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

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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