1. As used in this section, unless the context otherwise requires:
a. "Financial institution" means as defined in section 535A.1.
b. "Credit card", "finance charge", and "open-end credit" mean as defined in section 537.1301.
2. A financial institution which accepts an application for open-end credit from a person who resides in this state shall annually disclose pursuant to this section the following information for each type of open-end account granted:
a. The annual percentage rate charged on the open-end credit account.
b. The amount of fee charged or assessed, if any, by the person as a condition for granting or opening the open-end credit account and the frequency the fee is assessed.
c. A description of when the finance charge begins to accrue against charges made on the open-end credit account.
3. A person who accepts an application for a credit card from a person who resides in this state shall annually disclose the following information for each type of credit card granted, unless the information is disclosed under subsection 1:
a. The annual percentage rate charged on the credit card.
b. The amount of fee charged or assessed, if any, by the person as a condition for issuing the credit card and the frequency the fee is assessed.
c. A description of when the finance charge begins to accrue against charges made on the credit card.
4. A person who is obligated to disclose information under this section shall file a written report disclosing the information with the treasurer of state by July 1 of each year. If a person filing under this section makes any changes subsequent to July 1 but prior to January 1 to any of the information for which disclosure is required relating to credit cards, the person shall file an amended written report with the treasurer of state by January 1 following the change.
5. The treasurer of state shall adopt rules pursuant to chapter 17A to implement this section including, but not limited to, both of the following:
a. Procedures for receiving the reports.
b. Procedures for publicizing and making the information filed readily available to the public.
86 Acts, ch 1085, § 1; 91 Acts, ch 152, §2-4
Referred to in § 12.27
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© 1999 Cornell College and League of Women Voters of Iowa
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