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 Posted: Tue Jun 24, 2008 1:37 pm Subject: Iowa Laws |
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Can anyone tell me what the PDL laws are in Iowa?
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amy_rhoads
Joined: 24 Jun 2008
Posts: 1
Debtcc Points: 24
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| Posted: Tue Jun 24, 2008 1:41 pm Subject: |
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Hello and welcome to the comunity! I can post them for you, but if you have any other questions, feel free to ask. 
| Quote: | Iowa State Information
Legal Status: Legal
Citation:
Iowa Code Ann. § 533D.1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15: $0-$100; $10 per $100 thereafter
Finance Charge for 14-day $100 loan: $16.67
APR for 14-day $100 loan: 433%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot repay, refinance or consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $15 NSF fee (exclusive remedy)
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Regulatory Contact: Rodney Reed,, Finance Bureau Chief
Regulator Website
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Shazzers
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Posts: 3772
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| Posted: Wed Jun 25, 2008 10:11 am Subject: iowa laws |
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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?
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Ariella
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Debtcc Points: 100
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| Posted: Wed Jun 25, 2008 10:22 am Subject: |
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No, the info you posted above in not correct.
| Quote: | 533D.9 FEE RESTRICTION -- REQUIRED DISCLOSURE.
1. A licensee shall not charge a fee in excess of fifteen dollars
on the first one hundred dollars on the face amount of a check or
more than ten dollars on subsequent one hundred dollar increments on
the face amount of the check for services provided by the licensee,
or pro rata for any portion of one hundred dollars face value.
2. A licensee shall give to the maker of the check, at the time
any delayed deposit service transaction is made, or if there are two
or more makers, to one of them, notice written in clear,
understandable language disclosing all of the following:
a. The fee to be charged for the transaction.
b. The annual percentage rate as computed pursuant to the
federal Truth in Lending Act.
c. The date on which the check will be deposited or presented
for negotiation.
d. Any penalty, not to exceed fifteen dollars, which the
licensee will charge if the check is not negotiable on the date
agreed upon. A penalty to be charged pursuant to this section shall
only be collected by the licensee once on a check no matter how long
the check remains unpaid. A penalty to be charged pursuant to this
section is a licensee's exclusive remedy and if a licensee charges a
penalty pursuant to this section no other penalties under this
chapter or any other provision apply.
3. In addition to the notice required by subsection 2, every
licensee shall conspicuously display a schedule of all fees, charges,
and penalties for all services provided by the licensee authorized by
this section. The notice shall be posted at the office and every
branch office of the licensee. |
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.
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goudah2424
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| Posted: Thu Jul 03, 2008 1:16 pm Subject: Settling PDL's in Iowa |
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How do I go about settling these loans on my own in Iowa? What steps do I need to take
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scott0513
Joined: 03 Jul 2008
Posts: 5
Debtcc Points: 53
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| Posted: Tue Jul 15, 2008 6:22 pm Subject: Okay so here it is :( |
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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
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Amy Rhoads
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Debtcc Points: 100
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| Posted: Tue Jul 15, 2008 10:05 pm Subject: I'm off to bed now.... |
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hopefully will someone will take a look at this. I'll check back in the morning.
Thanks!!!!
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amy_rhodes
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Debtcc Points: 100
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