554.9625  Remedies for secured party’s failure to comply with Article.
  1.  Judicial orders concerning noncompliance.  If it is established that a secured party is not proceeding in accordance with this Article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.
  2.  Damages for noncompliance.  Subject to subsections 3, 4, and 6, a person is liable for damages in the amount of any loss caused by a failure to comply with this Article. Loss caused by a failure to comply may include loss resulting from the debtor’s inability to obtain, or increased costs of, alternative financing.
  3.  Persons entitled to recover damages — statutory damages in consumer-goods transaction.  Except as otherwise provided in section 554.9628:
  a.  a person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection 2 for its loss; and
  b.  if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus ten percent of the principal amount of the obligation or the time-price differential plus ten percent of the cash price.
  4.  Recovery when deficiency eliminated or reduced.  A debtor whose deficiency is eliminated under section 554.9626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under section 554.9626 may not otherwise recover under subsection 2 for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
  5.  Statutory damages — noncompliance with specified provisions.  In addition to any damages recoverable under subsection 2, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover five hundred dollars in each case from a person that:
  a.  fails to comply with section 554.9208;
  b.  fails to comply with section 554.9209;
  c.  files a record that the person is not entitled to file under section 554.9509, subsection 1;
  d.  fails to cause the secured party of record to file or send a termination statement as required by section 554.9513, subsection 1 or 3;
  e.  fails to comply with section 554.9616, subsection 2, paragraph “a”, and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or
  f.  fails to comply with section 554.9616, subsection 2, paragraph “b”.
  6.  Statutory damages — noncompliance with section 554.9210.  A debtor or consumer obligor may recover damages under subsection 2 and, in addition, five hundred dollars in each case from a person that, without reasonable cause, fails to comply with a request under section 554.9210. A recipient of a request under section 554.9210 which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
  7.  Limitation of security interest — noncompliance with section 554.9210.  If a secured party fails to comply with a request regarding a list of collateral or a statement of account under section 554.9210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.
2000 Acts, ch 1149, §123, 187

For future amendment to subsection 3, effective July 1, 2013, see 2012 Acts, ch 1052, §23, 37