Iowa Code 538A.3 – Prohibited conduct
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 538A.3
- 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
538A.3 Prohibited conduct.
A credit services organization, a salesperson, agent, or representative of a credit services organization, or an independent contractor who sells or attempts to sell the services of a credit services organization shall not:
1. Charge a buyer or receive from a buyer money or other valuable consideration before completing performance of all services the credit services organization has agreed to perform for the buyer, unless the credit services organization has obtained a bond in accordance with § 538A.4 or established and maintained a surety account at a federally insured bank or savings and loan association located in this state in the amount required by § 538A.4, subsection 5.
2. Charge a buyer or receive from a buyer money or other valuable consideration solely for referral of the buyer to a retail seller who will or may extend credit to the buyer if the credit that is or will be extended to the buyer is substantially the same as that available to the general public.
3. Make or use a false or misleading representation in the offer or sale of the services of a credit services organization.
4. Engage, directly or indirectly, in a fraudulent or deceptive act, practice, or course of business in connection with the offer or sale of the services of a credit services organization.
89 Acts, ch 183, §3
CS89, §533C.3
C93, §538A.3
Referred to in §538A.4
A credit services organization, a salesperson, agent, or representative of a credit services organization, or an independent contractor who sells or attempts to sell the services of a credit services organization shall not:
1. Charge a buyer or receive from a buyer money or other valuable consideration before completing performance of all services the credit services organization has agreed to perform for the buyer, unless the credit services organization has obtained a bond in accordance with § 538A.4 or established and maintained a surety account at a federally insured bank or savings and loan association located in this state in the amount required by § 538A.4, subsection 5.
2. Charge a buyer or receive from a buyer money or other valuable consideration solely for referral of the buyer to a retail seller who will or may extend credit to the buyer if the credit that is or will be extended to the buyer is substantially the same as that available to the general public.
3. Make or use a false or misleading representation in the offer or sale of the services of a credit services organization.
4. Engage, directly or indirectly, in a fraudulent or deceptive act, practice, or course of business in connection with the offer or sale of the services of a credit services organization.
89 Acts, ch 183, §3
CS89, §533C.3
C93, §538A.3
Referred to in §538A.4