Probably - there's an excellent Planet Money story on doing the same thing with credit card agreements. I can only find two segments online. One where they talk to someone who writes them (http://www.npr.org/blogs/money/2011/04/21/134633336/why-are-...), and one where they get 4th graders to read them (http://www.npr.org/blogs/money/2011/03/18/134664249/the-frid...). That latter links to a simplified notice.

It takes a lot of effort, and they're only going to do it if required by law.