Payday loan laws in Iowa
Status: Legal (Iowa Code Ann. 533D.1 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Should not exceed 31 days
- Fees and finance charges: Up to $100=15%; after that $10 on each $100
- Finance charge on a 14-day $100 loan: $16.67
- APR on 14-day $100 loan: 433%
Collection restrictions:
- Collection fees: One $15 NSF fee
- Criminal procedures: Not specified
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Two
- Rollovers allowed: None
Complaint cell:
- Regulator: Iowa Division of Banking
- Address: 200 East Grand Avenue, Suite 300 Des Moines, IA 50309
- Phone:: (515) 281-4014
- Fax: (515) 281-4862
- Regulatory contact: Rodney Reed, Finance Bureau Chief
- Website: https://www.idob.state.ia.us/
- File complaint: https://www.idob.state.ia.us/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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