Iowa Code 536.15 – Limitation on principal amount
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Terms Used In Iowa Code 536.15
- Contract: A legal written agreement that becomes binding when signed.
- Forbearance: A means of handling a delinquent loan. A
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. 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
536.15 Limitation on principal amount.
A licensee shall not directly or indirectly charge, contract for, or receive any interest or
consideration greater than the lender would be permitted by law to charge if the lender were not a licensee upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit, of the amount or value of more than the threshold amount. This section also applies to a licensee who permits a person, as borrower or as endorser, guarantor, or surety for a borrower, or otherwise, to owe directly or contingently or both to the licensee at any time the sum of more than the threshold amount for principal. For the purposes of this section, “”threshold amount”” means the same as defined in § 537.1301. [C24, 27, 31, §9424; C35, §9438-f15; C39, §9438.15; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77,
79, 81, §536.15]
85 Acts, ch 158, §5; 2014 Acts, ch 1037, §10
A licensee shall not directly or indirectly charge, contract for, or receive any interest or
consideration greater than the lender would be permitted by law to charge if the lender were not a licensee upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit, of the amount or value of more than the threshold amount. This section also applies to a licensee who permits a person, as borrower or as endorser, guarantor, or surety for a borrower, or otherwise, to owe directly or contingently or both to the licensee at any time the sum of more than the threshold amount for principal. For the purposes of this section, “”threshold amount”” means the same as defined in § 537.1301. [C24, 27, 31, §9424; C35, §9438-f15; C39, §9438.15; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77,
79, 81, §536.15]
85 Acts, ch 158, §5; 2014 Acts, ch 1037, §10