§ 537.3206

537.3206 Receipt — statements of account — evidence of payment — credits. 1. The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credittransaction. A periodic statement for a computational period showing a payment receivedby mail complies with this subsection. 2. Upon written request of a consumer, the person to whom an obligation is owed pursuant to a consumer credit agreement shall provide a written statement of the dates and amountsof payments made within the twelve months preceding the month in which the request isreceived and the total amount unpaid as of the end of the period covered by the statement.The statement shall be provided without charge once during each year of the term of theobligation. If additional statements are requested the creditor may charge not in excess ofthree dollars for each additional statement. 3. After a consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to open-end credit, the person to whom the obligationwas owed shall, upon request of the consumer, deliver or mail to the

ations with respect to a consumer credit transaction, other than one pursuant to open-end credit, the person to whom the obligationwas owed shall, upon request of the consumer, deliver or mail to the consumer writtenevidence acknowledging payment in full of all obligations with respect to the transaction. 4. a. A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge, including a latecharge, or except as provided in paragraph 'b'. For purposes of this subsection, a delay inposting does not violate this subsection so long as the payment is credited as of the date ofreceipt. b. If a creditor specifies requirements for the consumer to follow in making payments on the contract, payment coupon book, payment coupon or statement, or periodic statement,but accepts a payment that does not conform to the requirements, the creditor shall creditthe payment within two days of receipt of such payment. c. If a creditor fails to credit a payment as required by this subsection in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor

t of such payment. c. If a creditor fails to credit a payment as required by this subsection in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor shalladjust the consumer’s account so that the charges imposed are credited to the consumer’saccount during the next payment period. [C75, 77, 79, 81, §537.3206]99 Acts, ch 15, §4; 2018 Acts, ch 1041, §127Referred to in §322.33, 535.14, 536.13, 536A.31, 537.5201 Sat Dec 23 01:40:17 2023 Iowa Code 2024, Section 537.3206 (21, 0)