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This entry was published on 2014-09-22
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Assignment of contracts for services
General Business (GBS) CHAPTER 20, ARTICLE 30
§ 625. Assignment of contracts for services. 1. No assignee who takes
a note or other obligation as consideration for a contract containing
the disclosure requirements of section six hundred twenty-four of this
article shall fail to honor the consumer's right of cancellation as
provided in this article.

2. No creditor holding a note or other obligation, to which a consumer
has obligated himself in order to purchase a contract shall fail to
honor the consumer's right of cancellation under this article if:

(a) the creditor is a person related to the seller of services; or

(b) the seller prepares documents used in connection with the loan; or

(c) the creditor supplies forms to the seller used by the consumer in
obtaining the loan; or

(d) the creditor makes twenty or more loans in any calendar year, the
proceeds of which are used in transactions with the same seller or with
a person related to the same seller; or

(e) the consumer is referred to the creditor by the seller; or

(f) the creditor, directly or indirectly, pays the seller any
consideration whether or not it is in connection with the particular
transactions; or

(g) the creditor participated in or was connected with the sale.

3. No assignee of a contract shall fail to give notice of the
assignment to the consumer. A notice of assignment shall be in writing
addressed to the consumer at the address shown on the contract and shall
identify the contract.