Iowa Code 537.3304 – Use of multiple agreements
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 537.3304
- 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
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
537.3304 Use of multiple agreements.
1. With respect to a sale or loan other than a supervised loan, a creditor may not use
multiple agreements in what is in substance a single transaction, with intent to obtain a higher finance charge than would otherwise be permitted by the provisions of article 2 of this chapter.
2. With respect to a supervised loan, a lender may not use multiple agreements with intent to obtain a higher finance charge than would otherwise be permitted. For the purposes of this subsection, multiple agreements are used if a lender allows any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender.
3. The excess amount of finance charge obtained in violation of this section is an excess charge for the purposes of the provisions on rights of parties in § 537.5201 and the provisions on civil actions by the administrator in § 537.6113.
[C35, §9438-f13; C39, §9438.13; C46, 50, 54, 58, 62, §536.13(6); C66, 71, 73, §536.13(6),
536A.24; C75, 77, 79, 81, §537.3304]
Referred to in §322.33, 536.13, 536A.31
1. With respect to a sale or loan other than a supervised loan, a creditor may not use
multiple agreements in what is in substance a single transaction, with intent to obtain a higher finance charge than would otherwise be permitted by the provisions of article 2 of this chapter.
2. With respect to a supervised loan, a lender may not use multiple agreements with intent to obtain a higher finance charge than would otherwise be permitted. For the purposes of this subsection, multiple agreements are used if a lender allows any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender.
3. The excess amount of finance charge obtained in violation of this section is an excess charge for the purposes of the provisions on rights of parties in § 537.5201 and the provisions on civil actions by the administrator in § 537.6113.
[C35, §9438-f13; C39, §9438.13; C46, 50, 54, 58, 62, §536.13(6); C66, 71, 73, §536.13(6),
536A.24; C75, 77, 79, 81, §537.3304]
Referred to in §322.33, 536.13, 536A.31