Iowa Code 537.3203 – Notice to consumer
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Terms Used In Iowa Code 537.3203
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
537.3203 Notice to consumer.
The creditor shall give to the consumer a copy of any writing evidencing a consumer credit transaction, other than one pursuant to open-end credit, if the writing requires or provides for signature of the consumer. The writing evidencing the consumer’s obligation to pay under a consumer credit transaction, other than one pursuant to open-end credit, shall contain a clear and conspicuous notice to the consumer that the consumer should not sign it before reading it, that the consumer is entitled to a copy of it, and, except in the case of a consumer lease, that the consumer is entitled to prepay the unpaid balance at any time with such penalty and minimum charges as the agreement and § 537.2510 may permit, and may be entitled to receive a refund of unearned charges in accordance with law. The following notices if clear and conspicuous comply with this section:
1. In all transactions to which this section applies:
NOTICE TO CONSUMER: [1] Do not sign this paper before you read it. [2] You are entitled to a copy of this paper.
[3] You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law.
2. In addition, in a transaction in which a minimum charge will be collected or retained, the notice to consumer shall state:
[4] If you prepay the unpaid balance, you may have to pay a minimum charge not greater than seven dollars and fifty cents.
[C58, 62, 66, 71, 73, §322.3(6, b); C75, 77, 79, 81, §537.3203]
2011 Acts, ch 25, §68; 2018 Acts, ch 1041, §127
Referred to in §322.33, 536.13, 536A.31, 537.5201
The creditor shall give to the consumer a copy of any writing evidencing a consumer credit transaction, other than one pursuant to open-end credit, if the writing requires or provides for signature of the consumer. The writing evidencing the consumer’s obligation to pay under a consumer credit transaction, other than one pursuant to open-end credit, shall contain a clear and conspicuous notice to the consumer that the consumer should not sign it before reading it, that the consumer is entitled to a copy of it, and, except in the case of a consumer lease, that the consumer is entitled to prepay the unpaid balance at any time with such penalty and minimum charges as the agreement and § 537.2510 may permit, and may be entitled to receive a refund of unearned charges in accordance with law. The following notices if clear and conspicuous comply with this section:
1. In all transactions to which this section applies:
NOTICE TO CONSUMER: [1] Do not sign this paper before you read it. [2] You are entitled to a copy of this paper.
[3] You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law.
2. In addition, in a transaction in which a minimum charge will be collected or retained, the notice to consumer shall state:
[4] If you prepay the unpaid balance, you may have to pay a minimum charge not greater than seven dollars and fifty cents.
[C58, 62, 66, 71, 73, §322.3(6, b); C75, 77, 79, 81, §537.3203]
2011 Acts, ch 25, §68; 2018 Acts, ch 1041, §127
Referred to in §322.33, 536.13, 536A.31, 537.5201