(1) A person who enters into a real estate goods or services contract with a contractor may cancel the contract prior to midnight of the fifth b usiness day after the person has received written notice from the insurer that all or part of the claim is not a covered loss under the insurance policy. (2) Cancellation shall be deemed to have occurred when the person does any of the following: (a) Personally delivers written notice of cancellation to the contractor; (b) Deposits written notice of cancellation in the United States mail, postage prepaid, and addressed to the contractor at the address stated in the contract; or (c) Transmits notice of cancellation to the contractor by facsimile or email. (3) Notice of cancellation need not take a particular form and is sufficient if it indicates by any form of written or recorded expression the intention of the person not to be bound by the contract.
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