reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2503 - Deferral charges.

537.2503 Deferral charges.
1. a. Before or after default in payment of a scheduled installment of a precomputed consumer credit transaction, the parties to the transaction may agree in writing to a deferral of all or part of one or more unpaid installments and the creditor may make at the time of deferral and receive at that time or at any time thereafter a deferral charge which is not in excess of one and one-half percent per month for the period of time for which it is deferred, but not to exceed the rate of finance charge which was required to be disclosed in the transaction to the consumer pursuant to section 537.3201 applied to each amount deferred for the period for which it is deferred. In computing a deferral charge for one or more months, any month may be counted as one-twelfth of a year and in computing a deferral charge for part of a month, a day shall be counted as one three hundred sixty-fifth of a year.
b. With respect to an interest-bearing consumer credit transaction not pursuant to an open-end credit arrangement and other than a consumer lease or consumer rental purchase agreement, the parties to the transaction may agree in writing to a deferral of all or part of one or more unpaid installments in addition to any interest accrued pursuant to the terms of the consumer credit transaction. The creditor may make at the time of deferral and receive at that time or at any time thereafter a deferral charge which shall not exceed thirty dollars per deferred installment.
2. In addition to the deferral charge permitted by this section, a creditor may make and receive appropriate additional charges as permitted under section 537.2501, and the amount of these charges which is not paid may be added to the amount deferred for the purpose of computing the deferral charge according to subsection 1.
3. The parties may agree in writing at the time of a precomputed consumer credit transaction that if an installment is not paid within ten days after its due date, the creditor may unilaterally grant a deferral and make charges as provided in this section. No deferral charge may be made for a period after the date that the creditor elects to accelerate the maturity of the transaction.
4. A delinquency charge made by the creditor on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
[C66, 71, 73, §536.13(7), 537A.23(4); C75, 77, 79, 81, §537.2503]
2017 Acts, ch 139, §1
Referred to in §322.20, 537.1301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2504 - Finance charge on refinancing.

537.2504 Finance charge on refinancing.
With respect to a consumer credit transaction in which the rate of finance charge required to be disclosed in the transaction pursuant to section 537.3201 does not exceed eighteen percent per year, other than a consumer lease or a consumer rental purchase agreement, the creditor may, by agreement with the consumer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charge for consumer credit sales other than open-end credit in section 537.2201 if a consumer credit sale is refinanced, the provisions on finance charge for a consumer loan other than a supervised loan in section 537.2401, subsection 1, or the provisions on finance charge for a supervised loan not pursuant to open-end credit in section 537.2401, subsection 2, as applicable, if a consumer loan is refinanced. With respect to a consumer credit transaction in which the rate of finance charge required to be disclosed in the transaction to the consumer pursuant to section 537.3201 exceeds eighteen percent per year, other than a consumer lease or a consumer rental purchase agreement, the creditor may by agreement with the consumer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate of finance charge not to exceed that which was required to be disclosed in the original transaction to the consumer pursuant to section 537.3201. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing consists of:
1. If the transaction was not precomputed, the total of the unpaid balance of the amount financed and the accrued charges, including finance charges, on the date of the refinancing, or, if the transaction was precomputed, the amount determined by deducting the unearned portion of the finance charge and any other unearned charges, including charges for insurance or deferral charges, from the unpaid balance on the date of refinancing. For the purposes of this section, the unearned portion of the finance charge and deferral charge, if any, shall be determined as provided in section 537.2510, subsection 2, but without allowing any minimum charge.
2. Appropriate additional charges as permitted under section 537.2501, payment of which is deferred.
[C75, 77, 79, 81, §537.2504]
87 Acts, ch 80, §35; 2018 Acts, ch 1041, §127
Referred to in §537.2505, 537.2508, 537.3308
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2505 - Finance charge on consolidation.

537.2505 Finance charge on consolidation.
1. In this section, “consumer credit transaction” does not include a consumer lease or a consumer rental purchase agreement.
2. If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer credit transaction was not precomputed, the parties may agree to add the unpaid amount of the amount financed and accrued charges including finance charges on the date of consolidation to the amount financed with respect to the subsequent consumer credit transaction. If the previous consumer credit transaction was precomputed, the parties may agree to refinance the unpaid balance pursuant to section 537.2504, and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent consumer credit transaction. In either case the creditor may contract for and receive a finance charge as provided in subsection 3, based on the aggregate amount financed resulting from the consolidation.
3. If all debts consolidated arise exclusively from consumer loans, the creditor may contract for and receive the finance charge permitted by the provisions on finance charge for consumer loans pursuant to section 537.2401. If the debts consolidated include a debt arising from a consumer credit sale, including a transaction pursuant to a lender credit card, the amount of the finance charge is governed by the provisions on finance charge for consumer credit sales in section 537.2201.
4. If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction arising out of a consumer credit sale, and becomes obligated on another consumer credit transaction arising out of another consumer credit sale by the same seller, the parties may agree to a consolidation resulting in a single schedule of payments either pursuant to subsection 2 or by adding together the unpaid balances with respect to the two sales.
[C75, 77, 79, 81, §537.2505]
87 Acts, ch 80, §36
Referred to in §537.3302
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2506 - Advances to perform covenants of consumer.

537.2506 Advances to perform covenants of consumer.
1. If the agreement with respect to a consumer credit transaction other than a consumer lease or a consumer rental purchase agreement contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer, the creditor may add the amounts paid to the debt. Within a reasonable time after advancing any sums, the creditor shall state to the consumer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the consumer performed by the creditor pertain to insurance, a brief description of the insurance paid for by the creditor including the type and amount of coverages. No further information need be given.
2. A finance charge may be made for sums advanced pursuant to subsection 1 at a rate not exceeding the rate of finance charge required to be stated to the consumer pursuant to law in the disclosure statement required by this chapter and the Truth in Lending Act, except that with respect to open-end credit the amount of the advance may be added to the unpaid balance of the debt and the creditor may make a finance charge not exceeding that permitted by section 537.2202 or 537.2402, as applicable.
[C75, 77, 79, 81, §537.2506]
87 Acts, ch 80, §37; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2507 - Attorney fees.

537.2507 Attorney fees.
With respect to a consumer credit transaction, the agreement may not provide for the payment by the consumer of attorney fees. However, in a consumer credit transaction with an amount financed exceeding twenty-five thousand dollars secured by an interest in land, the agreement may provide for the payment by the consumer of reasonable attorney fees. A provision in violation of this section is unenforceable.
[C75, 77, 79, 81, §537.2507]
2014 Acts, ch 1037, §19
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2508 - Conversion to open-end credit.

537.2508 Conversion to open-end credit.
The parties may agree at or within ten days prior to the time of conversion to add the unpaid balance of a consumer credit transaction, other than a consumer lease or a consumer rental purchase agreement, not made pursuant to open-end credit to the consumer’s open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing under section 537.2504.
[C75, 77, 79, 81, §537.2508]
87 Acts, ch 80, §38; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2509 - Right to prepay.

537.2509 Right to prepay.
Subject to the provisions on prepayment and minimum charge under section 537.2510, the consumer may prepay in full the unpaid balance of a consumer credit transaction, other than a consumer lease or a consumer rental purchase agreement, at any time.
[C58, 62, 66, 71, 73, §322.3(6, e); C75, 77, 79, 81, §537.2509]
87 Acts, ch 80, §39
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2601 - Charges for other credit transactions.

537.2601 Charges for other credit transactions.
1. With respect to a credit transaction other than a consumer credit transaction, the parties may contract for the payment by the debtor of any finance or other charge as permitted by law.
2. With respect to a credit transaction which would be a consumer credit transaction if a finance charge were made, a charge for delinquency may not exceed amounts allowed for finance charges for consumer credit sales pursuant to open-end credit.
[C75, 77, 79, 81, §537.2601]
2003 Acts, 1st Ex, ch 1, §126, 133
[2003 Acts, 1st Ex, ch 1, §126, 133, amendment to subsection 1 rescinded pursuant to Rants v. Vilsack, 684 N.W.2d 193]
2004 Acts, 1st Ex, ch 1001, §22, 23; 2018 Acts, ch 1041, §127
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3102 - Scope.

537.3102 Scope.
Part 2 applies to disclosure with respect to consumer credit transactions, other than consumer rental purchase agreements, and the provision in section 537.3201 applies to a sale of an interest in land or a loan secured by an interest in land, without regard to the rate of finance charge, if the sale or loan is otherwise a consumer credit sale or consumer loan. Parts 3 and 4 apply, respectively, to disclosure, limitations on agreements and practices, and limitations on consumer’s liability with respect to certain consumer credit transactions. Part 5 applies to home solicitation sales. Part 6 applies to consumer rental purchase agreements.
[C75, 77, 79, 81, §537.3102]
87 Acts, ch 80, §41; 2001 Acts, ch 24, §58
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3201 - Compliance with Truth in Lending Act.

537.3201 Compliance with Truth in Lending Act.
A person upon whom the Truth in Lending Act imposes duties or obligations shall make or give to the consumer the disclosures, information and notices required of the person by that Act and in all respects shall comply with that Act. To the extent the Truth in Lending Act does not impose duties or obligations upon a person in a credit transaction, other than a consumer lease, which is a consumer credit transaction under this chapter, the person shall make or give to the consumer disclosures, information and notices in accordance with the Truth in Lending Act, with respect to the credit transaction.
[C75, 77, 79, 81, §537.3201]
Referred to in §537.1202, 537.1301, 537.2401, 537.2503, 537.2504, 537.2510, 537.3102, 537.3212
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3202 - Consumer leases.

537.3202 Consumer leases.
1. With respect to a consumer lease the lessor shall give to the consumer the following information:
a. Brief description or identification of the goods.
b. Amount of any payment required at the inception of the lease.
c. Amount paid or payable for official fees, registration, certificate of title, or license fees or taxes.
d. Amount of other charges not included in the periodic payments and a brief description of the charges.
e. Brief description of insurance to be provided or paid for by the lessor, including the types and amounts of the coverages.
f. Except with respect to a consumer lease made pursuant to a lender credit card, the number of periodic payments, the amount of each payment, the due date of the first payment, the due dates of subsequent payments or interval between payments, and the total amount payable by the consumer.
g. Statement of the conditions under which the consumer may terminate the lease prior to the end of the term.
h. Statement of the liabilities the lease imposes upon the consumer at the end of the term.
2. The disclosures required by this section are subject to the following:
a. They shall be made clearly and conspicuously in writing, a copy of which shall be delivered to the lessee.
b. They may be supplemented by additional information or explanations supplied by the lessor but none shall be stated, utilized or placed so as to mislead or confuse the lessee or contradict, obscure or detract attention from the information required to be disclosed by this section.
c. They need be made only to the extent applicable.
d. They shall be made on the assumption that all scheduled payments will be made when due and will comply with this section, although the assumption may be rendered inaccurate by an act, occurrence or agreement subsequent to the required disclosure.
e. They shall be made before the lease transaction is consummated but may be made in the lease to be signed by the lessee.
[C75, 77, 79, 81, §537.3202]
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3203 - Notice to consumer.

537.3203 Notice to consumer.
The creditor shall give to the consumer a copy of any writing evidencing a consumer credit transaction, other than one pursuant to open-end credit, if the writing requires or provides for signature of the consumer. The writing evidencing the consumer’s obligation to pay under a consumer credit transaction, other than one pursuant to open-end credit, shall contain a clear and conspicuous notice to the consumer that the consumer should not sign it before reading it, that the consumer is entitled to a copy of it, and, except in the case of a consumer lease, that the consumer is entitled to prepay the unpaid balance at any time with such penalty and minimum charges as the agreement and section 537.2510 may permit, and may be entitled to receive a refund of unearned charges in accordance with law. The following notices if clear and conspicuous comply with this section:
1. In all transactions to which this section applies:
NOTICE TO CONSUMER:
[1] Do not sign this paper before you read it.
[2] You are entitled to a copy of this paper.
[3] You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law.
2. In addition, in a transaction in which a minimum charge will be collected or retained, the notice to consumer shall state:
[4] If you prepay the unpaid balance, you may have to pay a minimum charge not greater than seven dollars and fifty cents.
[C58, 62, 66, 71, 73, §322.3(6, b); C75, 77, 79, 81, §537.3203]
2011 Acts, ch 25, §68; 2018 Acts, ch 1041, §127
Referred to in §322.33, 536.13, 536A.31, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3204 - Notice of assignment.

537.3204 Notice of assignment.
A consumer is authorized to pay the original creditor until the consumer receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the consumer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless the assignee does so the consumer may pay the original creditor.
[C75, 77, 79, 81, §537.3204]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3205 - Change in terms of open-end credit accounts.

537.3205 Change in terms of open-end credit accounts.
1. Whether or not a change is authorized by prior agreement, a creditor may make a change in the terms of an open-end credit account applying to any balance incurred after the effective date of the change only if the creditor delivers or mails to the consumer a written disclosure of the change in accordance with
12 C.F.R. §1026.9
.
2. Unless authorized by this chapter or unless agreed to by the consumer, a creditor shall not change the terms of an open-end credit account, with respect to a balance incurred before the effective date of the change, which results in an increase of the rate of the finance charge or other charge or an increase in the amount of a periodic payment due, or which otherwise adversely affects the interests of the consumer with respect to the balance. The use by the consumer of an open-end account after the effective date of the change constitutes the agreement of the consumer if the consumer is notified as provided in subsection 1 that the use will constitute the agreement of the consumer.
3. Notwithstanding subsection 2, a creditor may make a change in the terms of an open-end credit account with respect to a balance incurred before the effective date of the change if the creditor gives a written disclosure as provided in subsection 1 and if the credit card account is part of a portfolio of credit card accounts acquired in a bulk acquisition of the portfolio.
4. A disclosure provided for in subsection 1 is mailed to the consumer when mailed to the consumer at the consumer’s address used by the creditor for mailing the consumer periodic billing statements.
5. If a creditor attempts to make a change in the terms of an open-end credit account without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and is subject to the remedies available to the consumer under section 537.5201 and to the administrator under section 537.6113.
6. Notwithstanding subsections 1 through 5, a creditor is not required to deliver or mail to the consumer a written disclosure of a change in the terms of an open-end credit account if the change involves a decrease in the rate of the finance charge, a decrease in a delinquency charge, or a decrease in an over-limit charge.
[C75, 77, 79, 81, §537.3205]
84 Acts, ch 1237, §3; 91 Acts, ch 118, §2, 3; 96 Acts, ch 1057, §1; 2020 Acts, ch 1014, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3206 - Receipt — statements of account — evidence of payment — credits.

537.3206 Receipt — statements of account — evidence of payment — credits.
1. The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A periodic statement for a computational period showing a payment received by mail complies with this subsection.
2. Upon written request of a consumer, the person to whom an obligation is owed pursuant to a consumer credit agreement shall provide a written statement of the dates and amounts of payments made within the twelve months preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement. The statement shall be provided without charge once during each year of the term of the obligation. If additional statements are requested the creditor may charge not in excess of three dollars for each additional statement.
3. After a consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to open-end credit, the person to whom the obligation was owed shall, upon request of the consumer, deliver or mail to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction.
4. a. A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge, including a late charge, or except as provided in paragraph “b”. For purposes of this subsection, a delay in posting does not violate this subsection so long as the payment is credited as of the date of receipt.
b. If a creditor specifies requirements for the consumer to follow in making payments on the contract, payment coupon book, payment coupon or statement, or periodic statement, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within two days of receipt of such payment.
c. If a creditor fails to credit a payment as required by this subsection in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor shall adjust the consumer’s account so that the charges imposed are credited to the consumer’s account during the next payment period.
[C75, 77, 79, 81, §537.3206]
99 Acts, ch 15, §4; 2018 Acts, ch 1041, §127
Referred to in §322.33, 535.14, 536.13, 536A.31, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3207 - Form of insurance premium loan agreement.

537.3207 Form of insurance premium loan agreement.
An agreement pursuant to which an insurance premium loan is made shall contain the names of the insurance producer negotiating each policy or contract and of the insurer issuing each policy or contract, the number and inception date of, and premium for, each policy or contract, the date on which the term of the loan begins, and a clear and conspicuous notice that each policy or contract may be canceled if payment is not made in accordance with the agreement. If a policy or contract has not been issued when the agreement is signed, the agreement may provide that the insurance producer may insert the appropriate information in the agreement and, if they do so, shall furnish the information promptly in writing to the insured.
[C75, 77, 79, 81, §537.3207]
2001 Acts, ch 16, §35, 37
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3208 - Notice to cosigners and similar parties.

537.3208 Notice to cosigners and similar parties.
1. No natural person, other than the spouse of the consumer, is obligated as a cosigner, comaker, guarantor, endorser, surety, or similar party with respect to a consumer credit transaction, unless before or contemporaneously with signing any separate agreement of obligation or any writing setting forth the terms of the debtor’s agreement, the person receives a separate written notice that contains a completed identification of the debt the person may have to pay and reasonably informs the person of the person’s obligation with respect to it.
2. A clear and conspicuous notice in substantially the following form complies with this section:
NOTICE
You agree to pay the debt identified below although you may not personally receive any property, services, or money. You may be sued for payment although the person who receives the property, services, or money is able to pay. This notice is not the contract that obligates you to pay the debt. Read the contract for the exact terms of your obligation.
IDENTIFICATION OF DEBT
YOU MAY HAVE TO PAY
................................................................
(name of debtor)
................................................................
(name of creditor)
................................
(date)
................................................................
(kind of debt)
I have received a copy of this notice.
................................
(Date)
................................................................
(Signed)
3. The notice required by this section need not be given to a seller, lessor, or lender who is obligated to an assignee of the seller’s, lessor’s, or lender’s rights.
4. A person entitled to notice under this section shall also be given a copy of any writing setting forth the terms of the debtor’s agreement and of any separate agreement of obligation signed by the person entitled to the notice.
[C75, 77, 79, 81, §537.3208]
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3209 - Advertising.

537.3209 Advertising.
1. A seller, lessor, or lender shall not advertise, print, display, publish, distribute, utter or broadcast, or cause to be advertised, printed, displayed, published, distributed, uttered or broadcast in any manner, any false, misleading, or deceptive statement or representation with regard to the rates, terms or conditions of credit with respect to a consumer credit transaction.
2. Advertising that complies with the Truth in Lending Act does not violate this section.
3. This section does not apply to the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.
[C24, 27, 31, §9432; C35, §9438-f12; C39, §9438.12; C46, 50, 54, 58, 62, §536.12; C66, 71, 73, §536.12, 536A.20; C75, 77, 79, 81, §537.3209]
Referred to in §322.33, 536.13, 536A.31, 537.1201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3210 - Prohibited statements relating to rates.

537.3210 Prohibited statements relating to rates.
A creditor shall not state the rate of a finance charge to a consumer, in response to any inquiry, or in any advertisement, in the form of an add-on or discount rate, or in any form other than the rate calculated according to the actuarial method as a percent per year on the unpaid balances of the amount financed, or the annual percentage rate required to be disclosed under the Truth in Lending Act.
[C75, 77, 79, 81, §537.3210]
Referred to in §536A.23, 536A.31, 537.1201, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3211 - Notice of consumer paper.

537.3211 Notice of consumer paper.
Every note which is a negotiable instrument as provided in section 554.3104 taken in a consumer credit transaction, if the writing requires or provides for a signature of the consumer, shall conspicuously show on its face the following:
This is a consumer credit transaction.
[C75, 77, 79, 81, §537.3211]
94 Acts, ch 1167, §3, 122
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3212 - Notice of methods of financing and rates.

537.3212 Notice of methods of financing and rates.
1. With respect to a consumer who has an open-end credit account with a creditor, and with respect to a creditor which offers to some or all of its customers consumer credit sales of goods or services both pursuant to open-end credit and not pursuant to open-end credit, that creditor shall give written notice to that consumer of those alternative methods at the times provided in subsection 3. The notice shall be as provided in subsection 2.
2. The notice required by this section shall conspicuously state the highest finance charge charged by that creditor to any consumer within the last calendar year for each type of credit sale. Such finance charge shall be stated as an annual percentage rate in such form as is required pursuant to section 537.3201 for each type of credit sale described in subsection 1, and the terms of repayment for each type of credit sale.
3. This section is complied with if notice is given at the following times:
a. With respect to an existing open-end credit account holder, in a writing contained as a part of, or mailed with a periodic statement mailed to the account holders and no less than once every six months.
b. With respect to a consumer not holding an existing open-end credit account, if the written notice is presented to the person at the time of the consumer credit transaction, and thereafter as provided in paragraph “a”.
[C75, 77, 79, 81, §537.3212]
2018 Acts, ch 1041, §127
Referred to in §535.11
This section not applicable under §535.11(6)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3301 - Security in consumer credit transactions.

537.3301 Security in consumer credit transactions.
1. With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired or improved as a result of the sale of the goods or services, if in the case of a security interest in land the amount financed is one thousand dollars or more, or in the case of a security interest in goods if either the amount financed is three hundred dollars or more, or if the goods are household goods, or motor vehicles used by a consumer, the consumer’s dependents, or the family with which the consumer resides, as transportation to and from a place of employment, one hundred dollars or more. Except as provided with respect to cross-collateral under section 537.3302, a seller may not otherwise take a security interest in property to secure the debt arising from a consumer credit sale.
2. With respect to a consumer lease, a lessor may not take a security interest in property to secure the debt arising from the lease. This subsection does not apply to a security deposit for a consumer lease or a consumer rental purchase agreement.
3. With respect to a supervised loan, a lender may not take a security interest, other than a purchase money security interest, in the clothing, one dining table and set of chairs, one refrigerator, one heating stove, one cooking stove, one radio, beds and bedding, one couch, two living room chairs, cooking utensils, or kitchenware used by the consumer, the consumer’s dependents, or the family with whom the consumer resides.
4. A security interest taken in violation of this section is void.
[C75, 77, 79, 81, §537.3301]
87 Acts, ch 80, §42
Referred to in §537.3302, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3302 - Cross-collateral.

537.3302 Cross-collateral.
1. In addition to contracting for a security interest pursuant to the provisions on security in consumer credit transactions under section 537.3301, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.
2. If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on finance charge on consolidation under section 537.2505. The seller has a reasonable time after so contracting to make any adjustments required by this section.
[C75, 77, 79, 81, §537.3302]
Referred to in §537.3301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3303 - Debt secured by cross-collateral.

537.3303 Debt secured by cross-collateral.
1. If debts arising from two or more consumer credit sales, other than sales pursuant to open-end credit, are secured by cross-collateral or consolidated into one debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debt originally incurred with respect to each item is paid.
2. Payments received by the seller upon an open-end credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.
3. If the debts consolidated arose from two or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt.
[C75, 77, 79, 81, §537.3303]
2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3304 - Use of multiple agreements.

537.3304 Use of multiple agreements.
1. With respect to a sale or loan other than a supervised loan, a creditor may not use multiple agreements in what is in substance a single transaction, with intent to obtain a higher finance charge than would otherwise be permitted by the provisions of article 2 of this chapter.
2. With respect to a supervised loan, a lender may not use multiple agreements with intent to obtain a higher finance charge than would otherwise be permitted. For the purposes of this subsection, multiple agreements are used if a lender allows any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender.
3. The excess amount of finance charge obtained in violation of this section is an excess charge for the purposes of the provisions on rights of parties in section 537.5201 and the provisions on civil actions by the administrator in section 537.6113.
[C35, §9438-f13; C39, §9438.13; C46, 50, 54, 58, 62, §536.13(6); C66, 71, 73, §536.13(6), 536A.24; C75, 77, 79, 81, §537.3304]
Referred to in §322.33, 536.13, 536A.31
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3305 - No assignment of earnings.

537.3305 No assignment of earnings.
1. A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the consumer. This section does not prohibit a consumer from authorizing deductions in favor of a creditor if the authorization is revocable, the consumer is given a complete copy of the writing evidencing the authorization at the time the consumer signs it, and the writing contains on its face a conspicuous notice of the consumer’s right to revoke the authorization.
2. A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to the seller secured by an assignment of earnings.
[C24, 27, 31, §9427, 9428; C35, §9438-f17; C39, §9438.17; C46, 50, 54, 58, 62, 66, 71, 73, §536.17; C75, 77, 79, 81, §537.3305]
Referred to in §322.33, 536.13, 536A.31, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3306 - Authorization to confess judgment prohibited.

537.3306 Authorization to confess judgment prohibited.
Unless executed after default on a claim arising out of a consumer credit transaction, authorization for a judgment by confession on that claim pursuant to chapter 676 is void. Any other authorization by a consumer for any person to confess judgment on the claim, whenever executed, is void.
[C24, 27, 31, §9426; C35, §9438-f12; C39, §9438.12; C46, 50, 54, 58, 62, 66, 71, 73, §536.12; C75, 77, 79, 81, §537.3306]
Referred to in §322.33, 536.13, 536A.31, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3307 - Certain negotiable instruments prohibited.

537.3307 Certain negotiable instruments prohibited.
With respect to a consumer credit sale or consumer lease, the creditor may not take a negotiable instrument other than a check or credit union share draft dated not later than ten days after its issuance as evidence of the obligation of the consumer.
[C75, 77, 79, 81, §537.3307]
Referred to in §537.3404, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3308 - Balloon payments.

537.3308 Balloon payments.
1. Except as provided in subsection 2, if any scheduled payment of a consumer credit transaction is more than twice as large as the average of earlier scheduled payments, the consumer has the right to refinance the amount of that payment at the time it is due without penalty, as provided in section 537.2504. The terms of the refinancing shall be no less favorable to the consumer than the terms of the original transaction.
2. This section does not apply to any of the following:
a. A consumer lease.
b. A transaction pursuant to open-end credit.
c. A transaction to the extent that the payment schedule is adjusted to the seasonal or irregular income or scheduled payments of obligations of the consumer.
d. A transaction of a class defined by rule of the administrator as not requiring for the protection of the consumer a right to refinance as provided in this section.
e. A consumer loan in which the amount financed exceeds five thousand dollars and is secured by an interest in land.
f. A consumer rental purchase agreement.
g. A consumer loan secured by a certificate of title in a motor vehicle.
[C75, 77, 79, 81, §537.3308; 82 Acts, ch 1153, §17]
87 Acts, ch 80, §43; 2001 Acts, ch 21, §1; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3309 - Referral sales and leases.

537.3309 Referral sales and leases.
A practice unlawful under section 714.16, subsection 2, paragraph “b”, if done in connection with a consumer credit sale or consumer lease, is a violation of this chapter for which the consumer has a cause of action under section 537.5201, subsection 1. The administrator has all powers granted under article 6, part 1, to enforce the provisions of section 714.16, subsection 2, paragraph “b”. If a consumer is induced by a violation of section 714.16, subsection 2, paragraph “b” to enter into a consumer credit sale or consumer lease, the agreement is unenforceable by the seller or lessor and the consumer, at the consumer’s option, in addition to other remedies, may rescind the agreement or retain the goods delivered and the benefit of any services performed, without any obligation to pay for them.
[C75, 77, 79, 81, §537.3309]
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3310 - Limitations on executory transactions.

537.3310 Limitations on executory transactions.
1. In a consumer credit transaction, other than a consumer rental purchase agreement, if performance by a creditor is by delivery of goods, services, or both, in four or more installments, either on demand of the consumer or by prearranged scheduled performance, the consumer may cancel the obligation with respect to that part which has not been performed on the date of cancellation.
2. If the consumer exercises the right to cancel or, in any event, if the creditor attempts to exercise a right to accelerate, the creditor is entitled to recover only that part of the cash price and charges attributable to the part of the creditor’s obligation which has been performed.
3. Cancellation under this section shall be effective when the consumer mails or delivers a written notice of cancellation.
4. Notwithstanding an agreement to the contrary, a creditor may not exercise a right to accelerate beyond the amount set forth in subsection 2.
5. Subsections 1 through 4 do not apply to a membership camping contract which is subject to the requirements of chapter 557B.
[C75, 77, 79, 81, §537.3310]
87 Acts, ch 80, §44; 87 Acts, ch 181, §4
Referred to in §537.5201, 557B.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3311 - Discrimination prohibited.

537.3311 Discrimination prohibited.
A creditor shall not refuse to enter into a consumer credit transaction or impose finance charges or other terms or conditions more onerous than those regularly extended by that creditor to consumers of similar economic backgrounds due to any of the following:
1. The age, color, creed, national origin, political affiliation, race, religion, sex, marital status, or disability of the consumer.
2. The consumer receives public assistance, social security benefits, pension benefits, or the like.
3. The exercise by the consumer of rights pursuant to this chapter or the federal Consumer Credit Protection Act, 15 U.S.C. §1601 et seq.
[C75, 77, 79, 81, §537.3311]
2003 Acts, ch 54, §1
Referred to in §537.1201, 537.5201
See also §216.10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3401 - Restriction on liability in consumer lease.

537.3401 Restriction on liability in consumer lease.
The obligation of a lessee upon expiration of a consumer lease may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default.
[C75, 77, 79, 81, §537.3401]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3402 - Limitation on default charges.

537.3402 Limitation on default charges.
Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit transaction other than a consumer lease may not provide for any charges as a result of default by the consumer other than those authorized by this chapter. A provision in violation of this section is unenforceable.
[C75, 77, 79, 81, §537.3402]
Referred to in §322.20, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3403 - Card issuer subject to claims and defenses.

537.3403 Card issuer subject to claims and defenses.
1. This section neither limits the liability of nor imposes liability on a card issuer as a manufacturer, supplier, seller, or lessor of property or services sold or leased pursuant to the credit card. This section may subject a card issuer to claims and defenses of a cardholder against a seller or lessor arising from sales or leases made pursuant to the credit card.
2. A card issuer is subject to claims and defenses of a cardholder against the seller or lessor arising from the sale or lease of property or services by a seller or lessor licensed, franchised, or permitted by the card issuer or a person related to the card issuer to do business under the trade name or designation of the card issuer or a person related to the card issuer, to the extent of the original amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose.
3. Except as otherwise provided in subsection 2, a card issuer, including a lender credit card issuer, is subject to all claims and defenses of a cardholder against the seller or lessor arising from the sale or lease of property or services pursuant to the credit card only if all of the following apply:
a. The original amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose exceeds fifty dollars.
b. The residence of the cardholder and the place where the sale or lease occurred are in the same state or within one hundred miles of each other.
c. The cardholder has made a good faith attempt to obtain satisfaction from the seller or lessor with respect to the claim or defense.
4. Except as otherwise provided in subsection 2, a card issuer, including a lender credit card issuer, is subject to claims and defenses only to the extent of the amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose at the time the card issuer has notice of the claim or defense. Notice of the claim or defense may be given prior to the attempt to obtain satisfaction specified in subsection 3. Written notice is effective when mailed or delivered.
5. For the purpose of determining the amount owing to the card issuer with respect to the sale or lease upon an open-end credit account, payments received for the account are deemed to have been first applied to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries of the debts are made to the account.
6. Except as provided in section 537.1107, an agreement may not contain a provision to limit or waive the claims or defenses of a cardholder under this section. A provision in violation of this subsection is unenforceable.
[C75, 77, 79, 81, §537.3403]
2018 Acts, ch 1041, §127
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.3501 - Door-to-door sales.

537.3501 Door-to-door sales.
In a consumer credit sale or a sale in which the goods or services are paid for in whole or in part by a lender credit card or a consumer loan in which the lender is subject to defenses arising from the sale under section 537.3405, a consumer has, in addition to all the rights and remedies provided by chapter 555A, a cause of action under section 537.5201, subsection 1, and the administrator has all powers granted under article 6, part 1, to enforce the provisions of chapter 555A.
[C75, 77, 79, 81, §537.3501]
Referred to in §537.1201, 537.5201