1. In a consumer credit transaction, other than a consumer rental purchase agreement, ifperformance by a creditor is by delivery of goods, services, or both, in four or more installments, either on demand of the consumer or by prearranged scheduled performance, the consumer may cancel the obligation with respect to that part which has not been performed on the date of cancellation. 2. Ifthe consumer exercises the right to cancel or, in any event, ifthe creditor attempts to exercise a right to accelerate, the creditor isentitled to recover only that part ofthe cash price and charges attributable to the part of the creditor’s obligation which has been performed. 3. Cancellation under this section shall be effective when the consumer mails or delivers a written notice of cancellation. 4. Notwithstanding an agreement to the contrary, a creditor may not exercise a right to accelerate beyond the amount set forth in subsection 2. 5. Subsections 1 through 4 do not apply to a membership camping contract which is subject to the requirements of chapter 557B.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.