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Iowa Consumer Credit Code (ICCC) Informal Advisory Opinions - 1983 Archive

December 29, 1983

A lender in a consumer credit transaction may not charge an appraisal fee as an “other charge.”  Appraisal fees must be included in the finance charges.

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December 9, 1983

The university in question is in the business of regularly making loans and must comply with the federal truth-in-lending requirements.  The information provided in the note’s disclosure statement must be more “conspicuous” than the rest of the agreement.  Additionally, the note’s references to interest rate must be described in terms of the annual percentage rate (APR).

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September 22, 1983

The IDCPA covers all creditors who collect on their own accounts; it does not distinguish between creditor collectors and independent collectors.  Private sales of repossessed goods are not per se violations of Iowa law.  Also, mortgage transactions in general are excluded from the ICCC because they tend to be over the $25,000 minimum threshold.

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September 2, 1983

Informal Advisory Opinion #3

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September 2, 1983

A closed-end, out-of-state consumer transaction with an out-of-state lender cannot be enforced under the ICCC, unless the lender moves to Iowa to collect on that transaction.  If the lender moves to collect on the transaction, it must follow all licensing requirements imposed on lenders in this state under the ICCC.

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August 24, 1983

An insurance premium loan is a consumer loan made for the sole purpose of financing a premium on an insurance plan.  If the insurance premium loan also qualifies as a supervised loan, the lender may have to be licensed as either a “Small Loans” lender or “Industrial Loans” lender.

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