§ 537.3208 — Notice to cosigners and similar parties

Iowa § 537.3208

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 537: CONSUMER CREDIT CODE

Text

1. No natural person, other than the spouse of the consumer, is obligated as a cosigner,
comaker, guarantor, endorser, surety, or similar party with respect to a consumer credit
transaction, unless before or contemporaneously with signing any separate agreement of
obligation or any writing setting forth the terms of the debtor’s agreement, the person

receives a separate written notice that contains a completed identification of the debt the
person may have to pay and reasonably informs the person of the person’s obligation with
respect to it.
2. A clear and conspicuous notice in substantially the following form complies with this
section:
NOTICE
You agree to pay the debt identified below although you may not
personally receive any property, services, or money. You may be
sued for payment although the person who receives the property,
services, or money is able to pay. This notice is not the contract that
obligates you to pay the debt. Read the contract for the exact terms
of your obligation.
IDENTIFICATION OF DEBT
YOU MAY HAVE TO PAY
................................................................
(name of debtor)
................................................................
(name of creditor)
................................
(date)
................................................................
(kind of debt)
I have received a copy of this notice.
................................
(Date)
................................................................
(Signed)
3. The notice required by this section need not be given to a seller, lessor, or lender who
is obligated to an assignee of the seller’s, lessor’s, or lender’s rights.
4. A person entitled to notice under this section shall also be given a copy of any writing
setting forth the terms of the debtor’s agreement and of any separate agreement of obligation
signed by the person entitled to the notice.

Legislative History

[C75, 77, 79, 81, §537.3208]