Iowa statute
Iowa Code § 714E.2 — Foreclosure consultant contract
Current through 2026 Iowa Code (enactments effective on or before 2026-01-01, through the 2025 Regular Session, 91st G.A.)
Part of Chapter 714E: Foreclosure Consultants, Iowa Code.
Full text of Iowa Code § 714E.2
Statutory text current through the 2026 Iowa Code (enactments effective on or before 2026-01-01, through the 2025 Regular Session, 91st G.A.). This publication reproduces the statutory text of the official 2026 Iowa Code (Legislative Services Agency); it is not the official publication of the State of Iowa.
1. A foreclosure consultant contract must be in writing and must fully disclose the exact nature of the foreclosure consultant’s services and the total amount and terms of compensation.
2. The following notice, printed in at least fourteen point boldface type and completed with the name of the foreclosure consultant, must be printed immediately above the notice of cancellation statement required pursuant to section 714E.3:NOTICE REQUIRED BY IOWA LAW
(name) or anyone working for
(name) CANNOT:
(1) Take any money from you or ask you for money until (name) has completely finished doing everything (name) said (name) would do; and
(2) Ask you to sign or have you sign any lien, mortgage, or real estate contract.
3. The contract must be written in the same language as principally used by the foreclosure consultant to describe the foreclosure consultant’s services and to negotiate the contract with the consumer. The contract must be dated and signed by the owner, and must contain in immediate proximity to the space reserved in the contract for the owner’s signature, a conspicuous statement in a size equal to at least ten point boldface type, as follows: You, the owner, may cancel this transaction at any time prior to midnight of the third business day after the date of this transaction. See the attached notice of cancellation form for an explanation of this right.
4. The foreclosure consultant shall provide the owner immediately upon execution of the contract with a copy of the contract along with the notice of cancellation required in section 714E.3.
5. The three business days during which the owner may cancel the contract shall not begin to run until the foreclosure consultant has complied with this section and with section 714E.3.
Official sources
Legal terms used in this section
This reference is informational and is not legal advice.