Iowa Code 538A.6 – Disclosure statement
Current as of: 2023 | Check for updates
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1. Before executing a contract or agreement with a buyer, or receiving money or other valuable consideration, a credit services organization shall provide the buyer with a statement in writing, containing all of the following:
a. A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total cost of the services.
b. A statement explaining the buyer’s rights to proceed against the bond or surety account required by section 538A.4.
c. The name and address of the surety company which issued the bond, or the name and address of the depository and the trustee, and the account number of the surety account.
Terms Used In Iowa Code 538A.6
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- Trustee: A person or institution holding and administering property in trust.
2. The credit services organization shall maintain on file for a period of two years after the date the statement is provided, an exact copy of the statement, signed by the buyer, acknowledging receipt of the statement.