[polly]

check you state website:

http://coolice.legis.state.ia.us/Coo...rvice=IowaCode

to see what the remedy is for unlicensed lenders. there is a 21% max interest.

[CycloneFan]

do you remember what the code # was?

[polly]

it's that whole page sweety!lol

[CycloneFan]

I must have done something wrong, it brought up the general website, I'll try again

[polly]

oh i'm sorry i thought i had given the link to the statute but it must have reverted back

it is 537

http://coolice.legis.state.ia.us/Coo...rvice=IowaCode

[CycloneFan]

Sorry I'm retarded, it won't work, can you PM it to me or email it to me. Thanks!

[polly]

type 537 in the box and click submit

[CycloneFan]

Thanks, you are great, as usual.

[polly]

Sue, this is the penalty for usury in Iowa:

535.5 Penalty for usury.
If it is ascertained in an action brought on a contract that a rate of interest has been contracted for, directly or indirectly, in money or in property, greater than is authorized by this chapter, the rate shall work a forfeiture of eight cents on the hundred by the year upon the amount of the principal remaining unpaid upon the contract at the time judgment is rendered, and the court shall enter final judgment in favor of the plaintiff and against the defendant for the principal sum remaining unpaid without costs, and also against the defendant and in favor of the state, to be paid to the treasurer of state for deposit in the general fund of the state, for the amount of the forfeiture. If unlawful interest is contracted for the plaintiff shall not have judgment for more than the principal sum, whether the unlawful interest is incorporated with the principal or not.
[R60, §1791; C73, §2080; C97, §3041; C24, 27, 31, 35, 39, § 9407; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, §535.5]
83 Acts, ch 185, §52, 62; 83 Acts, ch 186, §10109, 10201, 10204

[polly]

535.1 DENOMINATIONS OF MONEY.
The money of account of this state is the dollar, cent, and mill,
and all public accounts, and the proceedings of all courts in
relation to money, shall be kept and expressed in the above
denominations. Demands expressed in money of another denomination
shall not be affected by the provisions of this section, but in any
action or proceeding based thereon it shall be reduced to and
computed by the denominations given.
[C51, § 943, 944; R60, § 1785, 1786; C73, § 2075, 2076; C97, §
3037; C24, 27, 31, 35, 39, § 9403; C46, 50, 54, 58, 62, 66, 71, 73,
75, 77, 79, S79, C81, § 535.1]
535.2 RATE OF INTEREST.
1. Except as provided in subsection 2 hereof, the rate of
interest shall be five cents on the hundred by the year in the
following cases, unless the parties shall agree in writing for the
payment of interest at a rate not exceeding the rate permitted by
subsection 3:
a. Money due by express contract.
b. Money after the same becomes due.
c. Money loaned.
d. Money received to the use of another and retained beyond a
reasonable time, without the owner's consent, express or implied.
e. Money due on the settlement of accounts from the day the
balance is ascertained.
f. Money due upon open accounts after six months from the date of
the last item.
g. Money due, or to become due, where there is a contract to pay
interest, and no rate is stipulated.
2. a. The following persons may agree in writing to pay any rate
of interest, and a person so agreeing in writing shall not plead or
interpose the claim or defense of usury in any action or proceeding,
and the person agreeing to receive the interest is not subject to any
penalty or forfeiture for agreeing to receive or for receiving the
interest:
(1) A person borrowing money for the purpose of acquiring real
property or refinancing a contract for deed.
(2) A person borrowing money or obtaining credit in an amount
which exceeds twenty-five thousand dollars, exclusive of interest,
for the purpose of constructing improvements on real property,
whether or not the real property is owned by the person.
(3) A vendee under a contract for deed to real property.
(4) A domestic or foreign corporation, and a real estate
investment trust as defined in section 856 of the Internal Revenue
Code, and a person purchasing securities as defined in chapter 502 on
credit from a broker or dealer registered or licensed under chapter
502 or under the Securities Exchange Act of 1934, 15 U.S.C., ch. 78A,
as amended.
(5) A person borrowing money or obtaining credit for business or
agricultural purposes, or a person borrowing money or obtaining
credit in an amount which exceeds twenty-five thousand dollars for
personal, family, or household purposes. As used in this paragraph,
"agricultural purpose" means as defined in section 535.13, and
"business purpose" includes but is not limited to a commercial,
service, or industrial enterprise carried on for profit and an
investment activity.
b. In determining exemptions under this subsection, the rules of
construction stated in this paragraph apply:
(1) The purpose for which money is borrowed is the purpose to
which a majority of the loan proceeds are applied or are designated
in the agreement to be applied.
(2) Loan proceeds used to refinance or pay a prior loan owed by
the same borrower are applied for the same purposes and in the same
proportion as the original principal of the loan that is refinanced
or paid.
(3) If the lender releases the original borrower from all
personal liability with respect to the loan, loan proceeds used to
pay a prior loan by a different borrower are applied for the new
borrower's purposes in agreeing to pay the prior loan.
(4) If the lender releases the original borrower from all
personal liability with respect to the loan, the assumption of a loan
by a new borrower is treated as if the new borrower had obtained a
new loan and had used all of the proceeds to pay the loan assumed.
(5) This paragraph does not modify or limit section 535.8,
subsection 2, paragraph "c" or "e".
(6) With respect to any transaction referred to in paragraph "a"
of this subsection, this subsection supersedes any interest-rate or
finance-charge limitations contained in the Code, including but not
limited to this chapter and chapters 321, 322, 524, 533, 534, 536A,
and 537.
3. a. The maximum lawful rate of interest which may be provided
for in any written agreement for the payment of interest entered into
during any calendar month commencing on or after April 13, 1979,
shall be two percentage points above the monthly average ten-year
constant maturity interest rate of United States government notes and
bonds as published by the board of governors of the federal reserve
system for the calendar month second preceding the month during which
the maximum rate based thereon will be effective, rounded to the
nearest one-fourth of one percent per year.
On or before the twentieth day of each month the superintendent of
banking shall determine the maximum lawful rate of interest for the
following calendar month as prescribed herein, and shall cause this
rate to be published, as a notice in the Iowa administrative bulletin
or as a legal notice in a newspaper of general circulation published
in Polk county, prior to the first day of the following calendar
month. This maximum lawful rate of interest shall be effective on
the first day of the calendar month following publication. The
determination of the maximum lawful rate of interest by the
superintendent of banking shall be exempt from the provisions of
chapter 17A.
b. Any rate of interest specified in any written agreement
providing for the payment of interest shall, if such rate was lawful
at the time the agreement was made, remain lawful during the entire
term of the agreement, including any extensions or renewals thereof,
for all money due or to become due thereunder including future
advances, if any.
c. Any written agreement for the payment of interest made
pursuant to a prior written agreement by a lender to lend money in
the future, either to the other party to such prior written agreement
or a third party beneficiary of such prior agreement, may provide for
payment of interest at the lawful rate of interest at the time of the
execution of the prior agreement regardless of the time at which the
subsequent agreement is executed.
d. Any contract, note or other written agreement providing for
the payment of a rate of interest permitted by this subsection which
contains any provisions providing for an increase in the rate of
interest prescribed therein shall, if such increase could be to a
rate which would have been unlawful at the time the agreement was
made, also provide for a reduction in the rate of interest prescribed
therein, to be determined in the same manner and with the same
frequency as any increase so provided for.
4. a. Notwithstanding the provisions of subsection 3, with
respect to any agreement which was executed prior to August 3, 1978,
and which contained a provision for the adjustment of the rate of
interest specified in that agreement, the maximum lawful rate of
interest which may be imposed under that agreement shall be nine
cents on the hundred by the year, and any excess charge shall be a
violation of section 535.4.
b. Notwithstanding the limitation contained in paragraph "a" of
this subsection, with respect to a written agreement for the
repayment of money loaned, which was executed prior to August 3, 1978
and which provided for the payment of over fifty percent of the
initial principal amount of the loan as a single payment due at the
end of the term of the agreement, the interest rate may be adjusted
after June 3, 1980 according to the terms of the agreement to any
rate of interest permitted by the laws of this state as of the date
an adjustment in interest is to be made. This paragraph does not
authorize adjustment of interest in any manner other than that
expressly permitted by the terms of the written agreement, and
nothing contained in this paragraph authorizes the collection of
additional interest with respect to any portion of a loan which was
repaid prior to the effective date of an interest rate adjustment.
c. Notwithstanding paragraph "a", when a written agreement
providing for the repayment of money loaned, and requiring the
payment of over fifty percent of the initial principal amount of the
loan as a single payment due at the end of the term of the agreement
is extended, renewed, or otherwise amended by the parties on or after
August 3, 1978, the parties may agree to the payment of interest from
the effective date of the extension, renewal, or amendment, at a rate
and in a manner that is lawful for a new agreement made on that date.

5. This section shall not apply to any loan which is subject to
the provisions of section 636.46.
6. a. Notwithstanding the provisions of Acts of the Sixty-eighth
General Assembly, chapter 1156, with respect to any agreement which
was executed on or after August 3, 1978 and prior to July 1, 1979,
and which contained a provision for the adjustment of the rate of
interest specified in the agreement, the maximum lawful rate of
interest which may be imposed under that agreement shall be that rate
which is two and one-half percentage points above the rate initially
to be paid under the agreement, provided that the greatest interest
rate adjustment which may be made at any one time shall be one-half
of one percent and an interest rate adjustment may not be made until
at least one year has passed since the last interest rate adjustment,
and any excess charge shall be a violation of section 535.4.
b. Notwithstanding the limitation contained in paragraph "a" of
this subsection, with respect to a written agreement for the
repayment of money loaned which was executed on or after August 3,
1978, and prior to July 1, 1979, and which provided for the payment
of over fifty percent of the initial principal amount of the loan as
a single payment due at the end of the term of the agreement, the
interest rate may be adjusted after June 3, 1980, according to the
terms of the agreement to any rate of interest permitted by the laws
of this state as of the date an adjustment in interest is to be made.
This paragraph does not authorize adjustment of interest in any
manner other than that expressly permitted by the terms of the
written agreement, and nothing contained in this paragraph authorizes
the collection of additional interest with respect to any portion of
a loan which was repaid prior to the effective date of an interest
rate adjustment.
7. This section does not apply to a charge imposed for late
payment of rent. However, in the case of a residential lease, a late
payment fee shall not exceed ten dollars a day or forty dollars per
month.
[C51, § 945; R60, § 1787; C73, § 2077; C97, § 3038; C24, 27, 31,
35, 39, § 9404; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79,
C81, § 535.2; 82 Acts, ch 1153, § 4, 5]
93 Acts, ch 154, §5; 95 Acts, ch 125, §1
Referred to in § 16A.8, 322B.9, 322C.12, 455B.396, 533.14,
534.209, 535.8, 535.11, 535.12, 536A.23, 602.8102(5), 668.13
Life insurance policy loans; see § 511.36

[polly]

535.3 INTEREST ON JUDGMENTS AND DECREES.
1. Interest shall be allowed on all money due on judgments and
decrees of courts at a rate calculated according to section 668.13,
except for interest due pursuant to section 85.30 for which the rate
shall be ten percent per year.
2. Interest on periodic payments for child, spousal, or medical
support shall not accrue until thirty days after the payment becomes
due and owing and shall accrue at a rate of ten percent per annum
thereafter. Additionally, interest on these payments shall not
accrue on amounts being paid through income withholding pursuant to
chapter 252D for the time these payments are unpaid solely because
the date on which the payor of income withholds income based upon the
payor's regular pay cycle varies from the provisions of the support
order.
[C51, § 946; R60, § 1789; C73, § 2078; C97, § 3039; C24, 27, 31,
35, 39, § 9405; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79,
C81, § 535.3]
87 Acts, ch 157, §1; 96 Acts, ch 1141, § 33; 97 Acts, ch 175, §
232; 97 Acts, ch 197, § 2--4, 16
Referred to in § 85.22, 85.30, 85.47, 85.48, 87.11, 97A.14A,
97B.50A, 249A.5, 249B.6, 252C.6, 411.22, 445.3, 486A.104, 488.107,
502.102, 515B.5, 535.11, 657A.3, 657A.6, 715B.4
535.4 ILLEGAL RATE PROHIBITED -- USURY.
No person shall, directly or indirectly, receive in money or in
any other thing, or in any manner, any greater sum or value for the
loan of money, or upon contract founded upon any sale or loan of real
or personal property, than is in this chapter prescribed.
[R60, § 1790; C73, § 2079; C97, § 3040; C24, 27, 31, 35, 39, §
9406; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, § 535.4]

Referred to in § 535.2
535.5 PENALTY FOR USURY.
If it is ascertained in an action brought on a contract that a
rate of interest has been contracted for, directly or indirectly, in
money or in property, greater than is authorized by this chapter, the
rate shall work a forfeiture of eight cents on the hundred by the
year upon the amount of the principal remaining unpaid upon the
contract at the time judgment is rendered, and the court shall enter
final judgment in favor of the plaintiff and against the defendant
for the principal sum remaining unpaid without costs, and also
against the defendant and in favor of the state, to be paid to the
treasurer of state for deposit in the general fund of the state, for
the amount of the forfeiture. If unlawful interest is contracted for
the plaintiff shall not have judgment for more than the principal
sum, whether the unlawful interest is incorporated with the principal
or not.
[R60, § 1791; C73, § 2080; C97, § 3041; C24, 27, 31, 35, 39, §
9407; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, § 535.5]

83 Acts, ch 185, § 52, 62; 83 Acts, ch 186, § 10109, 10201, 10204
535.6 Repealed by 82 Acts, ch 1153, § 18.
535.7 ASSIGNEE OF USURIOUS CONTRACT.
Any assignee of a usurious contract, becoming such in good faith
in the usual course of business and without notice of such fact, may
recover of the usurer the full amount of the consideration paid by
the assignee therefor, less any sum that may have been realized on
the contract, anything in this chapter contained to the contrary
notwithstanding.
[R60, § 1792; C73, § 2081; C97, § 3042; C24, 27, 31, 35, 39, §
9409; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, S79, C81, § 535.7]

535.8 LOAN CHARGES LIMITED.
1. As used in this section, the term "loan" means a loan of money
which is wholly or in part to be used for the purpose of purchasing
real property which is a single-family or a two-family dwelling
occupied or to be occupied by the borrower. "Loan" includes the
refinancing of a contract of sale, and the refinancing of a prior
loan, whether or not the borrower also was the borrower under the
prior loan, and the assumption of a prior loan.
2. a. A lender may collect, in connection with a loan made
pursuant to a written agreement executed by the borrower on or after
July 1, 1983, or in connection with a loan made pursuant to a written
commitment by the lender mailed or delivered to the borrower on or
after that date, a loan processing fee which does not exceed two
percent of an amount which is equal to the loan principal; except
that to the extent of an assumption by a new borrower of the
obligation to make payments under a prior loan, or to the extent that
the loan principal is used to refinance a prior loan between the same
borrower and the same lender, the lender may collect a loan
processing fee which does not exceed an amount which is a reasonable
estimate of the expenses of processing the loan assumption or
refinancing but which does not exceed one percent of the unpaid
balance of the loan that is assumed or refinanced. In addition, a
lender may collect from a borrower, a seller of property, another
lender, or any other person, or from any combination of these
persons, in contemplation of or in connection with a loan, a
commitment fee, closing fee, or both, that is agreed to in writing by
the lender and the persons from whom the charges are to be collected.
A loan fee collected under this paragraph is compensation to the
lender solely for the use of money, notwithstanding any provision of
the agreement to the contrary. However, a loan fee collected under
this paragraph shall be disregarded for purposes of determining the
maximum charge permitted by section 535.2 or 535.9, subsection 2.
The collection in connection with a loan of a loan origination fee,
closing fee, commitment fee, or similar charge is prohibited other
than expressly authorized by this paragraph or a payment reduction
fee authorized by subsection 3.
b. A lender may collect in connection with a loan any of the
following costs which are incurred by the lender in connection with
the loan and which are disclosed to the borrower:
(1) Credit reports.
(2) Appraisal fees paid to a third party, or when the appraisal
is performed by the lender, a fee which is a reasonable estimate of
the expense incurred by the lender in performing the appraisal.
(3) Attorney's opinions.
(4) Abstracting fees paid to a third party, or when the
abstracting is performed by the lender, a fee which is a reasonable
estimate of the expense incurred by the lender in performing the
abstracting.
(5) County recorder's fees.
(6) Inspection fees.
(7) Mortgage guarantee insurance charge.
( Surveying of property.
(9) Termite inspection.
(10) The cost of a title guaranty issued by the Iowa finance
authority pursuant to chapter 16.
The lender shall not charge the borrower for the cost of revenue
stamps or real estate commissions which are paid by the seller.
The collection of any costs other than as expressly permitted by
this paragraph "b" is prohibited. However, additional costs incurred
in connection with a loan under this paragraph "b", if bona fide and
reasonable, may be collected by a state-chartered financial
institution licensed under chapter 524, 533, or 534, to the extent
permitted under applicable federal law as determined by the office of
the comptroller of the currency of the United States department of
treasury, the national credit union administration, or the office of
thrift supervision of the United States department of treasury. Such
costs shall apply only to the same type of state-chartered entity as
the federally chartered entity affected and shall apply to and may be
collected by an insurer organized under chapter 508 or 515, or
otherwise authorized to conduct the business of insurance in this
state.
Nothing in this section shall be construed to change the
prohibition against the sale of title insurance or sale of insurance
against loss or damage by reason of defective title or encumbrances
as provided in section 515.48, subsection 10.
c. If the purpose of the loan is to enable the borrower to
purchase a single-family or two-family dwelling, for the borrower's
residence, any provision of a loan agreement which prohibits the
borrower from transferring the borrower's interest in the property to
a third party for use by the third party as the third party's
residence, or any provision which requires or permits the lender to
make a change in the interest rate, the repayment schedule or the
term of the loan as a result of a transfer by the borrower of the
borrower's interest in the property to a third party for use by the
third party as the third party's residence shall not be enforceable
except as provided in the following sentence. If the lender on
reasonable grounds believes that its security interest or the
likelihood of repayment is impaired, based solely on criteria which
is not more restrictive than that used to evaluate a new mortgage
loan application, the lender may accelerate the loan, or to offset
any such impairment, may adjust the interest rate, the repayment
schedule or the term of the loan. A provision of a loan agreement
which violates this paragraph is void.
d. If a lender collects a fee or charge which is prohibited by
paragraph "a" or "b" of this subsection or which exceeds the amount
permitted by paragraph "a" or "b" of this subsection, the person from
whom the fee was collected has the right to recover the unlawful fee
or charge or the unlawful portion of the fee or charge, plus attorney
fees and costs incurred in any action necessary to effect recovery.
e. Notwithstanding section 628.3 when a foreclosure of a mortgage
on real property results from the enforcement of a due-on-sale
clause, the mortgagor may redeem the real property at any time within
three years from the day of sale under the levy, and the mortgagor
shall, in the meantime, be entitled to the possession thereof; and
for the first thirty months thereafter such right of redemption is
exclusive. Any real property redeemed by the debtor shall thereafter
be free and clear from any liability for any unpaid portion of the
judgment under which the real property was sold. The right of
redemption established by this paragraph is not subject to waiver by
the mortgagor and the period of redemption established by this
paragraph shall not be reduced. The times for redemption by
creditors provided in sections 628.5, 628.15 and 628.16 shall be
extended to thirty-three months in any case in which the mortgagor's
period for redemption is extended by this paragraph. This paragraph
does not apply to foreclosure of a mortgage if for any reason other
than enforcement of a due-on-sale clause. As used in this paragraph,
"due-on-sale clause" means any type of covenant which gives the
mortgagee the right to demand payment of the outstanding balance or
a major part thereof upon a transfer by the mortgagor to a third
party of an interest of the mortgagor in property covered by the
mortgage. This paragraph applies to any foreclosure occurring on or
after May 10, 1980. However, this paragraph does not apply if the
lender establishes, based on reasonable criteria which are not more
restrictive than those used to evaluate new mortgage-loan
applications, that the security interest or the likelihood of
repayment is impaired as a result of the transfer of interest.
This lettered paragraph applies only to a mortgage given in
connection with a loan as defined in subsection 1 of this section.
3. A lender who offers to make a loan with only those fees
authorized by subsection 2 may also offer in exchange for the payment
of an interest reduction fee to make a loan on all of the same terms
except at a lower interest rate and with the lower payments resulting
from the lower interest rate. Prior to accepting an application for
a loan which includes a payment reduction fee, the lender shall
provide the potential borrower with a written disclosure describing
in plain language the specific terms which the loan would have both
with the payment reduction fee and without it. This disclosure shall
include a good faith example showing the amount of the payment
reduction fee and the reduction in payments which would result from
the payment of this fee in a typical loan transaction. A payment
reduction fee which complies with this subsection may be collected in
connection with a loan in addition to the fees authorized by
subsection 2.
4. A lender shall not, as a condition of making a loan as defined
in this section, require the borrower to place money, or to place
property other than that which is given as security for the loan, on
deposit with or in the possession or control of the lender or some
other person if the effect is to increase the yield to the lender
with respect to that loan; provided that this subsection shall not
prohibit a lender from requiring the borrower to deposit money
without interest with the lender in an escrow account for the payment
of insurance premiums, property taxes and special assessments payable
by the borrower to third persons. Any lender who requires an escrow
account shall not violate the provisions of section 507B.5,
subsection 1, paragraph "a".
5. If any lender receives interest either in a manner or in an
amount which is prohibited by subsection 4 of this section, the
borrower shall have the right to recover all amounts collected or
earned by the lender, whether or not from the borrower, in violation
of this section, plus attorney fees, plus court costs incurred in any
action necessary to effect such recovery.
6. The provisions of this section shall not apply to any loan
which is subject to the provisions of section 636.46, nor shall it
apply to origination fees, administrative fees, commitment fees or
similar charges paid by one lender to another lender if these fees
are not ultimately paid either directly or indirectly by the borrower
who occupies or will occupy the dwelling or by the seller of the
dwelling.
A lender shall not use an appraisal for any purpose in connection
with making a loan under this section if the appraisal is performed
by a person who is employed by or affiliated with any person
receiving a commission or fee from the seller of the property. If a
lender violates this paragraph the borrower is entitled to recover
any actual damages plus the costs paid by the borrower, plus attorney
fees incurred in an action necessary to effect recovery.
[C79, S79, C81, § 535.8; 81 Acts, ch 176, § 1, 2]
83 Acts, ch 124, § 19, 20; 85 Acts, ch 252, §39; 2004 Acts, ch
1141, §74; 2004 Acts, ch 1175, §262; 2005 Acts, ch 19, §113, 114
Referred to in § 16.42, 524.905, 533.16, 534.205, 534.206, 535.2,
535.10, 536A.20, 537.1301

[CycloneFan]

Thank you very much, I owe you!!!

these people keep taking $30 each a month out of my checking account who do i contact to make this stop

[polly]

United Cash Loans
unitedcashloans.com
2533 N. Carson St. Ste. 5020
Carson City, NV 89706

3531 P Street NW
Miami, OK 74355
(800) 354-0602
(800) 803-8794 Fax


ann what state are you in? you can find out how many laws that they are breaking in your state, and challenge them

[bboydjam]

What is the letter you are all sending to these companies that are not licensed in your state that causes them to mark your debt paid in full?

[Missy]

Hi Everyone: I too have a current loan with 500fastcash and I live in Maryland...I also have paid out over the amount borrowed..does this mean I should stop paying them?