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. A conspicuous statement in boldface type, in immediate proximity to the space reserved 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.
 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.

Terms Used In Iowa Code 538A.7

  • Contract: means the same as defined in section 554D. See Iowa Code 554E.1
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • Service of process: The service of writs or summonses to the appropriate party.
  • Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • 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 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 (address of seller) (place of business) not later than midnight (date). (Date) ……………………(Purchaser’s signature) ………………………………

 3. The credit services organization shall give to the buyer a copy of the completed contract and all other documents the credit services organization requires the buyer to sign at the time they are signed.
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