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Can you summarize IACO Chapter 536C?
COMMERCE > LENDER CREDIT CARDS
Short Summary
The provided legal document is a chapter of the Iowa Code known as the ‘Lender Credit Card Act’. It governs the regulation of lender credit cards in Iowa. The chapter defines various terms used in the context of lender credit cards and specifies that the superintendent of banking or the superintendent of credit unions is responsible for the administration and enforcement of this chapter. The chapter requires persons issuing credit cards in Iowa to file an annual registration statement with the administrator, providing relevant information such as the registrant’s name and address. The person must also provide a copy of the credit agreement and billing statement being used. The chapter imposes an annual fee of fifty dollars for filing the registration statement. The terms and conditions of a credit card agreement must conform to the provisions of the Iowa consumer credit code. The chapter also requires credit card issuers to maintain books, accounts, and records to ensure compliance with this chapter and chapter 537. The administrator has the authority to investigate the business of credit card issuers and may accept examination reports from state or federal regulators. Cease and desist orders can be issued if there is reasonable cause to believe a violation has occurred, and the person receiving the order has the right to appeal. The administrator may commence legal action to restrain and enjoin violations of this chapter or the business of issuing credit cards without filing a registration statement. Waivers of the provisions of this chapter or chapter 537 are not valid. Violations of this chapter may result in penalties, including serious misdemeanors for individuals or agents of corporations, and penalties provided in the Iowa consumer credit code for violations that are also violations of that code. The superintendent of banking and the superintendent of credit unions are responsible for enforcing the provisions of this chapter with respect to banks and credit unions, respectively. The administrator has the authority to adopt rules for the enforcement and administration of this chapter.
Whom does it apply to?
Persons issuing credit cards in Iowa
What does it govern?
Lender credit cards
What are exemptions?
Banks chartered under chapter 524 or federal law with principal place of business in Iowa, savings and loan associations chartered under federal law with principal place of business in Iowa, credit unions chartered under chapter 533 or federal law with principal place of business in Iowa, regulated loan companies licensed under chapter 536, and industrial loan companies licensed under chapter 536A
What are the Penalties?
Serious misdemeanor for individuals or agents of corporations violating the provisions of this chapter, penalties provided in the Iowa consumer credit code for violations of this chapter that are also violations of the Iowa consumer credit code
Jurisdiction
Iowa