If you buy something at a store and later change your mind, you may not be able to return the merchandise. However, you may have the option, if you buy an item in your home or at a location that is not the seller's permanent place of business. The Federal Trade Commission's (FTC's) Cooling-Off Rule gives you three days to cancel purchases of $25 or more. Under the Cooling-Off Rule, your right to cancel for a full refund extends until midnight of the third business day after the sale.
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The Cooling-Off Rule applies to sales at the buyer's home, workplace or dormitory, or at facilities rented by the seller on a temporary or short-term basis, such as:
- Hotel or motel rooms
- Convention centers
- Fairgrounds
- Restaurants
Under the Cooling-Off Rule, the salesperson must tell you about your cancellation rights at the time of sale. The salesperson also must give you two copies of a cancellation form (one to keep and one to send) and a copy of your contract or receipt.
There are exceptions to the Cooling-Off Rule as well as additional local laws that may enhance the rule.
The artilce "Cooling-Off Rule and How to Cancel a Transaction" offers a complete explanation of how it works.
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