Iowa payday loan laws

Posted on by Dinesh N

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 on face amount of check; $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, $500 total debt
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: Iowa Division of Banking, 200 East Grand Avenue, Suite 300 Des Moines IA 50309
Phone: (515) 281-4014 
Fax: (515) 281-4862

Sourced from paydayloaninfo.org

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