#1  
06-24-2008, 12:37 PM
amy_rhoads amy_rhoads is offline
Join Date: Jun 2008
Posts: 1
Credits: 47
Sub: Iowa Laws

Can anyone tell me what the PDL laws are in Iowa?
Reply With Quote Quick reply to this message
  #2  
06-24-2008, 12:41 PM
Shazzers's Avatar
Shazzers Shazzers is offline

Moderator
Join Date: Dec 2007
Location: Idaho
Posts: 10,827
Credits: 81,104
Sub:

Hello and welcome to the comunity! I can post them for you, but if you have any other questions, feel free to ask.

You will find the Payday loan laws for Iowa here (just select your state),
http://www.debtconsolidationcare.com...pdls-laws.html
Reply With Quote Quick reply to this message
  #3  
06-25-2008, 09:11 AM
Anonymous
Guest
Posts: n/a
Credits: 0 [Check]
Sub: iowa laws

Iowa– Payday Loans


Iowa has very strict laws concerning payday loan practices. For starters, a payday loan lender in Iowa cannot charge in excess of $5 per $100 that’s borrowed. A loan of $75 or more carries a minimal charge of $5. A loan amount that exceeds $50 carries a minimal charge of $3.50.
If a borrower is unable to pay a loan back, they may be charged a default fee. Under Iowa law, the maximum amount that can be charged for defaulting a check is $15.

Once a borrower enters a payday loan agreement in Iowa, they must be informed about their consumer rights and responsibilities in simple English and Spanish. The agreement form must have a toll-free number to the superintendent’s office. The consumer must know before they sign that the toll free number is intended to handle concerns and complaints by the consumer.

As stated above, a payday loan agreement in Iowa must be written in plain and understandable English and Spanish. It must contain following:
• Name, address, and telephone number of the borrower.
• An itemization of fees and charges to be paid by the borrower.
• The date payment is due by.
• A clear description of the borrowers payment obligations.
• The default fee that the lender will charge if payment is late.

Also, a payday lender must include in the loan documents in at least fourteen-point type: “You cannot be prosecuted in criminal court to collect this loan.”

Notices at each payday loan store in Iowa must be posted clearly and conspicuously in English and Spanish. Among the notices should be a table that displays the schedule of all fees, charges, interest, and penalties to be charged on transactions. The schedule should include an example of the fees that would be charged on a $100 loan with a term limit of 14 days.

Under Iowa law, the maximum term limit for a payday loan is 14 days. The maximum amount that can be lent to customers at one time is $500. Also, a consumer shall be permitted to make partial payments on a loan without being charged additional interest. By Iowa law, a consumer is allowed to make minimal payments of $5.

Any of this correct?
Reply With Quote Quick reply to this message
  #4  
06-25-2008, 09:22 AM
goudah2424's Avatar
goudah2424 goudah2424 is offline

Join Date: Oct 2006
Posts: 7,996
Credits: 114,899
Sub:

No, the info you posted above in not correct.



They can charge $15 per $100 on the first $100, then $10 per $100 after that.


The max term limit is 31 days, not 14.

The law says nothing about repayment plans.
__________________
How I make some extra cash

I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Reply With Quote Quick reply to this message
  #5  
07-03-2008, 12:16 PM
scott0513 scott0513 is offline
Join Date: Jul 2008
Posts: 5
Credits: 80
Sub: Settling PDL's in Iowa

How do I go about settling these loans on my own in Iowa? What steps do I need to take
Reply With Quote Quick reply to this message
  #6  
07-15-2008, 05:22 PM
Anonymous
Guest
Posts: n/a
Credits: 0 [Check]
Sub: Okay so here it is :(

I have read quite a few different things on this site about what steps to take - I'll admit I'm a little clueless on what order to do things in. I am going to ask my bank to put a stop on ACH (I have a storefront too so I don't think I can just close my account). I bank with Wells Fargo if that makes any difference.

NatnlMoney Store 500
Total Paid 83.33

Midwest 300
Total Paid 150

Greenlight 200
Total Paid 162.50

DiscountAdvances 300 (withdraws under credit portection loan_
Total Paid 105

Magnum_Z 300
Total Paid 270

SDS 300
Total Paid 270

Cash Advance Network 400
Total Paid 755

United 350
Total Paid 950

Geneva Roth 200
Total Paid 600

ameriloan 400
Total Paid 1180

Zip Cash 500
Total Paid 1600

ACC 300
Total Paid 352.50

My next paycheck is 07/25 so I have some time to work with my bank and stuff - at least I hope so
Reply With Quote Quick reply to this message
  #7  
07-15-2008, 09:05 PM
Anonymous
Guest
Posts: n/a
Credits: 0 [Check]
Sub: I'm off to bed now....

hopefully will someone will take a look at this. I'll check back in the morning.

Thanks!!!!
Reply With Quote Quick reply to this message
Reply


Quick Reply
Name:
Message:
 
 
 
 
   
 
 
Options

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -8. The time now is 02:44 AM.





 
About Us | Contact Us | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services