537.3212 Notice of methods of financing and rates. 1. With respect to a consumer who has an open-end credit account with a creditor, and with respect to a creditor which offers to some or all of its customers consumer credit sales ofgoods or services both pursuant to open-end credit and not pursuant to open-end credit, thatcreditor shall give written notice to that consumer of those alternative methods at the timesprovided in subsection 3. The notice shall be as provided in subsection 2. 2. The notice required by this section shall conspicuously state the highest finance charge charged by that creditor to any consumer within the last calendar year for each type of creditsale. Such finance charge shall be stated as an annual percentage rate in such form as isrequired pursuant to section 537.3201 for each type of credit sale described in subsection 1,and the terms of repayment for each type of credit sale. 3. This section is complied with if notice is given at the following times:a. With respect to an existing open-end credit account holder, in a writing contained as a part of, or mailed with a periodic statement mailed to the account holders and no less thanonce every six months. th respect to an existing open-end credit account holder, in a writing contained as a part of, or mailed with a periodic statement mailed to the account holders and no less thanonce every six months. b. With respect to a consumer not holding an existing open-end credit account, if the written notice is presented to the person at the time of the consumer credit transaction, andthereafter as provided in paragraph 'a'. [C75, 77, 79, 81, §537.3212]2018 Acts, ch 1041, §127Referred to in §535.11This section not applicable under §535.11(6) Sat Dec 23 01:40:20 2023 Iowa Code 2024, Section 537.3212 (20, 0)
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