1. This chapter prescribes maximum charges for certain creditors, except lessors and those excluded in section 537.1202, extending credit in consumer credit transactions.

Terms Used In Iowa Code 537.1108

  • Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
  • Credit: means the right granted by a person extending credit to a person to defer payment of debt, to incur debt and defer its payment, or to purchase property or services and defer payment therefor. See Iowa Code 537.1301
  • Loan: means any of the following, except as provided in paragraph "b":
     (1) The creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third person for the account of the debtor. See Iowa Code 537.1301
  • Organization: means a corporation, government or governmental subdivision or agency, trust, estate, cooperative, or association. See Iowa Code 537.1301
  • 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
  • United States: includes all the states. See Iowa Code 4.1
 2. This chapter does not displace limitations on powers of credit unions, savings associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations.
 3. This chapter does not displace:

 a. Limitations on powers of supervised financial organizations with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan secured by an interest in land, or other similar restrictions designed to protect deposits.
 b. Limitations on powers an organization is authorized to exercise under the laws of this state or the United States.
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