Law 1480 of 2011, or the Consumer Statute, aims to protect and guarantee the effectiveness and free exercise of consumer rights, as well as to safeguard respect for their dignity and economic interests; for this reason, this law created the Right of Withdrawal, a faculty through which consumers may withdraw from their purchase up to five (5) business days after, counted from the delivery of the good or the execution of the contract. When exercising this right, the consumer must return the product to the producer or supplier through the same means and under the same conditions in which they received it, and the latter must reimburse the money paid.
The Superintendence of Industry and Commerce, the entity in charge of consumer protection, establishes that sales of goods and provision of services through financing systems, timeshare sales or tourist services, distance sales, over the internet or television, and sales using non-traditional methods, are the only four circumstances in which the consumer may withdraw.
Similarly, it is important to mention that in the fourth paragraph of Article 47, which regulates the right of withdrawal, it is established that in contracts for the provision of services whose execution has begun with the consumer's authorization, contracts for the supply of goods and services whose price is subject to market fluctuations, contracts for the supply of goods made according to the consumer's specifications, betting or lottery contracts, contracts for the acquisition of perishable goods, and goods for personal use, the right of withdrawal does not apply.
When being in one of the four circumstances contemplated by the Superintendence of Industry and Commerce, exercising your right of withdrawal within five (5) business days after the delivery of the good or the execution of the contract, and returning the product to the producer or supplier through the same means and under the same conditions; the latter must reimburse the consumer the full amount of money paid, under penalty of receiving a sanction from the Superintendence of Industry and Commerce.