54-1133. FORM AND CONTENT OF CONTRACT — PRICE DISCLOSURE. A. Each contract shall be written in clear understandable language and shall be printed or typed in easy-to-read type, size, and style.

B. Each contract shall identify the seller, seller’s certificate of authority number, purchaser, and the beneficiary if other than the purchaser.

C. 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.

D. Each contract shall set forth the purchase price and the terms under which it is to be paid.

E. 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.

F. Each contract shall state clearly whether it is a guaranteed price contract or a nonguaranteed price contract.

G. Each contract shall state clearly whether it is a revocable or nonrevocable trust.

H. 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 seller may designate a new trustee to obtain higher interest earnings on the trust funds.

I. Each contract shall explain the disposition of the interest and include a statement of the fees, expenses and taxes which 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.

J. Each contract shall explain the purchaser’s cancellation rights pursuant to section 54-1135, Idaho Code.

History:

[54-1133, added 1989, ch. 138, sec. 2, p. 313.]