Iowa Code 537.3402 – Limitation on default charges
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Terms Used In Iowa Code 537.3402
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
537.3402 Limitation on default charges.
Except for reasonable expenses incurred in realizing on a security interest, the agreement
with respect to a consumer credit transaction other than a consumer lease may not provide for any charges as a result of default by the consumer other than those authorized by this chapter. A provision in violation of this section is unenforceable.
[C75, 77, 79, 81, §537.3402]
Referred to in §322.20, 537.5201
Except for reasonable expenses incurred in realizing on a security interest, the agreement
with respect to a consumer credit transaction other than a consumer lease may not provide for any charges as a result of default by the consumer other than those authorized by this chapter. A provision in violation of this section is unenforceable.
[C75, 77, 79, 81, §537.3402]
Referred to in §322.20, 537.5201