538A.7 Form in terms of contract.
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.
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.
89 Acts, ch 183, §7
CS89, §533C.7
C93, §538A.7
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