Idaho Statutes

                                  TITLE  45
                         LIENS, MORTGAGES AND PLEDGES
                                  CHAPTER 16
                     CONSUMER FORECLOSURE PROTECTION ACT
    45-1603.  RIGHT OF RESCISSION OF CONTRACT. (1) In addition to any other
legal right to cancel or rescind a contract, any person whose property is in
foreclosure as described in section 45-1505, Idaho Code, has the right to
cancel or rescind any and all contracts or agreements relating to such
property entered into during the foreclosure period within five (5) business
days of entering into such contract or agreement. Neither funds nor an
interest in the property shall be transferred or transferable until the five
(5) days have passed.
    (2)  Cancellation occurs when such person gives written notice of
cancellation to all other parties to the contract.  Notice of cancellation
need not take any particular form and, however expressed, is effective if it
indicates the intention not to be bound by the contract.
    (3)  Notice of cancellation, if given by mail, is effective when deposited
in the mail properly addressed with postage prepaid. Notice by certified mail,
return receipt requested, addressed to the address specified in the contract
or agreement, shall be conclusive proof of notice of service.

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