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 cashprice of the leased property. When fifty percent of all lease payments made by a lesseeequals the cash price of the property disclosed to the lessee pursuant to section 537.3605,subsection 9, the lessee shall acquire ownership of the leased property and the agreementshall 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 tenderingan amount equal to the amount by which the cash price of the leased property exceeds fiftypercent 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 inthis section. 87 Acts, ch 80, §8; 89 Acts, ch 128, §2Referred to in §537.3610 Sat Dec 23 01:40:36 2023 Iowa Code 2024, Section 537.3608 (18, 0)
Iowa Legal Code