1. If authorized to make supervised loans, a creditor may contract for and receive a finance
charge without limitation as to amount or rate with respect to a loan pursuant to open-end
credit as permitted in this section except as provided in section 537.2403.
2. For each billing cycle, a charge may be made which is a percentage of an amount not
exceeding the greatest of the following:
a. The average daily balance of the open-end account in the billing cycle for which the
charge is made, which is the sum of the amount unpaid each day during that cycle, divided
by the number of days in that cycle. The amount unpaid on a day is determined by adding to
the balance, if any, unpaid as of the beginning of that day all purchases and other debits and
deducting all payments and other credits made or received as of that day.
b. The balance of the open-end account at the beginning of the first day of the billing
cycle, after deducting all payments and credits made in the cycle except credits attributable
to purchases charged to the account during the cycle.
c. The median amount within a specified range including the balance of the open-end
account not exceeding that permitted by paragraph “a” or “b”. A charge may be
made pursuant to this paragraph only if the organization, subject to classifications and
differentiations it may reasonably establish, makes the same charge on all balances within
the specified range and if the percentage when applied to the median amount within
the range does not produce a charge exceeding the charge resulting from applying that
percentage to the lowest amount within the range by more than eight percent of the charge
on the median amount.
[C75, 77, 79, 81, §537.2402]
84 Acts, ch 1237, §2; 89 Acts, ch 295, §2; 97 Acts, ch 187, §4, 5; 98 Acts, ch 1100, §74; 2007
Acts, ch 26, §2
Referred to in §533.316, 535.10, 536.13, 536A.31, 536C.6, 537.2401, 537.2506
\n
Notes of Decisions
Anderson Fin. Servs., LLC v. Miller, 769 N.W.2d 575 (Iowa 2009).
· cites it 6× “(codified at Iowa Code § 537.2402 (1)). The 2007 legislation also added a new section to chapter 537, section 537.”
State Ex Rel. Turner v. First of Omaha Serv. Corp., 269 N.W.2d 409 (Iowa 1978).
· cites it 24× “Plaintiff asserted defendants were assessing their Bank Americard customers a finance charge based on the balance owing at the beginning of the billing cycle without deductions for the payments or credits made during that cycle, in violation of section 537.2402(2), The Code.…”
Iowa Ex Rel. Turner v. First of Omaha Serv. Corp., 401 F. Supp. 439 (S.D. Iowa 1975).
“Division I seeks temporary and permanent injunctive relief to halt the following three activities of the defendants: (1) assessing or collecting *442 of finance charges in excess of the rate allowed by § 537.2402(3) of the ICCC; and (2) engaging in any future violations of §§…”
— Iowa Code § 537.2402(1) — 2 cases
Anderson Fin. Servs., LLC v. Miller, 769 N.W.2d 575 (Iowa 2009).
“(codified at Iowa Code § 537.2402 (1)). The 2007 legislation also added a new section to chapter 537, section 537.”
— Iowa Code § 537.2402(2) — 1 case
State Ex Rel. Turner v. First of Omaha Serv. Corp., 269 N.W.2d 409 (Iowa 1978).
“Plaintiff asserted defendants were assessing their Bank Americard customers a finance charge based on the balance owing at the beginning of the billing cycle without deductions for the payments or credits made during that cycle, in violation of section 537.2402(2), The Code.…”
— Iowa Code § 537.2402(3) — 2 cases
State Ex Rel. Turner v. First of Omaha Serv. Corp., 269 N.W.2d 409 (Iowa 1978).
“Plaintiff asserted defendants were assessing their Bank Americard customers a finance charge based on the balance owing at the beginning of the billing cycle without deductions for the payments or credits made during that cycle, in violation of section 537.2402(2), The Code.…”
Iowa Ex Rel. Turner v. First of Omaha Serv. Corp., 401 F. Supp. 439 (S.D. Iowa 1975).
“Division I seeks temporary and permanent injunctive relief to halt the following three activities of the defendants: (1) assessing or collecting *442 of finance charges in excess of the rate allowed by § 537.2402(3) of the ICCC; and (2) engaging in any future violations of §§…”
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