Notice of homestead exemption waiver requirement.

1. a. Except as otherwise provided in subsection 2 , if a homestead exemption waiver is contained in a written contract affecting agricultural land as defined in section 9H.1 , or dwellings, buildings, or other appurtenances located on the land, the contract must contain a statement in substantially the following form, in boldface type of a minimum size of ten points, and be signed and dated by the person waiving the exemption at the time of the execution of the contract: I understand that homestead property is in many cases protected from the claims of creditors and exempt from judicial sale; and that by signing this contract, I voluntarily give up my right to this protection for this property with respect to claims based upon this contract. b. A principal or deputy state, county, or city officer shall not be required to waive the officer’s homestead exemption in order to be bonded as required pursuant to chapter 64 . 2. This section shall not apply to a written contract affecting agricultural land of less than forty acres. 86 Acts, ch 1214, §8 ; 87 Acts, ch 67, §1 ; 89 Acts, ch 153, §3 ; 2005 Acts, ch 86, §1