Ask Andy: Federal "cooling-off" rule - WMC Action News 5 - Memphis, Tennessee

Ask Andy: Federal "cooling-off" rule

By Andy Wise - bio | email | Twitter | Facebook

MEMPHIS (WMC TV) - You took the plunge.  You made the purchase.

Now you're having second thoughts. 

You have a bad case of buyer's remorse. 

The cure isn't always simple.

You see, there are no state laws in the Mid-South that allow for buyer's remorse, except in the cases of mortgage refinancing, health clubs and door-to-door sales.  Click here for my Ask Andy report on return policies and "rights of rescission":

A recent sale at a Mississippi convention center takes buyer's remorse to a whole new level.

"Michael" of Olive Branch wrote:

"My daughter purchased a python at the Southaven Convention Center, and tried to return it within two hours. The vendor would not take it back, even after we went up there also."

First of all, yes, it is perfectly legal to buy and sell pythons in the Mid-South.  No kidding.

Secondly, there's a federal law that would cover this "big snake" buyer's remorse.  It's called the "cooling-off rule."

According to the Federal Trade Commission, the "cooling-off rule" gives consumers three days to cancel items that cost $25 or more.  It applies to sales made:

* In your home (think Tupperware or Pampered Chef party)

* Hotels/motels

* Fairgrounds

* Restaurants

* Convention Centers

The seller must inform you of your cooling-off cancellation rights at the point of sale.  That would include providing you two copies of a cancellation form, one copy of your contract or at least a dated receipt that spells out your cancellation rights. 

Here's the link to the FTC's explanation of the "cooling-off rule":

Take it to the next fly-by-night convention you visit.  Michael and his daughter did.

They got their money back from that "snake" who sold them the snake.

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