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Iowa Consumer Credit Code Informal Advisory Opinions - Page 3

The following opinions are informal Iowa Consumer Credit Code (ICCC) advisory opinions prepared by the staff of the Attorney General of Iowa.  They are neither an opinion of the Attorney General, nor a formal ruling by the ICCC administrator.

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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February 8, 1985

Informal Advisory Opinion #20

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September 10, 1984

It is the view of the Administrator that the court may not enter a default judgment unless the creditor has complied with the cure-of-default provisions of the ICCC by either verified petition or sworn testimony.

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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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