Iowa Code 537.2307 – Restrictions on interest in land as security
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Terms Used In Iowa Code 537.2307
- Contract: A legal written agreement that becomes binding when signed.
537.2307 Restrictions on interest in land as security.
With respect to a supervised loan in which the rate of finance charge is in excess of
fifteen percent computed according to the actuarial method, and the amount financed is two thousand dollars or less, a lender shall not contract for a security interest in real property used as a residence for the consumer or the consumer’s dependents. A security interest taken in violation of this section is void.
[C75, 77, 79, 81, §537.2307]
2023 Acts, ch 66, §139
Referred to in §535.10, 537.5201
Section amended
With respect to a supervised loan in which the rate of finance charge is in excess of
fifteen percent computed according to the actuarial method, and the amount financed is two thousand dollars or less, a lender shall not contract for a security interest in real property used as a residence for the consumer or the consumer’s dependents. A security interest taken in violation of this section is void.
[C75, 77, 79, 81, §537.2307]
2023 Acts, ch 66, §139
Referred to in §535.10, 537.5201
Section amended