Terms Used In Iowa Code 537.3210

• 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
• Advertisement: means the attempt by dissemination, solicitation, or circulation to directly or indirectly induce any person to enter into any obligation or acquire any title or interest in land offered for sale or lease to the public in this state. See Iowa Code 543C.1
• Amount financed: means :
   a. See Iowa Code 537.1301
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
• Creditor: means the person who grants credit in a consumer credit transaction or, except as otherwise provided, an assignee of a creditor's right to payment, but use of the term does not in itself impose on an assignee any obligation of the assignee's assignor. 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
• year: means twelve consecutive months. See Iowa Code 4.1