§ 537.3612 — Additional charges

Iowa § 537.3612

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 537: CONSUMER CREDIT CODE

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1. In a consumer rental purchase agreement, the lessor may contract for and receive an
initial nonrefundable administrative fee not to exceed ten dollars. If a security deposit is
requiredbythelessor,theamountandconditionsunderwhichitisreturnedmustbedisclosed
with the disclosures required by sections 537.3605 and 537.3606.
2. In a consumer rental purchase agreement, the lessor may contract for and receive
a delivery charge not to exceed ten dollars or, in the case of a consumer rental purchase
agreement covering more than five items, a delivery charge not to exceed twenty-five
dollars. A delivery charge may be assessed only if the lessor actually delivers the items to
the lessee’s dwelling and the delivery charge is disclosed with the disclosures required by
sections 537.3605 and 537.3606. The delivery charge may be assessed in lieu of and not in
addition to the initial administrative charge in subsection 1 of this section.
3. In a consumer rental purchase agreement, a lessor may contract for and receive a
charge for picking up payments from the lessee if the lessor is required or requested to visit
the lessee’s dwelling to pick up a payment. In a consumer rental purchase agreement with
payment or renewal dates which are more frequent than monthly, this charge shall not be
assessed more than three times in any three-month period. In consumer rental purchase
agreements with payments or renewal options which are at least monthly, this charge shall
not be assessed more than three times in any six-month period. A charge assessed pursuant
to this subsection shall not exceed seven dollars. This charge is in lieu of any delinquency
charge assessed for the applicable payment period.
4. a. In a consumer rental purchase agreement, the parties may contract for late charges
or delinquency fees as follows:

(1) For consumer rental purchase agreements with monthly renewal dates, a late charge
not exceeding five dollars may be assessed on any payment not made within five business
days after either payment is due or the return of the property is required.
(2) For consumer rental purchase agreements with weekly or biweekly renewal dates, a
late charge not exceeding three dollars may be assessed on any payments not made within
three business days after either payment is due or the return of the property is required.
b. A late charge on a consumer rental purchase agreement may be collected only once on
any accrued payment, no matter how long it remains unpaid. A late charge may be collected
at the time it accrues or at any time thereafter. A late charge shall not be assessed against a
payment that is timely made, even though an earlier late charge has not been paid in full.