creditors who engage in consumer credit transactions are subject to the Iowa
Code (ICCC), and all assignees that purchase those transactions
must file notification with the
ICCC Administrator and pay all required fees.
The Iowa Attorney General serves as the ICCC
ICCC requires all creditors and assignees to pay an annual notification fee.
Creditors/assignees who own the paper for consumer credit transactions must
also pay a volume
fee based on the average unpaid balance of all consumer
credit transactions. 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.
and assignees who fail to file notification with the Iowa Attorney General and
appropriate fees may be subject to late fees of $25.00, as well as a
possible civil action in which the
administrator may sue to recover interest on
the unpaid fees, the costs of the action, and a penalty
as high as $1,000 or
three times the fees owed, whichever is greater.
ICCC’s notification and fee requirements apply to all consumer credit
that enter into consumer
Examples of consumer credit transactions
installment sales contracts
Other credit programs with Iowa consumers are
subject to these requirements, as are
retail stores that run their own credit
card programs (i.e., offer a credit card in the
Layaway plans are generally not considered
consumer credit transactions and are not
subject to the notification and fees
Learn more about consumer
that purchase/take assignment of the following:
credit sales contracts
an assignee does not pay its portion of the fees the original creditors remain
responsible for them.
and used car dealerships engaged in consumer credit sales
and used car dealers must file notification and pay the annual notification fee
even if they assign all of their retail installment contracts.
who keep any consumer credit sales on their books must also pay a
who offer “Buy Here, Pay Here” must pay the volume fee
in addition to
filing notification and paying the annual fee.
Code exempts banks, savings and loan associations, credit unions, and regulated
companies (finance companies) from these requirements. These entities are
they already contribute to enforcing the ICCC by paying
examination fees to the
Iowa Department of Commerce.
are encouraged to consult with private counsel, as necessary, to determine
obligations under these laws.
creditors and assignees required to file notification with the Office of the
Attorney General and must pay an annual fee of $10.00.
Creditors/assignees who own the
paper for consumer credit transactions also
must pay a volume fee based on the average
unpaid balance of all consumer credit
To determine the fee owed, a creditor should first calculate the average unpaid
from all consumer credit transactions held on the last day of
each calendar month over the
preceding calendar year. The rate of the volume fee
is $10.00 for each $100,000 of the average
monthly amount, and $10.00 for every
additional portion of the average monthly amount that is
greater than $10,000
but less than $100,000.
For example, a creditor whose average monthly unpaid balance over the preceding
$105,000 would owe a volume fee of $10.00, while a creditor whose
average monthly unpaid
balance was $130,000 would owe $20.00. Please see Table
1 below for more examples.
rule provides additional information on how to calculate these fees.
Table 1: Examples of
Volume Fee Rates
Average Monthly Unpaid Balance
Volume Fee Owed
$0 - $109,999
$110,000 - $209,999
$210,000 - $309,999
$310,000 - $409,999
$10.00 per $100k owed
How to File
and assignees required to file notification with the Iowa Attorney General must
do so within 30 days of commencing collection activities in Iowa, and then by
of every subsequent year.
should be made payable to “Iowa Consumer Credit Administration Fund” and
along with a completed Creditor/Assignee
Notification Form* to:
Iowa Attorney General
Consumer Protection Division
Attn: Notification & Fees Administrator
1305 E. Walnut St.
Des Moines, IA 50319
*Additional documents are not required.
After You File
Creditors/assignees who have filed
notification with the Iowa Attorney General will not
receive a confirmation,
notice or hard copy license. Filers with rejected notifications will
notified by our staff. Approved notifications will be processed and can be
online at _____________ approximately 15 business days after their
It is important that creditors/assignees
notify the Iowa Attorney General in writing of any
changes in their company’s
contact information to ensure all communications from the
Iowa Attorney General,
including notification filing reminders, are received in a
Changes should be submitted in writing and
include the name of the company, the
previous, incorrect information and the
updated, current information.
Reminders will be sent in early December.
Failure to receive reminders will not exempt
a late filing from the $25.00 late
61 Iowa Administrative
Code Chapter 22
Code sections 537.6202 - 537.6203
Code section 537.6201
Code sections 537.6113(3) and 537.6203(4)
Code sections 537.1301(11) - 537.1301(16)