§ 555a-4

555A.4 Duties of seller. A seller shall:1. Furnish two copies of the notice of cancellation to the buyer, and complete both copies by entering the name of the seller, the address of the seller’s place of business, the date ofthe transaction, and the date, not earlier than the third business day following the date of thetransaction, by which the buyer may give notice of cancellation. 2. Not include in any contract or receipt any confession of judgment or any waiver of any of the rights to which the buyer is entitled under this chapter including specifically the rightto cancel the sale in accordance with the provisions of this chapter. 3. Inform each buyer orally, at the time the buyer signs the contract or purchases the goods or services, of the buyer’s right to cancel. 4. Not misrepresent in any manner the buyer’s right to cancel.5. Honor any valid notice of cancellation by a buyer and within ten business days after the receipt of notice shall refund all payments made under the contract or sale, return anygoods or property traded in, in substantially as good condition as when received by the seller,and cancel and return any negotiable instrument executed by the buyer in connection

t or sale, return anygoods or property traded in, in substantially as good condition as when received by the seller,and cancel and return any negotiable instrument executed by the buyer in connection withthe contract or sale and take any action necessary or appropriate to terminate promptly anysecurity interest created in the transaction. 6. Not negotiate, transfer, sell, or assign any note or other evidence of indebtedness to a finance company or other third party prior to midnight of the seventh business day followingthe day the contract was signed or the goods or services were purchased. 7. Within ten business days of receipt of the buyer’s notice of cancellation notify the buyer whether the seller intends to repossess or to abandon any shipped or delivered goods. [C75, 77, §713B.4; C79, 81, §82.4]C93, §555A.4Referred to in §552A.3 Sat Dec 23 11:04:12 2023 Iowa Code 2024, Section 555A.4 (15, 0)