A licensee shall furnish a notice to the owner that, in addition to any other right to revoke an offer, the owner may cancel a home improvement contract until midnight of the third business day after the day on which the owner has signed an agreement or offer to purchase relating to such contract or until midnight of the third business day after the day on which the owner receives the notice of his or her right to cancel, whichever occurs later. Cancellation occurs when written notice of cancellation is given to the home improvement contractor. Notice of cancellation, if given by mail, shall be deemed given when deposited in a mailbox properly addressed and postage prepaid. Notice of cancellation shall be sufficient if it indicates the intention of the owner not to be bound by such home improvement contract or offer to purchase relating to such contract. Notwithstanding the foregoing, this paragraph shall not apply to a transaction in which the owner has initiated the contact and the home improvement is needed to meet a bona fide emergency of the owner, and the owner furnishes the home improvement contractor with a separate dated and signed personal statement in the owner's handwriting describing the situation requiring immediate remedy and expressly acknowledging and waiving the right to cancel the home improvement contract within three business days.