Iowa Code 537.3602 – Purposes — rules of construction
Current as of: 2023 | Check for updates
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1. This part shall be liberally construed and applied to promote its underlying purposes and policies.
Terms Used In Iowa Code 537.3602
- Administrator: means the administrator designated in section 537. 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
- 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
- Rule: includes "regulation". See Iowa Code 4.1
2. The underlying purposes and policies of this part are to:
a. Define, simplify, and clarify the law governing consumer rental purchase agreements.
b. Provide certain disclosures to consumers who enter into consumer rental purchase agreements, and further consumer understanding of the terms of consumer rental purchase agreements.
c. Protect consumers against unfair practices.
d. Permit and encourage the development of fair and economically sound rental purchase practices.
e. Make the law on consumer rental purchase agreements, including administrative rules, more uniform among the various uniform consumer credit code jurisdictions.
3. A reference to a requirement imposed by this part includes a reference to a related rule of the administrator adopted pursuant to this chapter.