§ 537.3301

537.3301 Security in consumer credit transactions. 1. With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which servicesare performed or in which goods sold are installed or to which they are annexed, or in landto which the goods are affixed or which is maintained, repaired or improved as a result of thesale of the goods or services, if in the case of a security interest in land the amount financedis one thousand dollars or more, or in the case of a security interest in goods if either theamount financed is three hundred dollars or more, or if the goods are household goods, ormotor vehicles used by a consumer, the consumer’s dependents, or the family with whichthe consumer resides, as transportation to and from a place of employment, one hundreddollars or more. Except as provided with respect to cross-collateral under section 537.3302,a seller may not otherwise take a security interest in property to secure the debt arising froma consumer credit sale. 2. With respect to a consumer lease, a lessor may not take a security interest in property to secure the debt arising

urity interest in property to secure the debt arising froma consumer credit sale. 2. With respect to a consumer lease, a lessor may not take a security interest in property to secure the debt arising from the lease. This subsection does not apply to a security depositfor a consumer lease or a consumer rental purchase agreement. 3. With respect to a supervised loan, a lender may not take a security interest, other than a purchase money security interest, in the clothing, one dining table and set of chairs,one refrigerator, one heating stove, one cooking stove, one radio, beds and bedding, onecouch, two living room chairs, cooking utensils, or kitchenware used by the consumer, theconsumer’s dependents, or the family with whom the consumer resides. 4. A security interest taken in violation of this section is void.[C75, 77, 79, 81, §537.3301]87 Acts, ch 80, §42Referred to in §537.3302, 537.5201 Sat Dec 23 01:40:21 2023 Iowa Code 2024, Section 537.3301 (18, 0)