Iowa Code 537.3309 – Referral sales and leases
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 537.3309
- Administrator: means the administrator designated in section 537. See Iowa Code 537.1301
- 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
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
- Seller: means a person who makes a sale or, except as otherwise provided in this chapter, a person who takes an assignment of the seller's right to payment, but use of the term does not in itself impose on an assignee any obligation of the seller. See Iowa Code 537.1301
- Services: includes , but is not limited to:
a. See Iowa Code 537.1301A practice unlawful under section 714.16, subsection 2, paragraph “b”, if done in connection with a consumer credit sale or consumer lease, is a violation of this chapter for which the consumer has a cause of action under section 537.5201, subsection 1. The administrator has all powers granted under article 6, part 1, to enforce the provisions of section 714.16, subsection 2, paragraph “b”. If a consumer is induced by a violation of section 714.16, subsection 2, paragraph “b” to enter into a consumer credit sale or consumer lease, the agreement is unenforceable by the seller or lessor and the consumer, at the consumer’s option, in addition to other remedies, may rescind the agreement or retain the goods delivered and the benefit of any services performed, without any obligation to pay for them.