552.5 Contract — statement of buyer’s rights — form. 1. a. A physical exercise club contract shall be in writing and signed by the buyer. The contract shall state in at least ten point boldface type: NOTICE TO BUYER: Do not sign this contract until you read it. Do not sign this contract if it contains blank spaces. b. A copy of the physical exercise club contract shall be delivered to the buyer at the time the contract is signed. 2. a. A physical exercise club contract shall designate the date on which the buyer actually signs the contract and shall contain a statement of the buyer’s rights which complies withthis subsection. The statement shall appear in the contract under the conspicuous caption'BUYER’S RIGHT TO CANCEL', and shall read as follows: ................................................(enter date of transaction) You may cancel this transaction within three business days from the above date. If you cancel, any payments made by you under the contract, less twenty dollars, and any negotiable instrument executed by you willbe returned within forty-five days following receipt by the seller ofyour cancellation notice, and any security interest arising out of thetransaction nd any negotiable instrument executed by you willbe returned within forty-five days following receipt by the seller ofyour cancellation notice, and any security interest arising out of thetransaction will be canceled. After you cancel, the physical exerciseclub may request the return of all contracts, membership cards, andother documents or evidence of membership. To cancel this transaction, send, or deliver a signed and dated copy of this cancellation notice or any other written notice bycertified or registered mail to ................................ (name of seller),at ................................ (address of seller’s place of business) notlater than midnight of ........................ (date). I hereby cancel this transaction. ........................................(Date)....................................(Buyer’s signature) b. The full text of this statement shall be in ten point boldface type.88 Acts, ch 1221, §5; 2012 Acts, ch 1023, §157 Sat Dec 23 01:48:29 2023 Iowa Code 2024, Section 552.5 (22, 0)
Iowa Legal Code