1. The disclosure information required by section 537.3605 and this section shall be disclosed in a consumer rental purchase agreement, and shall meet the following requirements: a. Be made clearly and conspicuously with items appearing in logical order and segregated as appropriate for readability and clarity. b. Be made in writing. c. Except as provided in subsection 2 or in rules adopted by the administrator, need not be contained in a single writing or made in the order set forth in section 537.3605. d. May be supplemented by additional information or explanations supplied by the lessor, but none shall be stated, used or placed so as to mislead or confuse the lessee, or to contradict, obscure, or detract attention from the information required by section 537.3605, and so long as the additional information or explanations do not have the effect of circumventing, evading, or unduly complicating the information required to be disclosed by section 537.3605. 2. The lessor shall disclose all information required by section 537.3605 before the consumer rental purchase agreement is consummated. These disclosures shall be made on the face of the writing evidencing the consumer rental purchase agreement. 3. Before any payment isdue, the lessor shall furnish the lessee with an exact copy of each consumer rental purchase agreement, which shall be signed by the lessee and which shall evidence the lessee’s agreement. Ifthere is more than one lessee in a consumer rental purchase agreement, delivery of a copy of the consumer rental purchase agreement toone of the lessees constitutes compliance with this part; however, a lessee not signing the agreement isnot liable under it. 4. The administrator may adopt by rule requirements for the order, acknowledgment by initialing,and conspicuousness of the disclosures set forth in section 537.3605. These rules may allow these disclosures to be made in accordance with model forms prepared by the administrator. 5. The terms of the consumer rental purchase agreement, except as otherwise provided inthis part, shall be set forth in not less than eight point standard type, or such similar type as prescribed in rules adopted by the administrator. 6. Every consumer rental purchase agreement shall contain immediately above or adjacent to the place for the signature of the lessee, a clear, conspicuous, printed or typewritten notice in substantially the following language: [1] Do not sign this before you read the entire agreement including any writing on the reverse side, even ifotherwise advised. [2] Do not sign this ifitcontains any blank spaces. [3] You are entitled to an exact copy of any agreement you sign. [4] You have the right to exercise any early buy-out option as provided in this agreement. Exercise of this option may result in a reduction of your total cost to acquire ownership under this agreement. [5] If you elect to make weekly rather than monthly payments and exercise your purchase option, you may pay more forthe leased property. 7. The notice described in subsection 6 shall be in boldface, ten point type.
‹ 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.