means of a credit card or an overdraft facility offered by a credit institution.
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