Skip to main content
Iowa Attorney General
Main Content

Iowa Consumer Credit Code (ICCC) Informal Advisory Opinions - 1986 Archive

September 23, 1986

Because the Legislature did not also amend the ICCC when it enacted the surcharge legislation in 1984, the charge would not be permissible unless there was a rule of the ICCC administrator. There presently is no such rule.

Read More

September 23, 1986

RE: [REDACTED] File Dear [REDACTED], Sometime ago, you inquired of the Iowa Department of Banking on behalf of your client [REDACTED] whether your client needed to be licensed to offer its emergency loan program to Iowans. Your inquiry was referred to this office as we are the administrator of the...

Read More

September 23, 1986

 Iowa Consumer Credit Code restricts the additional charges which may be made by a creditor in connection with a consumer credit transaction. The ICCC restricts the additional charges to those specifically referred to in Iowa Code §537.2501(1)

Read More

September 23, 1986

It is the advice of the Administrator that the ICCC, Iowa Code ch. 537 (1985), requires an "out-of-state" or non-Iowa state chartered bank to be licensed by a "licensing authority" as defined in Iowa Code § 537.2301(1) (1985) before the bank may make supervised loans to Iowans.

Read More

March 27, 1986

A notice to a co-signor is in compliance with the ICCC if the language of the notice follows the form required by the FTC, the Federal Reserve Board, or the Federal Home Loan Bank Board.

Read More

March 24, 1986

The default provisions of the ICCC does not apply to a disputed line of credit transactions until the creditor has made a final demand for payment of the disputed amounts.

Read More

March 10, 1986

A lender in a consumer loan transaction may require that the borrower have credit life and/or credit accident and health insurance so long as the cost of any credit insurance written and purchased in connection with that transaction is included in the finance charge and so long as there is no violation of the ICCC.

Read More

January 28, 1986

Offering a different APR to a consumer loan customer who purchases credit insurance in connection with a loan is not prohibited by the ICCC.  But unless the creditor could demonstrate that the purchase of the insurance was not required, the insurance cost could not be excluded from the finance charge.

Read More

January 23, 1986

The ICCC provides that an additional charge may be made for consumer credit insurance providing life, health, and accident coverage if the insurance coverage is not required by the creditor.  However, the FTLA model forms provide for a separate choice for each type of optional insurance.  Even though these forms are not mandatory, it is the opinion of the Administrator that tying the purchase of one type insurance to another violates the ICCC.

Read More

January 17, 1986

The ICCC permits a creditor to make an “additional charge” for title insurance on consumer loans secured by an interest in land.  The insurance laws of Iowa prohibit the sale of title insurance in Iowa.

Read More
Sitemap
© 2019 State of Iowa Office of the Attorney General. All rights reserved.