This document is a rider to the software/services master agreement order form. It concerns the acceptance period and the right of return.
Maryland Acceptance Period, also known as the Maryland Right of Rescission, refers to a specific timeframe during which borrowers can cancel a loan or credit transaction without incurring any penalties or fees. It is a consumer protection law that aims to give borrowers ample time to reconsider their financial obligations and make informed decisions. The Maryland Acceptance Period applies to various types of loans and credit transactions, including but not limited to, mortgages, home equity loans, refinancing agreements, and certain consumer credit contracts. It is designed to protect Maryland residents from any potential predatory lending practices and provide them with an opportunity to review the terms and conditions of their loan or credit agreement in detail. There are different types of Maryland Acceptance Periods based on the type of credit transaction: 1. Home Loans: In Maryland, for most home loans, including refinancing agreements, borrowers have a three-day Acceptance Period after signing the loan agreement. During this time, they can review the loan terms and cancel the contract if they decide it is not in their best interest. This three-day period is commonly known as the "Right of Rescission." 2. Home Improvement Loans: For certain home improvement loans, the Acceptance Period is extended to five business days. This allows borrowers to thoroughly assess the terms and conditions of the agreement before committing to the loan. 3. Home Equity Loans: Maryland residents who take out home equity loans also benefit from a three-day Acceptance Period. They have the right to cancel the loan contract within this period if they believe it is not suitable for their financial situation. 4. Consumer Credit Contracts: For other types of consumer credit contracts, Maryland law provides a cooling-off period of five business days. During this timeframe, borrowers can reconsider their decision and cancel the agreement without any penalties. It is crucial for borrowers in Maryland to understand and be aware of their rights and the specific Acceptance Period applicable to their credit transactions. This period offers them the chance to carefully examine all terms, interest rates, and fees associated with the loan or credit agreement before fully committing. By utilizing the Acceptance Period, borrowers can make informed decisions that align with their financial goals and best interests.Maryland Acceptance Period, also known as the Maryland Right of Rescission, refers to a specific timeframe during which borrowers can cancel a loan or credit transaction without incurring any penalties or fees. It is a consumer protection law that aims to give borrowers ample time to reconsider their financial obligations and make informed decisions. The Maryland Acceptance Period applies to various types of loans and credit transactions, including but not limited to, mortgages, home equity loans, refinancing agreements, and certain consumer credit contracts. It is designed to protect Maryland residents from any potential predatory lending practices and provide them with an opportunity to review the terms and conditions of their loan or credit agreement in detail. There are different types of Maryland Acceptance Periods based on the type of credit transaction: 1. Home Loans: In Maryland, for most home loans, including refinancing agreements, borrowers have a three-day Acceptance Period after signing the loan agreement. During this time, they can review the loan terms and cancel the contract if they decide it is not in their best interest. This three-day period is commonly known as the "Right of Rescission." 2. Home Improvement Loans: For certain home improvement loans, the Acceptance Period is extended to five business days. This allows borrowers to thoroughly assess the terms and conditions of the agreement before committing to the loan. 3. Home Equity Loans: Maryland residents who take out home equity loans also benefit from a three-day Acceptance Period. They have the right to cancel the loan contract within this period if they believe it is not suitable for their financial situation. 4. Consumer Credit Contracts: For other types of consumer credit contracts, Maryland law provides a cooling-off period of five business days. During this timeframe, borrowers can reconsider their decision and cancel the agreement without any penalties. It is crucial for borrowers in Maryland to understand and be aware of their rights and the specific Acceptance Period applicable to their credit transactions. This period offers them the chance to carefully examine all terms, interest rates, and fees associated with the loan or credit agreement before fully committing. By utilizing the Acceptance Period, borrowers can make informed decisions that align with their financial goals and best interests.
