Senior citizens: rescission of contracts.

Existing law provides that a contract is extinguished by its rescission and sets forth methods for the rescission of a contract. Existing law authorizes a buyer to cancel certain home solicitation contracts or offers until midnight of the 3rd business day after the day on which the buyer signs an agreement or offer to purchase which complies with specified requirements. Existing law authorizes a buyer to cancel a home solicitation contract written for certain home improvement work until midnight of the 3rd business day after the buyer receives a signed and dated copy of the contract or offer to purchase that complies with specified requirements. Existing law requires contracts for a home solicitation contract or offer to include a notice of cancellation form with specified statement's as to the buyer's right to cancel. Existing law permits a buyer to provide a seller an express waiver to this right to cancel, if the contract meets other specified requirements. Existing law also provides a buyer a similar right to cancel a seminar sales solicitation contract or offer and imposes similar requirements to provide a notice of cancellation to the buyer. Existing law requires specific provisions and requirements for home improvement contracts, as defined, that are not governed by the provisions described above, and service and repair contracts. Existing law requires these contracts to include a notice regarding the buyer's 3-day right to cancel. Existing law authorizes the legislative body of a public agency, as defined, to determine that it would be convenient, advantageous, and in the public interest to designate an area within which authorized public agency officials and property owners may enter into voluntary contractual assessments to finance certain improvements. Existing law prohibits a public agency from permitting a property owner meeting certain criteria to participate in any program established pursuant to these provisions for specified purposes unless the property owner is given the right to cancel the contractual assessment without penalty or obligation before midnight on the 3rd business day after a specified date. Existing law also requires a financing estimate and disclosure document to be provided to the property owner prior to entering into the voluntary contractual assessment. Existing law requires the document to include, among other things, a description of the property owner's right to cancel. This bill would extend the period of time to cancel the contracts or offers described above from 3 to 5 business days if the buyer or property owner is a senior citizen, as defined, for contracts entered into, or offers to purchase conveyed, on or after January 1, 2021. The bill would also make conforming changes. This bill would incorporate additional changes to Section 5898.17 of the Streets and Highways Code proposed by AB 1551 to be operative only if this bill and AB 1551 are enacted and this bill is enacted last.