Every licensee, in addition to complying with requirements of the Iowa consumer credit code respecting consumer loans, shall:
1. Permit payment to be made in advance in any amount on any contract of loan at any time, but the licensee may apply such payment first to all interest or charges up to the date of such payment.
2. Upon repayment of the loan in full, mark indelibly every obligation and security other than a mortgage* signed by the borrower with the word "paid" or "canceled", and release any security interest which no longer secures a loan to the licensee, restore any collateral, return any note and any assignment given to the licensee by the borrower.
3. Display prominently in each licensed place of business an accurate schedule, to be approved by the superintendent, of the charges currently to be made upon all loans.
[C24, 27, 31, § 9425; C35, § 9438-f14; C39, § 9438.14; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 536.14]
*See § 554.1201(37)
Previous Section 536.13
Next Section 536.15
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Jan 28 13:52:42 CST 2003
URL: /DOCS/IACODE/2003/536/14.html
jhf