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(1) A payday lender shall cancel a payday loan without any charge to the borrower if, prior to the close of the business day following the day on which the payday loan originated, the borrower:

(a) Informs the payday lender in writing that the borrower wishes to cancel the payday loan and any future payment obligations; and

(b) Returns to the payday lender the uncashed check or proceeds given to the borrower by the payday lender or cash in an amount equal to the principal amount of the payday loan.

(2) A payday lender shall disclose to each borrower that the right to cancel a payday loan as described in this section is available to the borrower. The payday lender shall disclose this requirement to the borrower in a minimum of bold 12 point type.

(Section 3.550 added by Ordinance No. 20372, enacted July 10, 2006, effective July 11, 2006.)