Legal Question in Consumer Law in Maryland

I signed a contract to purchase a swimming pool at a pool show at Timonium Fairgrounds in Maryland from a manufacturing company located in Virginia. I agreed to put down 20% (approx $5,000) within 60 days. I attempted to cancel the contract over the telephone but was told it was a binding contract that could not be canceled. I proceeded to pay the deposit and have been waiting to get the final financing to complete the deal. I have recently discovered that I may have had three days to cancel but was not aware of that and was not advised of that by the seller. Is this true?


Asked on 10/13/10, 2:04 pm

1 Answer from Attorneys
Phillip M. Cook Cook Legal Services, LLC

No, this is not true. The 3 day rule you are referring to is located in a federal statute called the "Truth In Lending Act" or "TILA". TILA provides a 3 day right of rescission when: (i) refinancing a primary residential loan, (ii) obtaining a home equity loan, or (iii) when obtaining a 2nd mortgage on primary residence. The 3 day rule does NOT apply to car loans or any other type of lending situation. It also does not apply to general contracts. Unless the contract you signed expressly states that you have a certain number of days to cancel, you are out of luck.

Best of luck.******The above is for informational purposes only and does not create an attorney-client privilege.********

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Answered on 10/18/10, 4:20 pm


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