Iowa Code 537.2308 – Regular schedule of payments — maximum loan term
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Terms Used In Iowa Code 537.2308
- 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
537.2308 Regular schedule of payments — maximum loan term.
Supervised loans, not made pursuant to open-end credit and in which the amount financed is one thousand dollars or less, shall be scheduled to be payable in substantially equal installments at substantially equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and over a period of not more than thirty-seven months if the amount financed is more than three hundred dollars, or over a period of not more than twenty-five months if the amount financed is three hundred dollars or less. However, a lender may make a loan not pursuant to open-end credit that is repayable in a single payment if the amount financed does not exceed one thousand dollars and if the finance charge does not exceed the rate permitted by § 537.2401, subsection 1, to be charged by a supervised financial organization.
[C75, 77, 79, 81, §537.2308; 81 Acts, ch 179, §1]
2018 Acts, ch 1041, §127
Referred to in §537.5201
Supervised loans, not made pursuant to open-end credit and in which the amount financed is one thousand dollars or less, shall be scheduled to be payable in substantially equal installments at substantially equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and over a period of not more than thirty-seven months if the amount financed is more than three hundred dollars, or over a period of not more than twenty-five months if the amount financed is three hundred dollars or less. However, a lender may make a loan not pursuant to open-end credit that is repayable in a single payment if the amount financed does not exceed one thousand dollars and if the finance charge does not exceed the rate permitted by § 537.2401, subsection 1, to be charged by a supervised financial organization.
[C75, 77, 79, 81, §537.2308; 81 Acts, ch 179, §1]
2018 Acts, ch 1041, §127
Referred to in §537.5201