Iowa Code 537.4101 – Scope — excess charges
Current as of: 2023 | Check for updates
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1. This article applies to insurance provided in relation to a consumer credit transaction.
Terms Used In Iowa Code 537.4101
- Administrator: means the administrator designated in section 537. See Iowa Code 537.1301
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- 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
- 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
2. A charge for insurance in excess of the rates promulgated by the commissioner of insurance, or otherwise made in violation of the law, including this chapter, or the rules promulgated by the commissioner of insurance, is an excess charge for purposes of determining rights of parties under section 537.5201, and authority of the administrator to bring civil action under section 537.6113.