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As part of the systematic review of all Commission rules, on April 21, 2009, the Commission initiated its periodic review of the Cooling-Off Rule (or the Trade Regulation Rule Concerning Cooling-Off Period for Sales Made at Homes or at Certain Other Locations) by publishing a notice seeking public comments on the effectiveness and impact of the Rule. 74 FR 18170.

Last revised in 1995, the Cooling-Off Rule requires that a consumer be given a 3-day right to cancel certain sales greater than $25.00 that occur at a place other than a seller's place of business. The rule also requires a seller to notify buyers orally of the right to cancel, to provide buyers with a dated receipt or copy of the contract containing the name and address of the seller and notice of cancellation rights, and to provide buyers with forms that buyers may use to cancel the contract.

The 2009 Federal Register Notice sought comments on, among other things, the economic impact and benefits of this rule; possible conflict between the rule and State, local, or other Federal laws or regulations; and the effect on the rule of any technological, economic, or other industry changes. At the request of several organizations, the comment period was reopened and extended to September 25, 2009. 74 FR 36972. On January 17, 2013, the Commission announced that it was retaining the Cooling-Off Rule and proposed increasing its $25 exclusionary limit to $130 to account for inflation. 78 FR 3855. The comment period for the NPRM closed on March 4, 2013. Staff reviewed the comments and the Commission is currently reviewing that recommendation.