Iowa Code 103A.58 – Manufactured home, mobile home, or modular home retail installment contract — finance charge
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1. A retail installment contract or agreement for the sale of a manufactured home, mobile home, or modular home may include a finance charge not in excess of an amount equivalent to one and three-fourths percent per month simple interest on the declining balance of the amount financed.
Terms Used In Iowa Code 103A.58
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
2. For purposes of this section, “amount financed” means the same as defined in section 537.1301.
3. The limitations contained in this section do not apply in a transaction referred to in section 535.2, subsection 2. With respect to a consumer credit sale, as defined in section 537.1301, the limitations contained in this section supersede conflicting provisions of chapter 537, article 2, part 2.