Title XIII, COMMERCE (Ch. 505 - 554I)

The superintendent by counsel of the attorney general may commence an action in the district court, in the name of the state of Iowa as plaintiff on the relation of the superintendent to restrain and enjoin any licensee from violating this chapter or rules adopted pursuant to thi…

1. The superintendent may, after notice and hearing pursuant to chapter 17A , take disciplinary action against a licensee if the superintendent finds any of the following: a. That the licensee has failed to pay the annual license fee required by this chapter or to maintain in eff…

1. If the superintendent revokes the license of any industrial loan company, the superintendent shall promptly report the revocation to the attorney general, who may apply to the district court of the county in which the licensee had conducted its business for the appointment of …

The following words and terms when used in this chapter shall have the following meanings unless the context clearly requires a different meaning: 1. “Administrator” means the person designated in section 537.6103 . 2. “Affiliate” means the same as defined in 12 U.S.C. §1841(k). …

1. A licensed industrial loan company may make permanent loans, construction loans, or combined construction and permanent loans, secured by liens on real property, as authorized by rules adopted by the superintendent under chapter 17A . These rules shall contain provisions as ne…

A licensee engaged in the business of operating an industrial loan company under the provisions of this chapter may not conduct its business within any office, room, suite, place of business, or premises in which commercial activities are conducted, unless the place where its bus…

1. Licensed industrial loan companies shall not sell senior debt to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness. 2. a. Licensees selling debt instrumen…

1. No industrial loan company licensed under the provisions of this chapter shall have the power and authority to: a. (1) Charge, receive, or collect interest at a rate exceeding ten cents on the hundred by the year, except that the interest may be computed when the note is made …

A licensee may engage in any transaction otherwise permitted by this chapter and applicable law, by means of either the direct transmission of electronic impulses or other indicia of a transaction for delayed transmission to the licensee. Subject to the provisions of chapter 527 …

1. a. An industrial loan company licensed under this chapter that sells debt instruments to the general public in the form of thrift certificates, installment thrift certificates, certificates of indebtedness, promissory notes, or similar evidences of indebtedness shall not make …

In addition to the requirements of the Iowa consumer credit code, chapter 537 , respecting consumer loans, and notwithstanding the provisions of any note or contract to the contrary, a borrower may, at any time, prepay all or any part of the unpaid balance to become payable under…

If any officer, director, or agent of any corporation engaged in the business of operating an industrial loan company shall violate any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537 ; or if any person individually or…

The superintendent is hereby authorized and empowered to make such reasonable and relevant rules, not inconsistent herewith, as may be necessary for the enforcement of the provisions of this chapter . [C66, 71, 73, 75, 77, 79, 81, §536A.28 ]

1. The superintendent shall enforce the Iowa consumer credit code, chapter 537 , with respect to licensees, as provided in sections 537.2303 , 537.2305 and 537.6105 . 2. The superintendent shall cooperate with the administrator, and shall assist the administrator whenever necessa…

With respect to a loan other than a consumer loan, a person shall not engage in the business of operating an industrial loan company in this state without first having obtained a license from the superintendent. With respect to a consumer loan, a person required by section 537.23…

Notwithstanding other provisions of this chapter to the contrary, a person that neither has an office physically located in this state nor engages in face-to-face solicitation in this state, if authorized by another state to make loans in that state at a rate of finance charge in…

1. The provisions of the Iowa consumer credit code, chapter 537 , shall apply to a consumer loan in which the licensee participates or engages, and any violation of the said code shall be a violation of this chapter . 2. Chapter 537, article 2, parts 3, 5, and 6 , chapter 537, ar…

In addition to any other duties imposed upon the superintendent by law, the superintendent may require applicants and licensees to be licensed through the nationwide mortgage licensing system and registry as defined in section 535D.3 . In order to carry out this requirement, the …

A license shall not be issued to any individual, partnership, nonprofit organization, or unincorporated association. A license shall not be issued to an applicant that engages in commercial activities directly or through an affiliate. Not more than one place of business where loa…

This chapter does not apply to any of the following: 1. Businesses organized or operating as permitted under the authority of a law of this state or the United States relating to banks, trust companies, building and loan associations, savings and loan associations, insurance comp…

The superintendent shall supervise the operation of industrial loan companies in this state in accordance with this chapter . [C66, 71, 73, 75, 77, 79, 81, §536A.6 ] 86 Acts, ch 1245, §759

1. The application for a license to engage in the business of operating an industrial loan company shall be in the form as may be prescribed by the superintendent. The application shall give all of the following information: a. The name of the corporation. b. The location where t…

1. An applicant for a license shall file with the superintendent a bond furnished by a surety company authorized to do business in this state. Until such time as the superintendent pursuant to administrative rule determines a bond amount that reflects the dollar value of the loan…

The paid-in capital stock of any corporation engaged in the business of operating an industrial loan company shall not be less than twenty-five thousand dollars when the corporation is transacting business in any city having less than twenty-five thousand inhabitants according to…

Upon the filing of an application for a license to engage in the business of operating an industrial loan company, and upon payment of the investigation fee and license fee as required by section 536A.7 , the superintendent shall cause an investigation to be made of the facts set…

This chapter shall be known and may be cited as the “Lender Credit Card Act” . 91 Acts, ch 216, §15

The administrator may commence an action in the district court to restrain and enjoin any person from violating this chapter , or to restrain and enjoin any person from engaging in the business of issuing credit cards without filing a registration statement as required by this ch…

A waiver of the provisions of this chapter or chapter 537 is not valid. 91 Acts, ch 216, §25

If an officer, director, or agent of a corporation engaged in the business of issuing credit cards violates any of the provisions of this chapter which are not also violations of the Iowa consumer credit code, chapter 537 , or if a person individually or as a partner, or officer,…

The administrator may adopt such rules pursuant to chapter 17A as may be necessary for the enforcement and administration of this chapter . 91 Acts, ch 216, §27

1. The superintendent of banking shall enforce the provisions of this chapter with respect to banks not exempt from the provisions of this chapter under section 536C.3 . 2. The superintendent of credit unions shall enforce the provisions of this chapter with respect to credit uni…

As used in this chapter , unless the context otherwise requires: 1. “Administrator” means the superintendent of banking or the superintendent of credit unions. However, the powers of administration and enforcement of this chapter are to be exercised pursuant to section 536C.14 . …

This chapter does not apply to a bank chartered under chapter 524 or a bank chartered under federal law which has its principal place of business located in this state, a savings and loan association chartered under federal law which has its principal place of business located in…

1. A person shall file a registration statement annually with the administrator before conducting the business of issuing credit cards in this state, and annually thereafter on or before January 31 of each year. The registration statement shall be in writing on a form prescribed …

A person required to file a registration statement pursuant to this chapter shall pay to the administrator an annual fee of fifty dollars. The fee shall be paid at the time the person files the registration statement. 91 Acts, ch 216, §19

1. The terms and conditions of a credit card agreement shall conform to the provisions of chapter 537 , the Iowa consumer credit code. 2. A provision of the Iowa consumer credit code, chapter 537 , applicable to credit cards regulated by this chapter supersedes a conflicting prov…

A person who issues credit cards shall keep such books, accounts, and records as will enable the administrator to determine whether or not the person is complying with the provisions of this chapter and chapter 537 . The person shall not be required to preserve or keep their reco…

1. The administrator may investigate at any time the business of a credit card issuer subject to the provisions of this chapter . The administrator may examine the books, records, accounts, and files pertaining to the business of issuing credit cards subject to the provisions of …

1. If the administrator has reasonable cause to believe a person who issues credit cards is violating any provision of this chapter , or rules adopted pursuant to this chapter , the administrator may enter a written order requiring the person to cease, desist, and refrain from an…

Articles 1 through 7 of this chapter shall be known and may be cited as the “Iowa Consumer Credit Code” . [C75, 77, 79, 81, §537.1101 ] 2020 Acts, ch 1063, §310

1. This chapter shall be liberally construed and applied to promote its underlying purposes and policies. 2. The underlying purposes and policies of this chapter are to: a. Simplify, clarify and modernize the law governing retail installment sales and other consumer credit. b. Pr…

Unless displaced by the particular provisions of this chapter , the uniform commercial code as provided in chapter 554 and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coerci…

This chapter being a general Act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. [C75, 77, 79, 81, §537.1104 ]

1. Except in settlement of a bona fide dispute, a consumer may not waive or agree to forego rights or benefits under this chapter . 2. A claim by a consumer against a creditor relating to an excess charge, any other civil violation of this chapter , or a civil penalty, or a claim…

1. This chapter prescribes maximum charges for certain creditors, except lessors and those excluded in section 537.1202 , extending credit in consumer credit transactions. 2. This chapter does not displace limitations on powers of credit unions, savings associations, or other thr…

Every contract or duty within this chapter imposes an obligation of good faith in its performance or enforcement. [C75, 77, 79, 81, §537.1110 ]