§ 538A.7 — Form in terms of contract

Iowa § 538A.7

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 538A: CREDIT SERVICES ORGANIZATIONS

Text

1. A contract between the buyer and a credit services organization for the purchase of the
services of the credit services organization must be in writing, dated, signed by the buyer,
and must include all of the following:
a. Aconspicuousstatementinboldfacetype,inimmediateproximitytothespacereserved
for the signature of the buyer, as follows:
You, the buyer, may cancel this contract at any time before
midnight of the third day after the date of the transaction. See the
attached notice of cancellation form for an explanation of this right.
§538A.7, CREDIT SERVICES ORGANIZATIONS 4
b. The terms and conditions of payment, including the total of all payments to be made
by the buyer, whether to the credit services organization or to another person.
c. A full and detailed description of the services to be performed by the credit services
organization for the buyer, including all guarantees and all promises of full or partial refunds,
and the estimated date by which the services are to be performed or estimated length of time
for performing the services.
d. The address of the credit services organization’s principal place of business and the
name and address of its agent in the state authorized to receive service of process.
2. The contract must have attached two easily detachable copies of the notice of
cancellation. The notice must be in boldface type and in the following form:
NOTICE OF CANCELLATION
You may cancel this contract, without any penalty or obligations,
within three days after the date the contract is signed.
If you cancel, any payment made by you under this contract will
be returned within ten days after the date of receipt by the seller of
your cancellation notice.
To cancel this contract, mail or deliver a signed, dated copy of this
cancellation notice or other written notice to: (name of seller) at
(addressofseller)(placeofbusiness)notlaterthanmidnight(date).
(Date) ........................
(Purchaser’s signature) ....................................
3. Thecreditservicesorganizationshallgivetothebuyeracopyofthecompletedcontract
and all other documents the credit services organization requires the buyer to sign at the time
they are signed.