Iowa Code 537.2307 – Restrictions on interest in land as security
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Terms Used In Iowa Code 537.2307
- Actuarial method: means the method of allocating payments made on a debt between the amount financed and the finance charge, pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed. See Iowa Code 537.1301
- Amount financed: means :a. See Iowa Code 537.1301
- Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
- Lender: means a person who makes a loan or, except as otherwise provided in this chapter, a person who takes an assignment of a lender's right to payment, but use of the term does not in itself impose on an assignee any obligation of the lender. 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 537.1301With respect to a supervised loan in which the rate of finance charge is in excess of fifteen percent computed according to the actuarial method, and the amount financed is two thousand dollars or less, a lender may not contract for a security interest in real property used as a residence for the consumer or the consumer’s dependents. A security interest taken in violation of this section is void.