Iowa Code 552A.4 – Limitation on membership period
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Terms Used In Iowa Code 552A.4
- Contract: A legal written agreement that becomes binding when signed.
- year: means twelve consecutive months. See Iowa Code 4.1
552A.4 Limitation on membership period.
A contract shall not be valid for a term longer than eighteen months from the date on
which the contract is signed. However, a buying club may allow a member to convert the contract into a contract for a period longer than eighteen months after the member has been a member of the club for at least one year. The duration of the contract shall be clearly and conspicuously disclosed in the contract in boldface type of a minimum size of fourteen points.
93 Acts, ch 60, §4
A contract shall not be valid for a term longer than eighteen months from the date on
which the contract is signed. However, a buying club may allow a member to convert the contract into a contract for a period longer than eighteen months after the member has been a member of the club for at least one year. The duration of the contract shall be clearly and conspicuously disclosed in the contract in boldface type of a minimum size of fourteen points.
93 Acts, ch 60, §4