407.330.  Contracts, in writing, required provisions — buyer's right to cancel. — 1.  Every health spa contract for the sale of future health spa services which are paid for in advance or which the buyer agrees to pay for in future installments shall be in writing and shall contain the following contractual provisions:

  (1)  A provision for the penalty-free cancellation of the contract within three business days of its making and refund upon such notice of all moneys paid under the contract;

  (2)  A provision requiring that to cancel a contract the buyer shall notify the health spa of cancellation in writing, by certified mail, return receipt requested, or personal delivery, to the address specified in the health spa contract; that all moneys to be refunded upon cancellation of the health spa contract shall be paid within thirty days of receipt of the notice of cancellation; and that if the customer has executed any credit or lien agreement with the health spa to pay for all or part of health spa services, any such negotiable instrument executed by the buyer shall also be returned within thirty days after such cancellation;

  (3)  A provision for the cancellation of the contract if the buyer dies or becomes permanently disabled and unable to use a substantial portion of the services for sixty or more consecutive days.  Upon receipt of such notice, the health spa shall refund to the buyer funds paid or accepted in payment of the contract in an amount computed by dividing the contract price by the number of weeks in the contract term and multiplying the result by the number of weeks remaining in the contract term.  In the case of disability, the health spa may require the buyer to submit to a physical examination by a doctor agreeable to the buyer and the health spa;

  (4)  A provision for extension of the term of the membership for time loss due to temporary disability.  In the case of disability, the health spa may require the buyer to submit to a physical examination by a doctor agreeable to the buyer and the health spa.

  2.  The provisions required by subsection 1 of this section shall be set forth under a conspicuous caption:  "BUYER'S RIGHT TO CANCEL"; and read substantially as follows: