Iowa Admin. Code r. 187-16.13

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 187-16.13 - Restrictions on making industrial loans

A licensee shall adhere to the following restrictions related to making industrial loans.

(1)Jurisdiction. A licensee shall have authority to make and complete loans by mail, or by comparable electronic means, from the lender's licensed office. However, all loans made to Iowa residents pursuant to Iowa Code chapters 536A and 537 must comply with all applicable Iowa laws.

(2)Default charge. Default charges are not to be collected from a borrower if payment is made by a credit accident and health insurance claim.

(3)Branch locations. Licensees may not establish branch locations outside of the United States.

Iowa Admin. Code r. 187-16.13

ARC 8237B, IAB 10/21/09, effective 11/25/09

Amended by IAB May 24, 2017/Volume XXXIX, Number 24, effective 7/1/2017