Iowa Admin. Code r. 189-5.8 - Affirmative election to purchase and acknowledgment of receipt of disclosure

(1) Before entering into a debt cancellation contract or agreement, the credit union must obtain from the borrower a written affirmative election to purchase the product and written acknowledgment of receipt of the disclosures required in rule 189-5.7 (533). The election and acknowledgment information must meet the intent and purpose of the standards established in rule 189-5.7 (533).

(2) The credit union must maintain sufficient documentation to demonstrate that it provided to the borrower the disclosures required by rule 189-5.7 (533) and obtained from the borrower the documents required by this rule.

(3) The credit union must permit the borrower to cancel the purchase of the debt cancellation product without penalty within 30 days after the credit union has mailed or otherwise provided the long-form disclosure to the borrower or has provided it to the borrower according to paragraph 5.7(4)"c " for an electronic media solicitation.

Notes

Iowa Admin. Code r. 189-5.8