§ 537.3612

537.3612 Additional charges. 1. In a consumer rental purchase agreement, the lessor may contract for and receive an initial nonrefundable administrative fee not to exceed ten dollars. If a security deposit isrequired by the lessor, the amount and conditions under which it is returned must be disclosedwith the disclosures required by sections 537.3605 and 537.3606. 2. In a consumer rental purchase agreement, the lessor may contract for and receive a delivery charge not to exceed ten dollars or, in the case of a consumer rental purchaseagreement covering more than five items, a delivery charge not to exceed twenty-fivedollars. A delivery charge may be assessed only if the lessor actually delivers the items tothe lessee’s dwelling and the delivery charge is disclosed with the disclosures required bysections 537.3605 and 537.3606. The delivery charge may be assessed in lieu of and not inaddition to the initial administrative charge in subsection 1 of this section. 3. In a consumer rental purchase agreement, a lessor may contract for and receive a charge for picking up payments from the lessee if the lessor is required or requested to visitthe lessee’s dwelling to pick up a payment.

l purchase agreement, a lessor may contract for and receive a charge for picking up payments from the lessee if the lessor is required or requested to visitthe lessee’s dwelling to pick up a payment. In a consumer rental purchase agreement withpayment or renewal dates which are more frequent than monthly, this charge shall not beassessed more than three times in any three-month period. In consumer rental purchaseagreements with payments or renewal options which are at least monthly, this charge shallnot be assessed more than three times in any six-month period. A charge assessed pursuantto this subsection shall not exceed seven dollars. This charge is in lieu of any delinquencycharge assessed for the applicable payment period. 4. a. In a consumer rental purchase agreement, the parties may contract for late charges or delinquency fees as follows: (1) For consumer rental purchase agreements with monthly renewal dates, a late charge not exceeding five dollars may be assessed on any payment not made within five businessdays after either payment is due or the return of the property is required.

monthly renewal dates, a late charge not exceeding five dollars may be assessed on any payment not made within five businessdays after either payment is due or the return of the property is required. (2) For consumer rental purchase agreements with weekly or biweekly renewal dates, a late charge not exceeding three dollars may be assessed on any payments not made withinthree business days after either payment is due or the return of the property is required. b. A late charge on a consumer rental purchase agreement may be collected only once on any accrued payment, no matter how long it remains unpaid. A late charge may be collectedat the time it accrues or at any time thereafter. A late charge shall not be assessed against apayment that is timely made, even though an earlier late charge has not been paid in full. 87 Acts, ch 80, §12; 2012 Acts, ch 1023, §157Referred to in §537.3610, 537.3611, 537.3616 Sat Dec 23 01:40:40 2023 Iowa Code 2024, Section 537.3612 (19, 0)