Iowa Code 537.3610 – Balloon payments prohibited
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Terms Used In Iowa Code 537.3610
- 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
537.3610 Balloon payments prohibited.
A lessee shall not be required, as a condition to acquiring ownership, to make a payment
that is more than twice the amount of a regular rental payment, or to pay lease payments totaling more than the cost to acquire ownership as disclosed pursuant to § 537.3605. This section does not apply to payments made pursuant to § 537.3608, 537.3612, or
537.3619.
87 Acts, ch 80, §10
A lessee shall not be required, as a condition to acquiring ownership, to make a payment
that is more than twice the amount of a regular rental payment, or to pay lease payments totaling more than the cost to acquire ownership as disclosed pursuant to § 537.3605. This section does not apply to payments made pursuant to § 537.3608, 537.3612, or
537.3619.
87 Acts, ch 80, §10