537.2308 Regular schedule of payments — maximum loan term. 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 equalinstallments at substantially equal periodic intervals except to the extent that the scheduleof payments is adjusted to the seasonal or irregular income of the debtor, and over a periodof not more than thirty-seven months if the amount financed is more than three hundreddollars, or over a period of not more than twenty-five months if the amount financed is threehundred dollars or less. However, a lender may make a loan not pursuant to open-end creditthat is repayable in a single payment if the amount financed does not exceed one thousanddollars 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]2018 Acts, ch 1041, §127Referred to in §537.5201 Sat Dec 23 01:40:00 2023 Iowa Code 2024, Section 537.2308 (20, 0)
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