House Journal: Page 1352: Monday, April 23, 2001
17 merchandise, and funeral services which are agreed
18 upon under the purchase agreement and all relevant
19 information concerning the price of the cemetery
20 merchandise, funeral merchandise, funeral services, or
21 a combination thereof, including a statement that the
22 purchase price is either guaranteed at the time of
23 purchase or to be determined at the time of need.
24 f. All relevant information concerning what occurs
25 and whether any entitlements or obligations arise if
26 there is a difference between the funding and the
27 amount actually needed to fund the purchase agreement.
28 g. Any penalties or restrictions including but not
29 limited to geographic restrictions or the inability of
30 the provider to perform, upon delivery of cemetery
31 merchandise, funeral merchandise, or funeral services,
32 or the purchase agreement guarantee.
33 h. If the funding is being transferred from
34 another establishment, any material facts related to
35 the revocation of the prior purchase agreement and the
36 transfer of the existing trust funds.
37 Sec. . NEW SECTION. 523A.602 CONSUMER
38 RECISION, CANCELLATION, AND REFUND RIGHTS, AND
39 PURCHASE AGREEMENT COMPLIANCE WITH OTHER LAWS.
40 1. A seller shall furnish the purchaser with a
41 completed copy of a purchase agreement pertaining to
42 the sale at the time the purchase agreement is signed.
43 The seller shall comply with the following terms:
44 a. The same language shall be used in both the
45 oral sales representation and the written purchase
46 agreement.
47 b. The seller shall give notice in the purchase
48 agreement of the purchaser's right to rescind after
49 signing the purchase agreement. The recision period
50 must be but may be greater than three business days
Page 32
1 after the date of the purchase agreement. The notice
2 must:
3 (1) Be located close to the signature line.
4 (2) Be printed in twelve point bold-faced type.
5 (3) State that "YOU, THE PURCHASER, HAVE THE RIGHT
6 TO RESCIND THIS AGREEMENT AT ANY TIME PRIOR TO
7 MIDNIGHT OF THE (INSERT RELEVANT NUMBER, NOT LESS THAN
8 THREE) BUSINESS DAYS AFTER THE DATE OF THIS
9 AGREEMENT."
10 c. All moneys shall be refunded without penalty
11 within ten days after recision.
12 2. CANCELLATION REFUND.
13 a. A purchase agreement must include a statement
14 that the purchaser has the right to cancel the
15 agreement for the purchase of cemetery merchandise,
© 2001 Cornell College and
League of Women Voters of Iowa
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