This text of Iowa § 714E.3 (Cancellation of foreclosure consultant contract) 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.
1.In addition to any other right under law to rescind a contract, an owner has the right
to cancel such a contract until midnight of the third business day after the day on which the
owner signs a contract which complies with section 714E.2.
2.Cancellation occurs when the owner gives written notice of cancellation to the
foreclosure consultant at the address specified in the contract.
3.Notice of cancellation, if given by mail, is effective when deposited in the mail properly
addressed with postage prepaid.
4.Notice of cancellation given by the owner need not take the particular form as provided
in the contract and, however expressed, is effective if the notice of cancellation indicates the
intention of the owner not to be bound by the contract.
5.Thenoticeofcancellationmustcontain, a
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1. In addition to any other right under law to rescind a contract, an owner has the right
to cancel such a contract until midnight of the third business day after the day on which the
owner signs a contract which complies with section 714E.2.
2. Cancellation occurs when the owner gives written notice of cancellation to the
foreclosure consultant at the address specified in the contract.
3. Notice of cancellation, if given by mail, is effective when deposited in the mail properly
addressed with postage prepaid.
4. Notice of cancellation given by the owner need not take the particular form as provided
in the contract and, however expressed, is effective if the notice of cancellation indicates the
intention of the owner not to be bound by the contract.
5. Thenoticeofcancellationmustcontain, andthecontractmustcontainonthefirstpage,
in a type size no smaller than that generally used in the body of the document, all of the
following:
a. The real name and physical address of the foreclosure consultant to which the notice
of cancellation is to be mailed or otherwise delivered. A post office box does not constitute
a physical address. A post office box may be designated for delivery by mail only if it is
accompanied by a physical address at which the notice could be delivered by a method other
than mail. An electronic mail address may be included, in addition to the physical address.
b. The date the owner signed the contract.
6. Cancellation occurs when the owner delivers, by any means, written notice of
cancellation to the address specified in the contract. If cancellation is mailed, delivery is
effective upon mailing. If electronically mailed, cancellation is effective upon transmission.
The contract must be accompanied by a completed form in duplicate, captioned “notice of
§714E.3, FORECLOSURE CONSULTANTS 4
cancellation”, which must be attached to the contract, must be easily detachable, and must
contain in at least ten point type the following statement written in the same language as
used in the contract:
NOTICE OF CANCELLATION
....................
(enter date of transaction)
You may cancel this transaction, without any penalty or
obligation, within three business days from the above date.
To cancel this transaction, you may use any of the following
methods: (1) mail or otherwise deliver a signed and dated copy of
this cancellation notice, or any other written notice of cancellation;
or (2) e-mail a notice of cancellation to ................................
(name of foreclosure consultant) at ............................................
(physical address of foreclosure consultant’s place of business)
................................ (e-mail address of foreclosure consultant’s
place of business)
Not later than midnight of .................... (date).
I hereby cancel this transaction.
....................
(date)
........................................
(owner’s signature)
7. Thethreebusinessdaysduringwhichtheownermaycancelthecontractshallnotbegin
to run until the foreclosure consultant has complied with the requirements of this section and
with section 714E.2.