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

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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