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FAQ Creditors/Assignees

 

1.      What do the notification fees go towards?

The purpose of assessing these fees is to ensure that all creditors and assignees contribute to
the cost of enforcing the ICCC, and the law stipulates that all fee money collected be put to
that use.

2.      How do I update my contact information after filing?

Changes should be submitted in writing and include the name of the company, the previous,
incorrect information and the updated, current information.  Changes can be sent to:

 

Iowa Attorney General

Consumer Protection Division

Attn: Notification & Fees Administrator

1305 E. Walnut St.

Des Moines, IA 50319

 

3.      What is an Iowa Registered Agent?  Do I need one?

 

An Iowa Registered Agent is someone on whom the Iowa Attorney General or a private
party could serve papers in the event of a lawsuit.

 

Your company needs an Iowa Registered Agent if the principal office is located outside that
state of Iowa. 

 

4.      When is my notification filing due? 

 

Annual notification must be filed by January 31st.  Notifications received more than 30 days
after the due date will be assessed a $25.00 late fee.

 

5.      Where do I send my notification?

 

Your completed notification filing form and payment should be sent to:

 

Iowa Attorney General

Consumer Protection Division

Attn: Notification & Fees Administrator

1305 E. Walnut St.

Des Moines, IA 50319

 

6.      Who do I make my check payable to?

 

Checks should be made payable to “Iowa Consumer Credit Administration Fund” and
should be mailed with your completed annual notification form.

 

7.      How do I know if my notification has been approved?

 

Approved notifications will be processed and available online at [Click Here] approximately
15 business days after their receipt.  If your notification is rejected, you will be contacted by
our staff to remedy any errors.

 

8.      Do separate branches or divisions of my company need to file notification too?

No.  Separate branches or divisions can simply be listed on your companies single
notification form if the branches have the same name as the primary business and are owned
by the same person.

 

9.  Will I be mailed a license after filing?

 

No.  Filers will not receive a confirmation, notice or hard copy license.  You will be
contacted by our office if your filing is rejected.  Approved notifications will be

processed and available for viewing online at [Click Here] approximately 15 business days
after their receipt.

 

10.  How often am I required to file notification with the Iowa Attorney General?

 

Creditors and assignees are required to file notification annually.  Reminders will be sent in
early December and must be filed by January 31.

11.  How do I surrender my notification?

All intents to surrender notification must be in writing and mailed into our office.  The letter
must include the name of the company and the date the company will cease to participate in
consumer credit transactions with Iowa consumers.  Please mail cancellation notice to:

 

Iowa Attorney General

Consumer Protection Division

Attn: Notification & Fees Administrator

1305 E. Walnut St.

Des Moines, IA 50319

 

12.  What are volume fees?

A creditor/assignee is subject to volume fees if they hold the paper on the
consumer credit transaction.  Volume fees are based on the average unpaid balance owed.

 

13.  How do I calculate volume fees?

 

Volume fees are calculated based on the average monthly balanced owed for the previous
12 months of transactions.  To determine your average monthly balance, calculate the dollar
amount owed to your company by Iowa consumers at the end of each of the previous
12 months.  Total the average balance for each month and divide by twelve to get the average
for the year. 

 

Compare the average monthly balance to the volume fee table on this site or on the
notification form to determine the correct volume fee.

 

14.  Is the volume fee the same as my notification fee?

No.  They are two separate fees.  The notification fee is always $10.00 and is required from
every creditor/assignee filing notification with our office.  Creditors/assignees who own the
paper for consumer credit transactions must pay a volume fee based on the average unpaid
balance of all consumer credit transactions. The volume fee could change over the years due
to fluctuation in the amount of unpaid balances owed.

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