537.3310 Limitations on executory transactions.
188 words·~1 min read·
/ia/chapter-537-consumer-credit-code/537-3310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. In a consumer credit transaction, other than a consumer rental purchase agreement, if performance by a creditor is by delivery of goods, services, or both, in four or more installments, either on demand of the consumer or by prearranged scheduled performance, the consumer may cancel the obligation with respect to that part which has not been performed on the date of cancellation.
2. If the consumer exercises the right to cancel or, in any event, if the creditor attempts to exercise a right to accelerate, the creditor is entitled to recover only that part of the cash price and charges attributable to the part of the creditor’s obligation which has been performed.
3. Cancellation under this section shall be effective when the consumer mails or delivers a written notice of cancellation.
4. Notwithstanding an agreement to the contrary, a creditor may not exercise a right to accelerate beyond the amount set forth in subsection 2.
5. Subsections 1 through 4 do not apply to a membership camping contract which is subject to the requirements of chapter 557B.
[C75, 77, 79, 81, §537.3310]
Referred to in §537.5201, 557B.14