Iowa Consumer Credit Code Notification

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The state requires issuers of consumer credit, assignees of consumer credit transactions, and debt collectors to file a notification statement as described in Iowa Code Section 537.6201. In addition to non-licensed banks and credit unions, retail businesses who issue credit to consumers, loan granting businesses, mortgage brokers, and all other entities granting credit must file a notification with and pay fees to the Attorney General. If selling, financing, or arranging financing for new and/or used motor vehicles, this license might be required.

Code Citation IC 537.6201, 61 IAC 22

Who Applies Creditors engaged in consumer credit transactions and debt collectors whose total debt collected exceeds $66,400 (all accounts, not just Iowa accounts) per year must notify the administrator of the Consumer Credit Code and pay a fee. Exceptions: those licensed by IC 524, 533, 536, and 536A.

When To Apply Notification must be filed within 30 days after commencing business in Iowa, and then by January 31 of every subsequent year.

Initial Requirements Those who file with this office must completely fill out the notification form, including identifying their registered agent for service of process in Iowa by name and address.

Duration Notification must be made annually.

Processing Time Varies.

Fee Structure The annual fee totals for creditors and assignees is $50 plus an additional $10 for every $100,000 of outstanding monthly average of Iowa consumer credit transactions. Debt collectors pay a flat fee of $50. A $1 convenience fee is added if paid online.

Renewal Requirements Yearly.

Exam None.

Additional Information Creditors engaged in consumer credit transactions and debt collectors whose total debt collected exceeds $66,400 per year (all accounts, not just Iowa accounts) must notify the administrator of the Consumer Credit Code and pay a fee.