(1) Each contract between a consumer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, in at least 10-point type, signed and dated by the parties, and shall include all of the following:
(a) The terms and conditions of payment, including the total of all payments to be made by the consumer, whether to the credit services organization or to some other person;
(b) A full and detailed description of the services to be performed by the credit services organization for the consumer, including all guarantees and promises of full or partial refunds, and the date by which the services are to be completely performed or the estimated length of time for performing the services;
(c) The address of the principal place of business of the credit services organization and of the organization’s registered agent within the state authorized to accept service of process; and
(d) A conspicuous statement in at least 10-point boldfaced type, in immediate proximity to the space reserved for the signature of the consumer, as follows: “You, the consumer, may cancel this contract at any time prior to midnight of the third business day after the date of this transaction. See the attached notice of cancellation form for an explanation of this right.”
(2) The contract shall be accompanied by a completed form in duplicate, captioned “Notice of Cancellation” and printed in at least 10-point boldfaced type. The form shall be attached to the contract, be easily detachable and provide a detailed and complete description of the consumer’s right to cancel the contract. The director, by rule, shall design the form.
(3) The credit services organization shall provide the consumer with a copy of the completed contract with all attachments the consumer is required to sign at the time the agreement is signed. [Formerly 646.392]Section: Previous 646A.244 646A.250 646A.252 646A.254 646A.256 646A.258 646A.260 646A.262 646A.264 646A.266 646A.268 646A.270 646A.274 646A.276 646A.278 Next
Last modified: August 7, 2008