1. a. A physical exercise club contract shall be in writing and signed by the buyer. The contract shall state in at least ten point boldface type:

 NOTICE TO BUYER: Do not sign this contract until you read it. Do not sign this contract if it contains blank spaces.
 b. A copy of the physical exercise club contract shall be delivered to the buyer at the time the contract is signed.

Terms Used In Iowa Code 552.5

  • Contract: means the same as defined in section 554D. See Iowa Code 554E.1
  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • Physical exercise club: means a person offering services or facilities, or both, for the preservation, maintenance, encouragement, or development of physical fitness or well-being in return for the payment of a fee entitling the buyer to the use of the services or facilities. See Iowa Code 552.1
  • Physical exercise club contract: means an agreement by which a buyer is entitled to membership in a physical exercise club or use of the services or facilities of a physical exercise club. See Iowa Code 552.1
  • 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. a. A physical exercise club contract shall designate the date on which the buyer actually signs the contract and shall contain a statement of the buyer’s rights which complies with this subsection. The statement shall appear in the contract under the conspicuous caption “BUYER’S RIGHT TO CANCEL”, and shall read as follows:

…………………………………………(enter date of transaction)  You may cancel this transaction within three business days from the above date.  If you cancel, any payments made by you under the contract, less twenty dollars, and any negotiable instrument executed by you will be returned within forty-five days following receipt by the seller of your cancellation notice, and any security interest arising out of the transaction will be canceled. After you cancel, the physical exercise club may request the return of all contracts, membership cards, and other documents or evidence of membership.  To cancel this transaction, send, or deliver a signed and dated copy of this cancellation notice or any other written notice by certified or registered mail to ………………………….. (name of seller), at ………………………….. (address of seller’s place of business) not later than midnight of …………………… (date).  I hereby cancel this transaction. ………………………………….(Date) ………………………………(Buyer’s signature)
 b. The full text of this statement shall be in ten point boldface type.
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