Iowa § 537.3608 Acquiring ownership

Iowa Statutes

§ 537.3608 — Acquiring ownership

Iowa § 537.3608

Title XIIICOMMERCE

Ch. 537CONSUMER CREDIT CODE

This text of Iowa § 537.3608 (Acquiring ownership) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 537.3608 (2026).

Text

1.A lessor shall not offer a consumer rental purchase agreement in which fifty percent of all lease payments necessary to acquire ownership of the leased property exceeds the cash price of the leased property. When fifty percent of all lease payments made by a lessee equals the cash price of the property disclosed to the lessee pursuant to section 537.3605, subsection 9, the lessee shall acquire ownership of the leased property and the agreement shall terminate.

2.At any time after tendering an initial lease payment, a lessee may acquire ownership of the property that is the subject of the consumer rental purchase agreement by tendering an amount equal to the amount by which the cash price of the leased property exceeds fifty percent of all lease payments made by the lessee.

3.It is not

Free access — add to your briefcase to read the full text and ask questions with AI

1. A lessor shall not offer a consumer rental purchase agreement in which fifty percent
of all lease payments necessary to acquire ownership of the leased property exceeds the
cash price of the leased property. When fifty percent of all lease payments made by a lessee
equals the cash price of the property disclosed to the lessee pursuant to section 537.3605,
subsection 9, the lessee shall acquire ownership of the leased property and the agreement
shall terminate.
2. At any time after tendering an initial lease payment, a lessee may acquire ownership
of the property that is the subject of the consumer rental purchase agreement by tendering
an amount equal to the amount by which the cash price of the leased property exceeds fifty
percent of all lease payments made by the lessee.
3. It is not a violation of this section for the lessor and the lessee to agree in writing to
allow the lessee to acquire ownership of the property for less than the amounts referred to in
this section.