Iowa Code 537.5302 – Disclosure violations
Current as of: 2023 | Check for updates
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A person is guilty of a serious misdemeanor, if the person willfully and knowingly does any of the following:
1. Gives false or inaccurate information or fails to provide information which the person is required to disclose under the provisions of the Truth in Lending Act.
Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Serious misdemeanor | up to 1 year | between $430 and $2,560 |
Terms Used In Iowa Code 537.5302
- 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
- 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
- Person: means :a. See Iowa Code 537.1301
- Truth in Lending Act: means Tit. See Iowa Code 537.1302
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
2. Uses any rate table or chart, the use of which is authorized by the provisions of the Truth in Lending Act, in a manner which consistently understates the annual percentage rate determined according to those provisions.3. Otherwise fails to comply with any requirement of the provisions on disclosure of the Truth in Lending Act.4. The criminal liability of a person under this section is in lieu of and not in addition to the person’s criminal liability under the Truth in Lending Act. No prosecution of a person with respect to the same violation may be maintained pursuant to both this section and the Truth in Lending Act.