§ 536.1 — Title — license required

Iowa § 536.1

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 536: REGULATED LOANS

Text

1. This chapter may be referred to as the “Iowa Regulated Loan Act”.
2. With respect to a loan other than a consumer loan, a person shall not engage in the
business of making loans of money, credit, goods, or things in action in the amount or of
the value of the threshold amount or less and charge, contract for, or receive on the loan a
greater rate of interest or consideration for the loan than the lender would be permitted by
law to charge if the lender were not a licensee under this chapter except as authorized by this
chapter and without first obtaining a license from the superintendent of banking.
3. Withrespecttoaconsumerloan,apersonrequiredbysection537.2301tohavealicense
shall not engage in the business of making loans of money, credit, goods or things in action
in the amount or value of the threshold amount or less and charge, contract for, or receive
on the loan a greater rate of interest or consideration for the loan than the lender would be
permitted by law to charge if the lender were not a licensee under this chapter, except as
authorized by this chapter and without first obtaining a license from the superintendent.
4. A person who enters into less than ten supervised loans per year in this state and who
neither has an office physically located in this state nor engages in face-to-face solicitation
in this state may contract for and receive the rate of interest permitted in this chapter for
licensees under this chapter.
5. For the purposes of this section:
a. “Consumer loan” means the same as defined in section 537.1301.
b. “Threshold amount” means the same as defined in section 537.1301.

Legislative History

[C24, 27, 31, §9410; C35, §9438-f1; C39, §9438.01; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §536.1]