537.3208 Notice to cosigners and similar parties. 1. No natural person, other than the spouse of the consumer, is obligated as a cosigner, comaker, guarantor, endorser, surety, or similar party with respect to a consumer credittransaction, unless before or contemporaneously with signing any separate agreement ofobligation or any writing setting forth the terms of the debtor’s agreement, the personreceives a separate written notice that contains a completed identification of the debt theperson may have to pay and reasonably informs the person of the person’s obligation withrespect to it. 2. A clear and conspicuous notice in substantially the following form complies with this section: NOTICE You agree to pay the debt identified below although you may not personally receive any property, services, or money. You may besued for payment although the person who receives the property,services, or money is able to pay. This notice is not the contract thatobligates you to pay the debt. Read the contract for the exact termsof your obligation. IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY ................................................................(name of gates you to pay the debt. Read the contract for the exact termsof your obligation. IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY ................................................................(name of debtor)................................................................(name of creditor)................................(date)................................................................(kind of debt)I have received a copy of this notice.................................(Date)................................................................(Signed) 3. The notice required by this section need not be given to a seller, lessor, or lender who is obligated to an assignee of the seller’s, lessor’s, or lender’s rights. 4. A person entitled to notice under this section shall also be given a copy of any writing setting forth the terms of the debtor’s agreement and of any separate agreement of obligationsigned by the person entitled to the notice. [C75, 77, 79, 81, §537.3208]Referred to in §537.5201 Sat Dec 23 01:40:18 2023 Iowa Code 2024, Section 537.3208 (20, 0)
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