Terms Used In Iowa Code 537.3212

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• 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
• 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
• 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
• 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}
• finance charge: means the sum of all charges payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or as a condition of the extension of credit, including any of the following types of charges which are applicable:
   (1) Interest or any amount payable under a point, discount, or other system of charges, however denominated, except that with respect to a consumer credit sale of goods or services a cash discount of five percent or less of the stated price of goods or services which is offered to the consumer for payment by cash, check or the like either immediately or within a period of time, is not part of the finance charge for the purpose of determining maximum charges pursuant to section 537. See Iowa Code 537.1301
• 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
• Goods: includes , but is not limited to:
   (1) "Goods" as described in section 554. See Iowa Code 537.1301
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Open-end credit: means an arrangement, other than a consumer rental purchase agreement, pursuant to which all of the following are applicable:
   a. See Iowa Code 537.1301
• Person: means :
   a. See Iowa Code 537.1301
• Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
• Services: includes , but is not limited to:
   a. 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
• Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
• year: means twelve consecutive months. See Iowa Code 4.1