CHAPTER 537 CONSUMER CREDIT CODE

CHAPTER 537 CONSUMER CREDIT CODE

The general assembly of the state of Iowa hereby declares and states that it does not want any of the provisions of Public Law No. 96 ? 221 (94 Stat. 132), section 501, subsection (a), paragraph (1), to apply with respect to loans, mortgages, credit sales, and advances made in this state; and that it does not want any of the provisions of Public Law No. 96 ? 221 (94 Stat. 132), Part B (section 511, subsections (a) and (b)), to apply with respect to loans made in this state; and that it does not want any of the provisions of any of the amendments contained in Public Law No. 96 ? 221 (94 Stat. 132), sections 521, 522 and 523 to apply with respect to loans made in this state; and that it does not want any of the provisions of Public Law No. 96 ? 221 (94 Stat. 132), section 524 to apply with respect to loans made in this state. It is the intent of the general assembly of the state of Iowa in enacting this section to exercise all authority granted by Congress and to satisfy all requirements imposed by Congress in Public Law No. 96 ? 221 (94 Stat. 132), section 501, subsection (b), paragraph (2), and section 512, and section 524, subsection (i), paragraph (3), and section 525, for the purpose of rendering the provisions of Public Law No. 96 ? 221 (94 Stat. 132), Title V, inapplicable in this state; 80 Acts, ch 1156, ?32 Court action required for termination of installment contracts during military service; ?29A.102, 29A.105 Maximum rate of interest during military service on obligations or liabilities incurred prior to service; ?29A.103, 29A.104 Enforcement of federal consumer credit protection provisions for members of military; ?535.18

ARTICLE 1 GENERAL PROVISIONS AND DEFINITIONS

PART 1 SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS 537.1101 Short title. 537.1102 Purposes -- rules of construction. 537.1103 Law applicable. 537.1104 Construction. 537.1105 and 537.1106 Reserved. 537.1107 Waiver -- agreement -- settlement. 537.1108 Effect on organizations. 537.1109 Reserved. 537.1110 Obligation of good faith.

PART 2 SCOPE AND JURISDICTION 537.1201 Territorial application.

537.1202 Exclusions. 537.1203 Jurisdiction -- service of process.

PART 3 DEFINITIONS 537.1301 General definitions. 537.1302 Definition -- Truth in Lending Act. 537.1303 Other defined terms.

ARTICLE 2 FINANCE CHARGES AND RELATED PROVISIONS

PART 1 GENERAL PROVISIONS 537.2101 Short title. 537.2102 Scope.

PART 2 CONSUMER CREDIT SALES: MAXIMUM FINANCE CHARGES 537.2201 Finance charge for consumer credit sales not pursuant to open end credit. 537.2202 Finance charge for consumer credit sales pursuant to open end credit.

PART 3 CONSUMER LOANS: SUPERVISED LOANS 537.2301 Authority to make supervised loans. 537.2302 Reserved. 537.2303 Revocation or suspension of license. 537.2304 Records -- annual reports. 537.2305 Examinations and investigations. 537.2306 Reserved. 537.2307 Restrictions on interest in land as security. 537.2308 Regular schedule of payments -- maximum loan term. 537.2309 No other business for purpose of evasion. 537.2310 Conduct of business other than making loans.

PART 4 CONSUMER LOANS: MAXIMUM FINANCE CHARGES 537.2401 Finance charge for consumer loans not pursuant to open-end credit. 537.2402 Finance charge for consumer loans pursuant to open-end credit. 537.2403 Finance charge for consumer loans secured by a motor vehicle.

PART 5 CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS 537.2501 Additional charges. 537.2502 Delinquency charges. 537.2503 Deferral charges. 537.2504 Finance charge on refinancing. 537.2505 Finance charge on consolidation. 537.2506 Advances to perform covenants of consumer. 537.2507 Attorney fee. 537.2508 Conversion to open end credit. 537.2509 Right to prepay. 537.2510 Rebate upon prepayment.

PART 6 OTHER CREDIT TRANSACTIONS 537.2601 Charges for other credit transactions. 537.2602 Repealed by 79 Acts, ch 130, ?30.

ARTICLE 3 REGULATION OF AGREEMENTS AND PRACTICES

PART 1 GENERAL PROVISIONS 537.3101 Short title. 537.3102 Scope.

PART 2 DISCLOSURE 537.3201 Compliance with Truth in Lending Act. 537.3202 Consumer leases. 537.3203 Notice to consumer. 537.3204 Notice of assignment. 537.3205 Change in terms of open-end credit accounts. 537.3206 Receipt -- statements of account -- evidence of payment -- credits. 537.3207 Form of insurance premium loan agreement. 537.3208 Notice to cosigners and similar parties. 537.3209 Advertising. 537.3210 Prohibited statements relating to rates. 537.3211 Notice of consumer paper.

537.3212 Notice of methods of financing and rates.

PART 3 LIMITATIONS ON AGREEMENTS AND PRACTICES 537.3301 Security in consumer credit transactions. 537.3302 Cross-collateral. 537.3303 Debt secured by cross-collateral. 537.3304 Use of multiple agreements. 537.3305 No assignment of earnings. 537.3306 Authorization to confess judgment prohibited. 537.3307 Certain negotiable instruments prohibited. 537.3308 Balloon payments. 537.3309 Referral sales and leases. 537.3310 Limitations on executory transactions. 537.3311 Discrimination prohibited.

PART 4 LIMITATIONS ON CONSUMER'S LIABILITY 537.3401 Restriction on liability in consumer lease. 537.3402 Limitation on default charges. 537.3403 Card issuer subject to claims and defenses. 537.3404 Assignee subject to claims and defenses. 537.3405 Lender subject to defenses arising from sales and leases.

PART 5 HOME SOLICITATION SALES 537.3501 Door-to-door sales.

PART 6 CONSUMER RENTAL PURCHASE AGREEMENTS 537.3601 Short title. 537.3602 Purposes -- rules of construction. 537.3603 Exclusions. 537.3604 General definitions. 537.3605 Disclosures. 537.3606 Form requirements. 537.3607 Receipts. 537.3608 Acquiring ownership. 537.3609 Renegotiation. 537.3610 Balloon payments prohibited.

537.3611 Prohibited charges. 537.3612 Additional charges. 537.3613 Reinstatement fees. 537.3614 Taxes and official fees. 537.3615 Advertising. 537.3616 Lessee's reinstatement rights. 537.3617 Unconscionability. 537.3618 Default. 537.3619 Cure of default. 537.3620 Willful and intentional violations. 537.3621 Damages. 537.3622 Effect of correction. 537.3623 Statute of limitations. 537.3624 Enforcement.

ARTICLE 4 INSURANCE 537.4101 Scope -- excess charges.

ARTICLE 5 REMEDIES AND PENALTIES

PART 1 LIMITATIONS ON CREDITORS' REMEDIES 537.5101 Short title. 537.5102 Scope. 537.5103 Creditor's obligations on repossession -- restriction on deficiency judgments. 537.5104 No garnishment before judgment. 537.5105 Limitation on garnishment. 537.5106 Garnishment. 537.5107 Extortionate or unlawful extensions of credit. 537.5108 Unconscionability -- inducement by unconscionable conduct -- unconscionable debt collection. 537.5109 Default. 537.5110 Cure of default. 537.5111 Notice of right to cure. 537.5112 Reserved. 537.5113 Venue. 537.5114 Complaint -- proof. 537.5115 Reserved.

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