Opinion ID: 1864066
Heading Depth: 1
Heading Rank: 6

Heading: Application of Iowa Consumer Credit Code and Federal Truth in Lending Act.

Text: The district court dismissed all claims under the Iowa Consumer Credit Code and the federal Truth in Lending Act based on a finding that the transaction was not primarily for personal, family, or household purposes. Under the provisions of Iowa Code section 537.1301(14)(a)(3) (1987), that finding renders the Iowa Consumer Code inapplicable. The same finding also negates applicability of the federal truth in lending regulations to the loan transaction involved in the present controversy. Toy Nat'l Bank v. McGarr, 286 N.W.2d 376, 378 (Iowa 1979); 15 U.S.C. § 1603(1). The testimony of Nancy Kruse as to the buyers' motivation for purchasing the property and evidence concerning their methods of handling interest and depreciation for tax purposes supports the district court's finding on these issues.