Section 537.1101 – Short title.
537.1101 Short title. Articles 1 through 7 of this chapter shall be known and may be cited as the “Iowa Consumer Credit Code”. [C75, 77, 79, 81, §537.1101] 2020 Acts, ch 1063, §310
Section 537.1102 – Purposes — rules of construction.
537.1102 Purposes — rules of construction. 1. This chapter shall be liberally construed and applied to promote its underlying purposes and policies. 2. The underlying purposes and policies of this chapter are to: a. Simplify, clarify and modernize the law governing retail installment sales and other consumer credit. b. Provide rate ceilings for certain creditors […]
Section 537.1103 – Law applicable.
537.1103 Law applicable. Unless displaced by the particular provisions of this chapter, the uniform commercial code as provided in chapter 554 and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy or other validating or invalidating cause supplement its provisions. […]
Section 537.1104 – Construction.
537.1104 Construction. This chapter being a general Act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. [C75, 77, 79, 81, §537.1104]
Section 537.1107 – Waiver — agreement — settlement.
537.1107 Waiver — agreement — settlement. 1. Except in settlement of a bona fide dispute, a consumer may not waive or agree to forego rights or benefits under this Act. 2. A claim by a consumer against a creditor relating to an excess charge, any other civil violation of this chapter, or a civil penalty, […]
Section 537.1108 – Effect on organizations.
537.1108 Effect on organizations. 1. This chapter prescribes maximum charges for certain creditors, except lessors and those excluded in section 537.1202, extending credit in consumer credit transactions. 2. This chapter does not displace limitations on powers of credit unions, savings associations, or other thrift institutions whether organized for the profit of shareholders or as mutual […]
Section 537.1110 – Obligation of good faith.
537.1110 Obligation of good faith. Every contract or duty within this chapter imposes an obligation of good faith in its performance or enforcement. [C75, 77, 79, 81, §537.1110]
Section 537.1201 – Territorial application.
537.1201 Territorial application. 1. This chapter applies to: a. A transaction, or acts, practices, or conduct with respect to a transaction, if the transaction is entered into in this state, except that a transaction involving other than open-end credit or acts, practices, or conduct with respect to such a transaction shall not subject any person […]
Section 537.1202 – Exclusions.
537.1202 Exclusions. This chapter does not apply to: 1. Extensions of credit to government or governmental agencies or instrumentalities. 2. Except as otherwise provided in article 4, the sale of insurance if the insured is not obligated to pay installments of the premium and the insurance may terminate or be canceled after nonpayment of an […]
Section 537.1203 – Jurisdiction — service of process.
537.1203 Jurisdiction — service of process. 1. The district court of this state may exercise jurisdiction over any person with respect to any conduct in this state governed by this chapter or with respect to any claim arising from a transaction subject to this chapter. In addition to any other method provided by rule or […]
Section 537.1301 – General definitions.
537.1301 General definitions. As used in this chapter, unless otherwise required by the context: 1. “Actuarial method” means the method of allocating payments made on a debt between the amount financed and the finance charge, pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or […]
Section 537.1302 – Definition — Truth in Lending Act.
537.1302 Definition — Truth in Lending Act. As used in this chapter, “Truth in Lending Act” means Tit. 1 of the Consumer Credit Protection Act, in subch. 1 of 15 U.S.C. ch. 41, as amended, and includes regulations issued pursuant to that Act. [C75, 77, 79, 81, §537.1302; 82 Acts, ch 1153, §14] 89 Acts, […]
Section 537.1303 – Other defined terms.
537.1303 Other defined terms. Other defined terms in this chapter and the sections in which they appear are: 1. “Closing costs”. Section 537.2501, subsection 1, paragraph “e”. 2. “Computational period”. Section 537.2510, subsection 4, paragraph “a”. 3. “Debt”. Section 537.7102, subsection 3. 4. “Debt collection”. Section 537.7102, subsection 4. 5. “Debt collector”. Section 537.7102, subsection […]
Section 537.2101 – Short title.
537.2101 Short title. This article shall be known and may be cited as the “Iowa Consumer Credit Code — Finance Charges and Related Provisions”. [C75, 77, 79, 81, §537.2101]
Section 537.2102 – Scope.
537.2102 Scope. Part 2 applies to consumer credit sales. Parts 3 and 4 apply to consumer loans. Part 5 applies to other charges and modifications with respect to consumer credit transactions. Part 6 applies to other credit transactions. [C75, 77, 79, 81, §537.2102]
Section 537.2201 – Finance charge for consumer credit sales not pursuant to open-end credit.
537.2201 Finance charge for consumer credit sales not pursuant to open-end credit. 1. With respect to a consumer credit sale, other than a sale pursuant to open-end credit, a creditor may contract for and receive a finance charge not exceeding the maximum charge permitted by the law of this state or the United States for […]
Section 537.2202 – Finance charge for consumer credit sales pursuant to open-end credit.
537.2202 Finance charge for consumer credit sales pursuant to open-end credit. 1. With respect to a consumer credit sale made pursuant to open-end credit, a creditor may contract for and receive a finance charge without limitation as to amount or rate as permitted in this section. 2. For each billing cycle, a charge may be […]
Section 537.2301 – Authority to make supervised loans.
537.2301 Authority to make supervised loans. 1. As used in this part, “licensing authority” means the agency designated in chapter 524, 533, 536, or 536A to issue licenses or otherwise authorize the conduct of business pursuant to the respective chapter or this chapter, and “licensee” includes any person subject to regulation by a licensing authority. […]
Section 537.2303 – Revocation or suspension of license.
537.2303 Revocation or suspension of license. 1. The licensing authority may issue to a person subject to regulation by that authority an order to show cause why the person’s license with respect to one or more specific places of business should not be suspended for a period not in excess of six months, or revoked. […]
Section 537.2304 – Records — annual reports.
537.2304 Records — annual reports. 1. Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the licensing authority to determine whether the licensee is complying with the provisions of law. The recordkeeping system of a licensee is sufficient if the licensee makes the required […]