Welcome to the Department of Justice, Iowa Attorney General Tom Miller

The Iowa Attorney General's Office implements the notification and fees provisions of the Iowa Consumer Credit Code (ICCC). Iowa Code sections 537.6201-537.6203. The notification statement and fees are due by January 31 of each year.

As you may be aware, in 1974 Iowa adopted a version of the Uniform Consumer Credit Code (UCCC). UCCC sections 6.201 - 6.203 require all creditors and assignees regulated by the Code to file an annual notification statement with the Code administrator and pay an annual fee, as well as volume fees based on the amount of outstanding consumer credit the creditor or assignee held with residents in that state. States which have adopted the UCCC enforce similar requirements. The purpose of these sections is to ensure that all creditors and assignees subject to the UCCC contribute to the costs of enforcing the Code. Iowa's version of the UCCC sections contains similar notification and fee requirements. See Iowa Code sections 537.6201-537.6203. The ICCC administrator has adopted an administrative rule, 61 Iowa Administrative Code Chapter 22, implementing this section.

These requirements apply to all "consumer credit transactions" made with Iowa residents. This term is defined in Iowa Code sections 537.1301(11) through 537.1301(14). Companies that have initiated consumer credit transactions with Iowa consumers or have purchased consumer credit contracts from retail stores which have their own credit card programs (a credit card with the store's name on it), retail installment contracts, leases or other credit programs are subject to these provisions. Lay-away plans are not generally considered "consumer credit transactions" and therefore need not be considered when calculating the fees owed.

Assignees must also file a notification statement and pay the appropriate fees for consumer transactions they have purchased. Should assignees not pay their portion of the fees, the original creditors remain responsible for them. Please note that by statute, banks, savings and loan associations, credit unions and regulated loan companies (finance companies) are exempt from these provisions since such entities contribute to ICCC enforcement by paying examination fees to the Iowa Department of Commerce. You may wish to consult with your attorney to determine your obligations under these laws.

All assignees and other creditors subject to the ICCC are required to file a notification statement with our office and pay a $10.00 annual fee and a volume fee based on $10.00 per $100,000 of the average unpaid balances arising from consumer credit transactions held on the last day of each calendar month. The statute and rule provide additional information on calculating these fees. As provided in 61 IAC 22.5(3), all assignees and other creditors were required by law to pay these fees within 30 days of April 24, 1991, based on the 1990 calendar year. Failure to file a notification statement and pay the appropriate fees subject assignees and other creditors to late fees of $25 as well as a possible civil action in which the administrator may recoup interest, the costs of the action and a penalty not exceeding the greater of $1,000 or three times the fee owed. See Iowa Code sections 537.6113(3) and 537.6203(4).

Annual notification statements and fees must be provided prior to January 31 of each year. The check should be made payable to the "Consumer Credit Administration Fund" and sent to the Consumer Protection Division of the Iowa Attorney General's Office at the address set forth in the letterhead.

As assignee you must identify every creditor from whom you have purchased or been assigned consumer credit contracts. You should also include a brief description of how the volume fee was determined for each creditor, along with the amount of outstanding consumer balances held at the end of each month of the previous year. Please provide a separate description of those consumer credit transactions with Iowans for which you are the original creditor. If it is more convenient for your purposes, you may pay the total amount of fees owed to the State of Iowa in one check, provided that the amount owed for each creditor/retailer is clearly identified to us.