2009 Iowa Code
Title 13 - Commerce
Subtitle 3 - Money and Credit
CHAPTER 537 - CONSUMER CREDIT CODE
537.2503 - DEFERRAL CHARGES.

        537.2503  DEFERRAL CHARGES.
         1.  Before or after default in payment of a scheduled installment
      of a precomputed consumer credit transaction, the parties to the
      transaction may agree in writing to a deferral of all or part of one
      or more unpaid installments and the creditor may make at the time of
      deferral and receive at that time or at any time thereafter a
      deferral charge which is not in excess of one and one-half percent
      per month for the period of time for which it is deferred, but not to
      exceed the rate of finance charge which was required to be disclosed
      in the transaction to the consumer pursuant to section 537.3201
      applied to each amount deferred for the period for which it is
      deferred.  In computing a deferral charge for one or more months, any
      month may be counted as one-twelfth of a year and in computing a
      deferral charge for part of a month, a day shall be counted as one
      three hundred sixty-fifth of a year.
         2.  In addition to the deferral charge permitted by this section,
      a creditor may make and receive appropriate additional charges as
      permitted under section 537.2501, and the amount of these charges
      which is not paid may be added to the amount deferred for the purpose
      of computing the deferral charge according to subsection 1.
         3.  The parties may agree in writing at the time of a precomputed
      consumer credit transaction that if an installment is not paid within
      ten days after its due date, the creditor may unilaterally grant a
      deferral and make charges as provided in this section.  No deferral
      charge may be made for a period after the date that the creditor
      elects to accelerate the maturity of the transaction.
         4.  A delinquency charge made by the creditor on an installment
      may not be retained if a deferral charge is made pursuant to this
      section with respect to the period of delinquency.  

         [C66, 71, 73, § 536.13(7), 537A.23(4); C75, 77, 79, 81, §
      537.2503]
         Referred to in § 322.20, 537.1301