Iowa Code 537.3202 – Consumer leases
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1. With respect to a consumer lease the lessor shall give to the consumer the following information:
a. Brief description or identification of the goods.
b. Amount of any payment required at the inception of the lease.
c. Amount paid or payable for official fees, registration, certificate of title, or license fees or taxes.
d. Amount of other charges not included in the periodic payments and a brief description of the charges.
e. Brief description of insurance to be provided or paid for by the lessor, including the types and amounts of the coverages.
f. Except with respect to a consumer lease made pursuant to a lender credit card, the number of periodic payments, the amount of each payment, the due date of the first payment, the due dates of subsequent payments or interval between payments, and the total amount payable by the consumer.
g. Statement of the conditions under which the consumer may terminate the lease prior to the end of the term.
h. Statement of the liabilities the lease imposes upon the consumer at the end of the term.
Terms Used In Iowa Code 537.3202
- Agreement: means the oral or written bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance. See Iowa Code 537.1301
- Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
- Credit: means the right granted by a person extending credit to a person to defer payment of debt, to incur debt and defer its payment, or to purchase property or services and defer payment therefor. See Iowa Code 537.1301
- 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
- Goods: includes , but is not limited to:(1) "Goods" as described in section 554. See Iowa Code 537.1301
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lender: means a person who makes a loan or, except as otherwise provided in this chapter, a person who takes an assignment of a lender's right to payment, but use of the term does not in itself impose on an assignee any obligation of the lender. See Iowa Code 537.1301
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- License: includes the authorization, of whatever form, to engage in the conduct regulated under those chapters. See Iowa Code 537.2301
- Official fees: means :
a. See Iowa Code 537.1301- Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
2. The disclosures required by this section are subject to the following:a. They shall be made clearly and conspicuously in writing, a copy of which shall be delivered to the lessee.b. They may be supplemented by additional information or explanations supplied by the lessor but none shall be stated, utilized or placed so as to mislead or confuse the lessee or contradict, obscure or detract attention from the information required to be disclosed by this section.c. They need be made only to the extent applicable.d. They shall be made on the assumption that all scheduled payments will be made when due and will comply with this section, although the assumption may be rendered inaccurate by an act, occurrence or agreement subsequent to the required disclosure.e. They shall be made before the lease transaction is consummated but may be made in the lease to be signed by the lessee.