reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.25 - Restrictions.

536A.25 Restrictions.
1. a. An industrial loan company licensed under this chapter that sells debt instruments to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness shall not make a loan of money or property to or guarantee the obligations of its directors or officers; or loan to any borrower, other than a subsidiary or affiliated corporation, more than twenty percent of its total capital, surplus, and undivided profits.
b. A licensee shall not make a loan under any other name or at any other place of business than that named in the license.
2. a. An industrial loan company licensed under this chapter that sells debt instruments to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness, shall not loan to a borrower, including a subsidiary or an affiliated corporation, more than twenty percent of the industrial loan company’s total of capital, surplus, and undivided profits. The aggregate of all loans to subsidiaries and affiliated corporations of the industrial loan company shall not exceed ten percent of the industrial loan company’s total assets.
b. A debt instrument sold by an industrial loan company which is not insured by the federal deposit insurance corporation, shall contain on its face a notice in bold print that the debt instrument is not insured or guaranteed by the federal deposit insurance corporation.
3. Investments by an industrial loan company licensed under this chapter that sells debt instruments to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness are subject to the provisions of section 524.901 as applied to state banks.
[C66, 71, 73, 75, 77, 79, 81, §536A.25]
91 Acts, ch 63, §4; 2006 Acts, ch 1042, §46; 2012 Acts, ch 1023, §157
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.26 - Prepayment.

536A.26 Prepayment.
In addition to the requirements of the Iowa consumer credit code, chapter 537, respecting consumer loans, and notwithstanding the provisions of any note or contract to the contrary, a borrower may, at any time, prepay all or any part of the unpaid balance to become payable under any note or installment contract.
[C66, 71, 73, 75, 77, 79, 81, §536A.26]
2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.27 - Penalty.

536A.27 Penalty.
If any officer, director, or agent of any corporation engaged in the business of operating an industrial loan company shall violate any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537; or if any person individually or as a partner, or officer, director, or agent of any corporation shall engage in the business of operating an industrial loan company without obtaining the license required by section 536A.3, when that person is not required by section 537.2301 to have a license, the person shall be guilty of a serious misdemeanor. Violations of the Iowa consumer credit code, chapter 537, shall be subject to the penalties provided therein.
[C66, 71, 73, 75, 77, 79, 81, §536A.27]
2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.28 - Rules.

536A.28 Rules.
The superintendent is hereby authorized and empowered to make such reasonable and relevant rules, not inconsistent herewith, as may be necessary for the enforcement of the provisions of this chapter.
[C66, 71, 73, 75, 77, 79, 81, §536A.28]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.29 - Enforcement of Iowa consumer credit code.

536A.29 Enforcement of Iowa consumer credit code.
1. The superintendent shall enforce the Iowa consumer credit code, chapter 537, with respect to licensees, as provided in sections 537.2303, 537.2305 and 537.6105.
2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessary to provide for the discharge of the duties of the administrator.
3. Notwithstanding other provisions of this chapter to the contrary, the superintendent shall authorize to be furnished to the administrator, access to or copies of records in the possession of the superintendent or other persons which relate to a licensee when necessary to enable the administrator to enforce chapter 537.
4. The superintendent shall make an annual report in writing to the administrator. A copy of the report shall be furnished at cost by the superintendent to each licensee or other person upon request. The annual report shall contain:
a. A summary of license applications approved or denied by the superintendent since the last report.
b. A summary of the assets, liabilities and capital structure of all licensees, and volume of consumer installment credit outstanding per licensee, as of December 31 of the year for which the report is made.
c. An estimate of the disbursements of agency funds for consumer credit protection during the calendar year ending the preceding December 31.
d. Information which the superintendent may deem appropriate and advisable to disclose.
e. Information which the administrator may require to be included.
[C75, 77, 79, 81, §536A.29]
2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.30 - Nonresident licensees — face-to-face solicitation.

536A.30 Nonresident licensees — face-to-face solicitation.
Notwithstanding other provisions of this chapter to the contrary, a person that neither has an office physically located in this state nor engages in face-to-face solicitation in this state, if authorized by another state to make loans in that state at a rate of finance charge in excess of the rate provided in chapter 535, shall not be subject to the following provisions of this chapter:
1. Section 536A.8.
2. Section 536A.10, subsection 1, paragraphs “b”, “c”, and “d”.
3. Section 536A.15, to the extent it requires the superintendent to make an examination and audit of the books, accounts and records of the licensee on a periodic basis.
[C75, 77, 79, 81, §536A.30]
89 Acts, ch 257, §30; 2002 Acts, ch 1119, §185; 2006 Acts, ch 1042, §47; 2012 Acts, ch 1023, §156
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.31 - Applicability of Iowa consumer credit code.

536A.31 Applicability of Iowa consumer credit code.
1. The provisions of the Iowa consumer credit code, chapter 537, shall apply to a consumer loan in which the licensee participates or engages, and any violation of the said code shall be a violation of this chapter.
2. Chapter 537, article 2, parts 3, 5, and 6, chapter 537, article 3, and sections 537.3203, 537.3206, 537.3209, 537.3210, 537.3304, 537.3305, and 537.3306 shall apply to any credit transaction, as defined in section 537.1301, in which a licensee participates or engages, and any violation of those parts or sections shall be violations of this chapter. For the purpose of applying the provisions of the Iowa consumer credit code, chapter 537, to those credit transactions, “consumer loan” shall include a loan for a business purpose.
3. Except as provided in this subsection, the provisions of the Iowa consumer credit code, chapter 537, apply to loans regulated by this chapter and supersede conflicting provisions of this chapter. Section 537.2402, subsection 1, does not apply to loans regulated by this chapter.
[C75, 77, 79, 81, §536A.31]
84 Acts, ch 1205, §3; 2003 Acts, ch 44, §114; 2010 Acts, ch 1028, §13; 2013 Acts, ch 30, §134
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536A - INDUSTRIAL LOANS › Section 536A.32 - Powers and duties of the superintendent — nationwide system.

536A.32 Powers and duties of the superintendent — nationwide system.
In addition to any other duties imposed upon the superintendent by law, the superintendent may require applicants and licensees to be licensed through the nationwide mortgage licensing system and registry as defined in section 535D.3. In order to carry out this requirement, the superintendent may participate in the nationwide mortgage licensing system and registry. For this purpose, the superintendent may establish by rule or order new requirements as necessary, including but not limited to requirements that applicants, including officers and directors and those who have control of the applicant, submit to fingerprinting and criminal history checks, and pay fees therefor.
2009 Acts, ch 61, §46, 47
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.2 - Definitions.

536C.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Administrator” means the superintendent of banking or the superintendent of credit unions. However, the powers of administration and enforcement of this chapter are to be exercised pursuant to section 536C.14.
2. “Agreement” means agreement as defined in section 537.1301, subsection 4.
3. “Cardholder” means cardholder as defined in section 537.1301, subsection 8.
4. “Consumer credit transaction” means consumer credit transaction as defined in section 537.1301, subsection 12.
5. “Credit card” means a card or device issued by a financial institution under an arrangement pursuant to which a card issuer gives a cardholder the privilege of purchasing or leasing property, or purchasing services, obtaining loans, or otherwise obtaining credit from at least one hundred persons not related to the card issuer.
6. “Financial institution” means a bank incorporated under the provisions of any state or federal law, a savings and loan association incorporated under the provisions of any state or federal law, a credit union organized under the provisions of any state or federal law, and any affiliate of such bank, savings and loan association, or credit union.
7. “Person” means any individual, firm, corporation, partnership, joint venture, or association, and any other organization or group, however organized.
91 Acts, ch 216, §16; 2012 Acts, ch 1017, §138
Referred to in §715C.1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.3 - Exemptions.

536C.3 Exemptions.
This chapter does not apply to a bank chartered under chapter 524 or a bank chartered under federal law which has its principal place of business located in this state, a savings and loan association chartered under federal law which has its principal place of business located in this state, a credit union chartered under chapter 533 or a credit union chartered under federal law which has its principal place of business located in this state, regulated loan companies licensed under chapter 536, or industrial loan companies licensed under chapter 536A.
91 Acts, ch 216, §17; 2012 Acts, ch 1017, §139
Referred to in §536C.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.4 - Notification.

536C.4 Notification.
1. A person shall file a registration statement annually with the administrator before conducting the business of issuing credit cards in this state, and annually thereafter on or before January 31 of each year. The registration statement shall be in writing on a form prescribed by the administrator, and contain the name and address of the registrant, the name and address of a designated agent upon whom service of process may be made in this state, and any other information the administrator deems relevant.
2. At the time of filing a registration statement the person shall provide the administrator with a copy of the credit agreement and billing statement being used by the card issuer.
3. If information in a filing statement becomes inaccurate after filing, the person shall notify the administrator in writing of the changes within sixty days of such change.
91 Acts, ch 216, §18
Referred to in §536C.12
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.6 - Applicability of Iowa consumer credit code.

536C.6 Applicability of Iowa consumer credit code.
1. The terms and conditions of a credit card agreement shall conform to the provisions of chapter 537, the Iowa consumer credit code.
2. A provision of the Iowa consumer credit code, chapter 537, applicable to credit cards regulated by this chapter supersedes a conflicting provision of this chapter.
3. A person who is in full compliance with the provisions of this chapter is considered a supervised financial organization under the Iowa consumer credit code, chapter 537, for purposes of contracting for finance charges authorized for credit card issuers under section 537.2402.
91 Acts, ch 216, §20; 2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.7 - Books and records.

536C.7 Books and records.
A person who issues credit cards shall keep such books, accounts, and records as will enable the administrator to determine whether or not the person is complying with the provisions of this chapter and chapter 537. The person shall not be required to preserve or keep their records or files for a longer period than three years following the date of the final payment.
91 Acts, ch 216, §21
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.8 - Investigations.

536C.8 Investigations.
1. The administrator may investigate at any time the business of a credit card issuer subject to the provisions of this chapter. The administrator may examine the books, records, accounts, and files pertaining to the business of issuing credit cards subject to the provisions of this chapter.
2. The administrator may accept a copy of an examination conducted by a state or federal regulator in lieu of an investigation or examination by the administrator.
3. If an investigation or examination is performed by the administrator under this section, the credit card issuer shall pay to the administrator a fee based on the actual cost of such investigation or examination as determined by the administrator.
4. Upon completion of an investigation or examination by the administrator, the examiner shall render a billing in triplicate, with one copy to be delivered to the credit card issuer and two copies to be delivered to the administrator. Failure to pay the fee to the administrator within thirty days after the billing for the investigation or examination is delivered shall subject the credit card issuer to an additional fee of five percent of the amount of the original fee for each day the payment is delinquent.
91 Acts, ch 216, §22
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.9 - Cease and desist orders.

536C.9 Cease and desist orders.
1. If the administrator has reasonable cause to believe a person who issues credit cards is violating any provision of this chapter, or rules adopted pursuant to this chapter, the administrator may enter a written order requiring the person to cease, desist, and refrain from an act constituting a violation. A copy of the order shall be sent to the person by certified mail. The person may file with the administrator a written notice of appeal within fifteen days of receipt of the order. The person may also request that the order be stayed pending resolution of the appeal. The appellant shall be entitled to prompt consideration of the request to stay the order.
2. Within thirty days after receipt of a notice of appeal the administrator shall hold a hearing to consider the appeal. The appellant shall be informed regarding the time and place of the hearing not later than ten days prior to the hearing. The administrator’s decision shall be provided, in writing, to the appellant within thirty days of the completion of the hearing.
91 Acts, ch 216, §23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.10 - Injunctions.

536C.10 Injunctions.
The administrator may commence an action in the district court to restrain and enjoin any person from violating this chapter, or to restrain and enjoin any person from engaging in the business of issuing credit cards without filing a registration statement as required by this chapter.
91 Acts, ch 216, §24
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.12 - Penalty.

536C.12 Penalty.
If an officer, director, or agent of a corporation engaged in the business of issuing credit cards violates any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537, or if a person individually or as a partner, or officer, director, or agent of a corporation engages in the business of issuing credit cards without filing the registration statement required by section 536C.4, the person is guilty of a serious misdemeanor. Violations of this chapter which are also violations of the Iowa consumer credit code, chapter 537, shall be subject to the penalties provided in the Iowa consumer credit code, chapter 537.
91 Acts, ch 216, §26; 2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 536C - LENDER CREDIT CARDS › Section 536C.14 - Enforcement.

536C.14 Enforcement.
1. The superintendent of banking shall enforce the provisions of this chapter with respect to banks not exempt from the provisions of this chapter under section 536C.3.
2. The superintendent of credit unions shall enforce the provisions of this chapter with respect to credit unions not exempt from the provisions of this chapter under section 536C.3.
91 Acts, ch 216, §28; 2012 Acts, ch 1017, §140
Referred to in §536C.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 in order to assure an adequate supply of credit to consumers.
c. Further consumer understanding of the terms of credit transactions and foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost.
d. Protect consumers against unfair practices by some suppliers, solicitors or collectors of consumer credit, having due regard for the interests of legitimate and scrupulous creditors.
e. Permit and encourage the development of fair and economically sound consumer credit practices.
f. Conform the regulation of disclosure in consumer credit transactions to the Truth in Lending Act.
g. Make the law, including administrative rules, more uniform among the various jurisdictions.
3. A reference to a requirement imposed by this chapter includes reference to a related rule of the administrator adopted pursuant to this chapter.
[C75, 77, 79, 81, §537.1102]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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.
[C75, 77, 79, 81, §537.1103]
2005 Acts, ch 3, §91
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 chapter.
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, or a claim by a creditor against a consumer for default or breach of a civil duty imposed by this chapter, may be settled by agreement if the claim is disputed in good faith.
3. A claim against a consumer, whether or not disputed, may be settled for less value than the amount claimed.
4. A settlement in which the consumer waives or agrees to forego rights or benefits under this chapter is invalid if the court as a matter of law finds the settlement to have been unconscionable at the time it was made. The competence of the consumer, any deception or coercion practiced upon the consumer, the nature and extent of the legal advice received by the consumer, and the value of the consideration may be considered, among other factors, with respect to the issue of unconscionability.
[C75, 77, 79, 81, §537.1107]
2022 Acts, ch 1021, §155
Referred to in §537.3403, 537.3404, 537.3405, 537.5110
Subsection 1 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 organizations.
3. This chapter does not displace:
a. Limitations on powers of supervised financial organizations with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan secured by an interest in land, or other similar restrictions designed to protect deposits.
b. Limitations on powers an organization is authorized to exercise under the laws of this state or the United States.
[C75, 77, 79, 81, §537.1108]
2012 Acts, ch 1017, §141
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 installment of the premium.
3. Transactions under public utility or common carrier tariffs if a subdivision or agency of this state or of the United States regulates the charges for the services involved, the charges for delayed payment, and any discount allowed for early payment.
4. Transactions in securities or commodities accounts with a broker-dealer registered with the securities and exchange commission.
5. Pawnbrokers who are licensed and whose rates and charges are regulated under or pursuant to ordinances of cities or statutes of this state, except with respect to the provisions on compliance with the Truth in Lending Act in section 537.3201, civil liability for violation of disclosure provisions in section 537.5203, criminal penalties for disclosure violations in section 537.5302, and powers and functions of the administrator with respect to disclosure violations.
[C75, 77, 79, 81, §537.1202]
Referred to in §537.1108
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 by statute, personal jurisdiction over a person may be acquired in a civil action or proceeding instituted in the district court by the service of process in the manner provided by this section.
2. If a person is not a resident of this state or is a corporation not authorized to do business in this state and engages in any conduct in this state governed by this chapter, or engages in a transaction subject to this chapter, the person may designate an agent upon whom service of process or original notice may be made in this state. The agent shall be a resident of state or a corporation authorized to do business in this state. The designation shall be in a writing and filed with the secretary of state. If no designation is made and filed or if process or original notice cannot be served in this state upon the designated agent, process or original notice may be served upon the secretary of state, in the manner provided in section 617.3 for service upon nonresident persons and foreign corporations which have made contracts with residents of Iowa, and the provisions of that section relating to the service of process or original notice apply.
[C75, 77, 79, 81, §537.1203]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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, ch 68, §1; 95 Acts, ch 31, §1; 95 Acts, ch 209, §27; 98 Acts, ch 1031, §1; 2008 Acts, ch 1025, §1; 2010 Acts, ch 1007, §1; 2010 Acts, ch 1061, §180; 2013 Acts, ch 84, §1
Referred to in §322.19, 524.913, 533.315, 535.11, 537.5203
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 5.
6. “Disposable earnings”. Section 537.5105, subsection 1, paragraph “a”.
7. “Garnishment”. Section 537.5105, subsection 1, paragraph “b”.
8. “Interval”. Section 537.2510, subsection 4, paragraph “b”.
9. “Location”. Section 537.2310, subsection 1.
10. “Pursuant to a credit card”. Section 537.1301, subsection 17.
11. “Residence”. Section 537.1201, subsection 4.
[C75, 77, 79, 81, §537.1303]
2003 Acts, ch 108, §99
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 made which is a percentage of an amount not exceeding the greatest of the following:
a. The average daily balance of the open-end account in the billing cycle for which the charge is made, which is the sum of the amount unpaid each day during that cycle, divided by the number of days in that cycle. The amount unpaid on a day is determined by adding to the balance, if any, unpaid as of the beginning of that day all purchases and other debits and deducting all payments and other credits made or received as of that day.
b. The balance of the open-end account at the beginning of the first day of the billing cycle, after deducting all payments and credits made in the cycle except credits attributable to purchases charged to the account during the cycle.
c. The median amount within a specified range including the balance of the open-end account not exceeding that permitted by paragraph “a” or “b”. A charge may be made pursuant to this paragraph only if the creditor, subject to classifications and differentiations the creditor may reasonably establish, makes the same charge on all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than eight percent of the charge on the median amount.
[C75, 77, 79, 81, §537.2202]
84 Acts, ch 1237, §1; 97 Acts, ch 187, §2, 3; 98 Acts, ch 1100, §73; 2018 Acts, ch 1041, §127
Referred to in §535.11, 537.2506
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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. “License” includes the authorization, of whatever form, to engage in the conduct regulated under those chapters.
2. A person who is not authorized to make supervised loans as provided in this section shall not engage in the business of making supervised loans or undertaking direct collection of payments from or enforcement of rights against consumers arising from supervised loans, but the person may collect and enforce for three months without a license if the person promptly applies for a license and the person’s application has not been denied.
3. A supervised loan made by a person in violation of subsection 2 shall be void and the consumer is not obligated to pay either the amount financed or the finance charge. If the consumer has paid any part of the amount financed or the finance charge, the consumer has a right to recover the payment from the person in violation of subsection 2 or from an assignee of that person’s rights who undertakes direct collection of payments or enforcement of rights arising from the debt. With respect to violations arising from loans made pursuant to open-end credit, no action pursuant to this subsection may be brought more than two years after the violation occurred. With respect to violations arising from other loans, no action pursuant to this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was paid.
4. The following persons are authorized to make supervised loans:
a. A person who is a supervised financial organization.
b. A person who has obtained a license pursuant to either chapter 536 or 536A.
c. A person who enters into less than ten supervised loans per year in this state and has neither an office physically located in this state nor engages in face-to-face solicitation in this state.
5. This section shall not affect dollar amount, purpose, or rate of finance charge restrictions imposed by any statute of this state or of the United States with respect to which a person is authorized to make loans at a rate of finance charge in excess of that permitted by chapter 535 or pursuant to which a person is licensed.
[C75, 77, 79, 81, §537.2301]
2012 Acts, ch 1017, §144; 2017 Acts, ch 138, §12; 2019 Acts, ch 59, §192
Referred to in §536.1, 536A.3, 536A.27, 537.1201, 537.2310, 537.5201, 537.5301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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. The order shall set the place for a hearing and set a time for the hearing that is not less than ten days from the date of the order. After the hearing, if the licensing authority finds that the licensee has intentionally violated this chapter, or any rule or order made pursuant to law, including an order of discontinuance, or if facts or conditions exist which would clearly have justified the licensing authority in refusing to grant a license for that place or those places of business had these facts or conditions been known to exist at the time the application for the license was made, the licensing authority shall revoke or suspend the license or, if there are mitigating circumstances, may accept an assurance of discontinuance as provided in section 537.6109, and allow retention of the license.
2. No revocation or suspension of a license is lawful unless prior to institution of proceedings by the licensing authority notice is given to the licensee of the facts or conduct which warrant the intended action, and the licensee is given an opportunity to show compliance with all lawful requirements for retention of the license.
3. If the licensing authority finds that probable cause for revocation of a license exists and that enforcement of the law requires immediate suspension of the license pending investigation, the licensing authority may, after a hearing upon five days’ written notice, enter an order suspending the license for not more than thirty days.
4. Whenever the licensing authority revokes or suspends a license, the licensing authority shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five days after the entry of the order the licensing authority shall deliver to the licensee a copy of the order and the findings supporting the order.
5. Any person holding a license to make supervised loans may relinquish the license by notifying the licensing authority in writing of its relinquishment, but this relinquishment does not affect the licensee’s liability for acts previously committed.
6. No revocation, suspension or relinquishment of a license impairs or affects the obligation of any preexisting lawful contract between the licensee and any consumer.
7. The licensing authority may reinstate a license, terminate a suspension or grant a new license to a person whose license has been revoked or suspended if no fact or condition then exists which clearly would justify the licensing authority in refusing to grant a license.
[C75, 77, 79, 81, §537.2303]
Referred to in §524.227, 533.116, 536.29, 536A.29, 537.2304, 537.6105
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › 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 information reasonably available. The records need not be kept in the place of business where supervised loans are made, if the licensing authority is given free access to the records wherever located.
2. On or before April 15 each year every licensee shall file with the licensing authority a composite annual report in the form prescribed by that authority relating to all supervised loans made by the licensee. The licensing authority shall consult with comparable officials in other states for the purpose of making the kinds of information required in annual reports uniform among the states. Information contained in annual reports shall be confidential and may be published only in composite form. The licensing authority shall assess against a licensee who fails to file the prescribed report on or before April 15 a penalty of ten dollars for each day the report is overdue, up to a maximum of thirty days. When an annual report is overdue for more than thirty days, the licensing authority may institute proceedings under section 537.2303 for revocation of the licenses held by the licensee.
[C75, 77, 79, 81, §537.2304]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2305 - Examinations and investigations.

537.2305 Examinations and investigations.
1. For the purpose of discovering violations of this chapter or securing information lawfully required, the licensing authority shall examine periodically at intervals the licensing authority deems appropriate, but not less frequently than is required for other examinations of the licensee by section 524.217, 533.113, 536.10, or 536A.15, whichever is applicable, the loans, business, and records of every licensee, except a licensee which has no office physically located in this state and engages in no face-to-face solicitation in this state. In addition, the licensing authority may at any time investigate the loans, business, and records of any lender. For these purposes the licensing authority shall be given free and reasonable access to the offices, places of business, and records of the lender.
2. If the lender’s records are located outside this state, the lender at the lender’s option shall make them available to the licensing authority at a convenient location within this state, or pay the reasonable and necessary expenses for the licensing authority or the licensing authority’s representative to examine them at the place where they are maintained. The licensing authority may designate representatives, including comparable officials of the state in which the records are located, to inspect them on the licensing authority’s behalf.
3. For the purposes of this section, the licensing authority may administer oaths or affirmations, and upon the licensing authority’s own motion or upon request of any party may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter which is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence.
4. Upon failure without lawful excuse to obey a subpoena or to give testimony and upon reasonable notice to all persons affected thereby, the licensing authority may apply to the district court for an order compelling compliance.
[C75, 77, 79, 81, §537.2305]
2007 Acts, ch 174, §95; 2012 Acts, ch 1017, §145
Referred to in §524.227, 533.116, 536.29, 536A.29, 537.6105
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2307 - Restrictions on interest in land as security.

537.2307 Restrictions on interest in land as security.
With respect to a supervised loan in which the rate of finance charge is in excess of fifteen percent computed according to the actuarial method, and the amount financed is two thousand dollars or less, a lender may not contract for a security interest in real property used as a residence for the consumer or the consumer’s dependents. A security interest taken in violation of this section is void.
[C75, 77, 79, 81, §537.2307]
Referred to in §535.10, 537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2308 - Regular schedule of payments — maximum loan term.

537.2308 Regular schedule of payments — maximum loan term.
Supervised loans, not made pursuant to open-end credit and in which the amount financed is one thousand dollars or less, shall be scheduled to be payable in substantially equal installments at substantially equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and over a period of not more than thirty-seven months if the amount financed is more than three hundred dollars, or over a period of not more than twenty-five months if the amount financed is three hundred dollars or less. However, a lender may make a loan not pursuant to open-end credit that is repayable in a single payment if the amount financed does not exceed one thousand dollars and if the finance charge does not exceed the rate permitted by section 537.2401, subsection 1, to be charged by a supervised financial organization.
[C75, 77, 79, 81, §537.2308; 81 Acts, ch 179, §1]
2018 Acts, ch 1041, §127
Referred to in §537.5201
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2309 - No other business for purpose of evasion.

537.2309 No other business for purpose of evasion.
A lender shall not carry on other business for the purpose of evasion or violation of this chapter at a location where the lender makes supervised loans.
[C75, 77, 79, 81, §537.2309]
2022 Acts, ch 1021, §156
Section amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2310 - Conduct of business other than making loans.

537.2310 Conduct of business other than making loans.
1. Except as provided in subsection 2, a licensee authorized to make supervised loans pursuant to section 537.2301 may not engage in the business of selling or leasing tangible goods at a location where supervised loans are made. In this section, “location” means the entire space in which supervised loans are made and the location must be separated from any space where goods are sold or leased by walls which may be broken only by a passageway to which the public is not admitted.
2. This section does not apply to:
a. Occasional sales of property used in the ordinary course of business of the licensee.
b. Sales of items of collateral of which the licensee has taken possession.
c. Sales of items by a licensee who is also authorized by law to operate as a pawnbroker.
d. Sales of property or items by the licensee which are not for the profit of the licensee and which are sold for a price not exceeding fifty dollars.
[C75, 77, 79, 81, §537.2310; 82 Acts, ch 1253, §41]
Referred to in §537.1303
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2402 - Finance charge for consumer loans pursuant to open-end credit.

537.2402 Finance charge for consumer loans pursuant to open-end credit.
1. If authorized to make supervised loans, a creditor may contract for and receive a finance charge without limitation as to amount or rate with respect to a loan pursuant to open-end credit as permitted in this section except as provided in section 537.2403.
2. For each billing cycle, a charge may be made which is a percentage of an amount not exceeding the greatest of the following:
a. The average daily balance of the open-end account in the billing cycle for which the charge is made, which is the sum of the amount unpaid each day during that cycle, divided by the number of days in that cycle. The amount unpaid on a day is determined by adding to the balance, if any, unpaid as of the beginning of that day all purchases and other debits and deducting all payments and other credits made or received as of that day.
b. The balance of the open-end account at the beginning of the first day of the billing cycle, after deducting all payments and credits made in the cycle except credits attributable to purchases charged to the account during the cycle.
c. The median amount within a specified range including the balance of the open-end account not exceeding that permitted by paragraph “a” or “b”. A charge may be made pursuant to this paragraph only if the organization, subject to classifications and differentiations it may reasonably establish, makes the same charge on all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than eight percent of the charge on the median amount.
[C75, 77, 79, 81, §537.2402]
84 Acts, ch 1237, §2; 89 Acts, ch 295, §2; 97 Acts, ch 187, §4, 5; 98 Acts, ch 1100, §74; 2007 Acts, ch 26, §2
Referred to in §533.316, 535.10, 536.13, 536A.31, 536C.6, 537.2401, 537.2506
2023 Iowa Code › Title XIII - COMMERCE › Chapter 537 - CONSUMER CREDIT CODE › Section 537.2403 - Finance charge for consumer loans secured by a motor vehicle.

537.2403 Finance charge for consumer loans secured by a motor vehicle.
1. A lender shall not contract for or receive a finance charge exceeding twenty-one percent per year on the unpaid balance of the amount financed for a loan of money secured by a certificate of title to a motor vehicle used for personal, family, or household purpose except as authorized under chapter 536 or 536A. A consumer who is charged a finance charge in excess of the limitation in this section may seek any remedies available pursuant to this chapter for an excess charge.
2. It shall be a violation of this section and an unlawful practice under section 714.16 to attempt to avoid application of this section by structuring a loan of money secured by a certificate of title to a motor vehicle as a sale, sale and repurchase, sale and lease, pawn, rental purchase, lease, or other type of transaction with the intent to avoid application of this section or any other applicable provision of this chapter.
2007 Acts, ch 26, §3
Referred to in §537.2401, 537.2402