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Iowa Consumer Credit Code (ICCC) Informal Advisory Opinions - 1984 Archive

September 10, 1984

It is the view of the Administrator that the court may not enter a default judgment unless the creditor has complied with the cure-of-default provisions of the ICCC by either verified petition or sworn testimony.

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August 27, 1984

A charge for a nonsufficient fund check is not authorized by the ICCC as a finance charge.

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August 24, 1984

So long as there is an express commitment to provide a consumer with a line of credit in excess of $25,000, the ICCC will not govern the transaction.

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August 13, 1984

A prepaid finance charge or origination fee on a loan granted by the I.H.E.L.A. can be charged, provided it is disclosed.  Because the I.H.E.L.A. is a “public instrumentality,” its prepayment penalty is not governed by the ICCC.

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August 7, 1984

Annual credit card fees are expressly provided by the ICCC.  “Over-the-limit” charges are not expressly authorized by the Code unless they are included and disclosed in the finance charge.  Finally, delinquency fees associated with a bank credit card are not authorized because they are not a precomputed credit transaction. 

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July 17, 1984

Informal Advisory Opinion #14

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May 9, 1984

As long as a bank adequately discloses its charge for insurance, it is not inherently discriminatory.

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May 4, 1984

A consumer credit sale only falls under the ICCC if the debt is a finance charge or is payable in installments, which is a plan to make at least four periodic payments, excluding a down payment.

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March 26, 1984

If the landfill is considered a public utility, subject to some government oversight, its transactions are excluded from the ICCC.  If it is found to be free from governmental control, and it does fall under the ICCC, it cannot charge rates above the statutory limits.

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March 5, 1984

A yearly fee for checking account overdraft protection is more likely a permissible “additional charge” under the ICCC, as opposed to part of the finance charge.

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