(1) Any subscription agreement for the purchase of magazines or other periodicals which is made in a telephone solicitation initiated by the seller, or by a person acting on behalf of the seller, and agreed to by the purchaser at his home is subject to cancellation by the purchaser as provided in this section.

(2) In addition to any other right to cancel a subscription (made as described in subsection (1) of this section) which the purchaser may have under the subscription agreement, he has the right to cancel the subscription within six (6) months after the date the first invoice for the cost of the subscription is received. Cancellation occurs when the purchaser gives written notice of cancellation to the seller at the seller's address, or at the address of the subscription department printed in the magazine or periodical or, if no such department is listed, at the general business address of the publication. Notice of cancellation may be given by certified or regular mail, and it is effective on the date it is received by the seller or publisher. Notice of cancellation given by the purchaser need not take a particular form and is sufficient if it indicates by any form of written expression that the purchaser wishes to terminate his subscription.

(3) Within sixty (60) days after notice of cancellation, the seller shall refund to the purchaser any amount which has been paid for the subscription less the amount owed by the purchaser for any magazines or periodicals, and postage thereon, received by the purchaser prior to the notice of cancellation.