Iowa Code 537.2508 – Conversion to open-end credit
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Terms Used In Iowa Code 537.2508
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
537.2508 Conversion to open-end credit.
The parties may agree at or within ten days prior to the time of conversion to add the unpaid
balance of a consumer credit transaction, other than a consumer lease or a consumer rental purchase agreement, not made pursuant to open-end credit to the consumer’s open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing under § 537.2504.
[C75, 77, 79, 81, §537.2508]
87 Acts, ch 80, §38; 2018 Acts, ch 1041, §127
The parties may agree at or within ten days prior to the time of conversion to add the unpaid
balance of a consumer credit transaction, other than a consumer lease or a consumer rental purchase agreement, not made pursuant to open-end credit to the consumer’s open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing under § 537.2504.
[C75, 77, 79, 81, §537.2508]
87 Acts, ch 80, §38; 2018 Acts, ch 1041, §127