- (1) Each contract shall be written in clear, understandable language and shall be printed or typed in an easy-to-read font, size, and style.
- (2) Each contract shall identify the seller, the certificate of authority number the certified seller is working under, purchaser, and the beneficiary if other than the purchaser.
- (3) Each contract shall specify the services and/or merchandise to be provided, as well as a statement of the law regarding substitution as provided in section 54-1137, Idaho Code.
- (4) Each contract shall set forth the purchase price and the terms under which it is to be paid.
- (5) Each contract shall conform to other state or federal regulations, including price disclosure. It is the contract seller’s duty to comply with such regulations.
- (6) Each contract shall state clearly whether it is a guaranteed price contract or a nonguaranteed price contract.
- (7) Each contract shall state clearly whether it is a revocable or nonrevocable trust.
- (8) Each contract shall state the amount of money to be placed in trust and the name of the trustee, but the contract may provide that the certified seller may designate a new trustee to obtain higher interest earnings on the trust funds.
- (9) Each contract shall explain the disposition of the interest and include a statement of the fees, expenses and taxes that may be deducted from the interest pursuant to section 54-1134, Idaho Code, and a statement of the purchaser’s responsibility for taxes owed on the interest.
- (10) Each contract shall explain the purchaser’s cancellation rights pursuant to section 54-1135, Idaho Code.
[54-1133, added 1989, ch. 138, sec. 2, p. 313; am. 2020, ch. 257, sec. 12, p. 750.]