50.—(1) Subject to subsections (2) and (4), a consumer may withdraw from an agreement within 10 days of receiving it or a copy thereof (“the cooling-off period”) by giving written notice to this effect to the creditor or the owner, as the case may be.

(2) A consumer may forego his right to a cooling-off period in any credit agreement by signing a statement to this effect separately from any other term of the agreement.

(3) A statement by which a consumer forgoes the right to a cooling-off period shall carry in a prominent position:

(4) This section does not apply to a housing loan or credit availed of by means of a credit card or an overdraft facility offered by a credit institution.