(a) A seller shall not negotiate, transfer, sell or assign any note or other evidence of indebtedness issued in connection with a home food service plan sale to a finance company or other third party prior to midnight of the fifth business day after the day on which the buyer executed the written agreement or after the day on which the seller provides the buyer with a fully executed copy of the written agreement, whichever is later.
(b) The assignee of any such note or other evidence of indebtedness shall be subject to all claims and defenses of the buyer against the seller arising from the sale, notwithstanding any agreement to the contrary. The assignee's liability under this subsection shall not exceed the amount owing to the assignee at the time the claim or defense is asserted against the assignee. Rights of the buyer under this subsection can be asserted affirmatively against or as a defense to or set-off against a claim by the assignee.
(P.A. 92-42, S. 4.)
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