Iowa Code 322.20 – Extension of time
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 322.20
- buyer: means a person who buys a motor vehicle from a retail seller. See Iowa Code 322.2
- Contract: A legal written agreement that becomes binding when signed.
- contract: means an agreement, entered into in this state, pursuant to which the title to, the property in or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a retail seller from a retail buyer as security, in whole or in part, for the buyer's obligation. See Iowa Code 322.2
- Extension: means a place of business of an authorized vehicle recycler other than the principal place of business within the county of the principal place of business. See Iowa Code 321H.2
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
Sections 537.2503 and 537.3402 notwithstanding, if the holder of a retail installment contract in connection with the purchase or sale of a vehicle, at the request of the buyer, renews the loan or extends the scheduled due date of all or any part of an installment or installments, the holder may restate the amount of installments and the time schedule for paying installments and collect for installments, subject to the renewal or extension, a finance charge on the outstanding declining balance of the amount financed for the period of the extension or renewal. The finance charge on a renewal or extension under this section shall not exceed the rate on the original retail installment contract as limited by section 322.19.