.15 Contracts Subject to Approval of Licensee.

A. Every home improvement contract which contains a stipulation or condition or which is represented to be that the contract is subject to the approval of the contractor before it becomes binding or any other language requiring prior approval before acceptance shall state that approval or disapproval of the contract shall be made within 10 working days from the date of the contract. The owner shall be duly informed, in writing, by the contractor of the decision approving or disapproving the contract within that time.

B. If the home improvement contract described in §A of this regulation is not approved, money or other collateral tendered as a deposit or down payment to a contractor, salesman, or any other person shall be returned to the owner within 3 working days of the date of disapproval, and not later than 13 working days from the date of the contract.