Iowa Code 552A.4 – Limitation on membership period
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 552A.4
- Buying club: means a corporation, partnership, unincorporated association, or other business enterprise which sells or offers for sale to the public generally memberships or certificates of membership. See Iowa Code 552A.1
- Contract: means the agreement by which a person acquires a membership in a buying club. See Iowa Code 552A.1
- Contract: A legal written agreement that becomes binding when signed.
- year: means twelve consecutive months. See Iowa Code 4.1
A contract shall not be valid for a term longer than eighteen months from the date on which the contract is signed. However, a buying club may allow a member to convert the contract into a contract for a period longer than eighteen months after the member has been a member of the club for at least one year. The duration of the contract shall be clearly and conspicuously disclosed in the contract in boldface type of a minimum size of fourteen points.