537.2403 Finance charge for consumer loans secured by a motor vehicle. 1. A lender shall not contract for or receive a finance charge exceeding twenty-one percent per year on the unpaid balance of the amount financed for a loan of money secured by acertificate of title to a motor vehicle used for personal, family, or household purpose except asauthorized under chapter 536 or 536A. A consumer who is charged a finance charge in excessof the limitation in this section may seek any remedies available pursuant to this chapter foran excess charge. 2. It shall be a violation of this section and an unlawful practice under section 714.16 to attempt to avoid application of this section by structuring a loan of money secured by acertificate of title to a motor vehicle as a sale, sale and repurchase, sale and lease, pawn,rental purchase, lease, or other type of transaction with the intent to avoid application of thissection or any other applicable provision of this chapter. 2007 Acts, ch 26, §3Referred to in §537.2401, 537.2402 Sat Dec 23 01:40:04 2023 Iowa Code 2024, Section 537.2403 (19, 0)
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