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Iowa Consumer Credit Code (ICCC) Informal Advisory Opinions - 1985 Archive

September 25, 1985

Unless the check-issuer cures the dishonored check by the statutory procedures, the holder of the check who files suit may not receive both surcharge and treble (triple) damages.

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September 16, 1985

There is nothing in the ICCC to prohibit a lender from offering a “giveaway” to attract business.  However, the advertising material must not be misleading or deceptive. 

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August 21, 1985

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August 21, 1985

The Second Protector Insurance does not qualify as an additional charge because it does not protect against the loss or damage to property related to the credit transaction.

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May 5, 1985

Automobile service contracts are regulated by the Iowa Department of Insurance, while the financing of such contracts is governed by the ICCC.  If the company makes consumer loans to Iowans, it must be licensed as a small loan or industrial lender.  If the company wishes to purchase the retail installment contracts from the automobile dealers who sell the service contracts, no licensure is necessary.

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April 15, 1985

Iowa creditors who are subject to the F.T.C. Credit Practices Rules and to the ICCC co-signer rules, send only one notice to co-signer which follows the federal form, but includes recommended alternations by the Iowa Attorney General.

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April 5, 1985

If the out-of-state lender is issuing loans or credit cards to Iowa consumers and charging rates in excess of the monthly interest rate set by the Iowa Department of Banking, it is in the business of making supervised loans.  Lenders of supervised loans are required to be licensed as a supervised financial organization.

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April 1, 1985

If the rental agreement is in writing, then the charges on late rental payment qualifies as an interest under Iowa law.  Iowa law provides for a floating rate that the interest rate is not allowed to exceed.  Because the rate changes monthly, the rental agreement should cite to the specific law instead of a pre-determined percentage.

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February 18, 1985

Such service contracts are not part of the finance charge, as long as they are not imposed as a condition to extension of a line of credit.  In order for the service contract to be considered an “additional” charge, the Administrator would have to make a specific ruling authorizing such charges.

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February 12, 1985

A national bank may offer credit insurance as a permissible “additional” charge, without being considered a part of the finance charge.  To do so, the bank must make it clear that the purchase of such insurance is optional and if insurance is desired, it is not required to be bought from the bank.

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