537.2308 Regular schedule of payments — maximum loan term.
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/ia/chapter-537-consumer-credit-code/537-2308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Supervised loans, not made pursuant to open-end credit and in which the amount financed is one thousand dollars or less, shall be scheduled to be payable in substantially equal installments at substantially equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and over a period of not more than thirty-seven months if the amount financed is more than three hundred dollars, or over a period of not more than twenty-five months if the amount financed is three hundred dollars or less.
However, a lender may make a loan not pursuant to open-end credit that is repayable in a single payment if the amount financed does not exceed one thousand dollars and if the finance charge does not exceed the rate permitted by section 537.2401, subsection 1, to be charged by a supervised financial organization.
[C75, 77, 79, 81, §537.2308; 81 Acts, ch 179, §1]
Referred to in §537.5201