Iowa Code 537.3210 – Prohibited statements relating to rates
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Terms Used In Iowa Code 537.3210
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- year: means twelve consecutive months. See Iowa Code 4.1
537.3210 Prohibited statements relating to rates.
A creditor shall not state the rate of a finance charge to a consumer, in response to any
inquiry, or in any advertisement, in the form of an add-on or discount rate, or in any form other than the rate calculated according to the actuarial method as a percent per year on the unpaid balances of the amount financed, or the annual percentage rate required to be disclosed under the Truth in Lending Act.
[C75, 77, 79, 81, §537.3210]
Referred to in §536A.23, 536A.31, 537.1201, 537.5201
A creditor shall not state the rate of a finance charge to a consumer, in response to any
inquiry, or in any advertisement, in the form of an add-on or discount rate, or in any form other than the rate calculated according to the actuarial method as a percent per year on the unpaid balances of the amount financed, or the annual percentage rate required to be disclosed under the Truth in Lending Act.
[C75, 77, 79, 81, §537.3210]
Referred to in §536A.23, 536A.31, 537.1201, 537.5201