Iowa Code 537.3608 – Acquiring ownership
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Terms Used In Iowa Code 537.3608
- 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
- property: includes personal and real property. See Iowa Code 4.1
537.3608 Acquiring ownership.
1. A lessor shall not offer a consumer rental purchase agreement in which fifty percent of
all lease payments necessary to acquire ownership of the leased property exceeds the cash price of the leased property. When fifty percent of all lease payments made by a lessee equals the cash price of the property disclosed to the lessee pursuant to § 537.3605, subsection 9, the lessee shall acquire ownership of the leased property and the agreement shall terminate.
2. At any time after tendering an initial lease payment, a lessee may acquire ownership of the property that is the subject of the consumer rental purchase agreement by tendering an amount equal to the amount by which the cash price of the leased property exceeds fifty percent of all lease payments made by the lessee.
3. It is not a violation of this section for the lessor and the lessee to agree in writing to allow the lessee to acquire ownership of the property for less than the amounts referred to in this section.
87 Acts, ch 80, §8; 89 Acts, ch 128, §2
Referred to in §537.3610
1. A lessor shall not offer a consumer rental purchase agreement in which fifty percent of
all lease payments necessary to acquire ownership of the leased property exceeds the cash price of the leased property. When fifty percent of all lease payments made by a lessee equals the cash price of the property disclosed to the lessee pursuant to § 537.3605, subsection 9, the lessee shall acquire ownership of the leased property and the agreement shall terminate.
2. At any time after tendering an initial lease payment, a lessee may acquire ownership of the property that is the subject of the consumer rental purchase agreement by tendering an amount equal to the amount by which the cash price of the leased property exceeds fifty percent of all lease payments made by the lessee.
3. It is not a violation of this section for the lessor and the lessee to agree in writing to allow the lessee to acquire ownership of the property for less than the amounts referred to in this section.
87 Acts, ch 80, §8; 89 Acts, ch 128, §2
Referred to in §537.3610