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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.

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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...

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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)

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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.

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