Iowa Authorize High-Cost Payday Lending

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 on face 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
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

Regulator Website