1. A retail installment contract or agreement for the sale of a semitrailer or towable recreational vehicle may include a finance charge not in excess of the following rates:

 a.

 Class 1.

 Any new semitrailer or towable recreational vehicle designated by the manufacturer by a year model not earlier than the year in which the sale is made, an amount equivalent to one and three-fourths percent per month simple interest on the declining balance of the amount financed.

 b.

 Class 2.

 Any new semitrailer or towable recreational vehicle not in class 1 and any used semitrailer designated by the manufacturer by a year model of the same or not more than two years prior to the year in which the sale is made, an amount equivalent to two percent per month simple interest on the declining balance of the amount financed.

 c.

 Class 3.

 Any used semitrailer or towable recreational vehicle not in class 2 and designated by the manufacturer by a year model more than two years prior to the year in which the sale is made, an amount equivalent to two and one-fourth percent per month simple interest on the declining balance of the amount financed.

Terms Used In Iowa Code 322C.12

  • Consumer: means the purchaser or lessee, other than for purposes of lease or resale, of a new or previously untitled motor vehicle, or any other person entitled by the terms of the warranty to enforce the obligations of the warranty during the duration of the lemon law rights period. See Iowa Code 322G.2
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Manufacturer: means a person engaged in the manufacture of towable recreational vehicles. See Iowa Code 322C.2
  • month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
  • Towable recreational vehicle: includes a travel trailer, toy-hauler travel trailer, fifth-wheel travel trailer, toy-hauler fifth-wheel travel trailer, folding camping trailer, truck camper, and park model recreational vehicle. See Iowa Code 322C.2
  • Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. “Amount financed” means the same as defined in section 537.1301.
 3. The limitations contained in this section do not apply in a transaction referred to in section 535.2, subsection 2. With respect to a consumer credit sale, as defined in section 537.1301, the limitations contained in this section supersede conflicting provisions of chapter 537, article 2, part 2.
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