537.2403 - FINANCE CHARGE FOR CONSUMER LOANS SECURED BY A MOTOR VEHICLE.

        537.2403  FINANCE CHARGE FOR CONSUMER LOANS SECURED BY      A MOTOR VEHICLE.         1.  A lender shall not contract for or receive a finance charge      exceeding twenty-one percent per year on the unpaid balance of the      amount financed for a loan of money secured by a certificate of title      to a motor vehicle used for personal, family, or household purpose      except as authorized under chapter 536 or 536A.  A consumer who is      charged a finance charge in excess of the limitation in this section      may seek any remedies available pursuant to this chapter for an      excess charge.         2.  It shall be a violation of this section and an unlawful      practice under section 714.16 to attempt to avoid application of this      section by structuring a loan of money secured by a certificate of      title to a motor vehicle as a sale, sale and repurchase, sale and      lease, pawn, rental purchase, lease, or other type of transaction      with the intent to avoid application of this section or any other      applicable provision of this chapter.  
         Section History: Recent Form
         2007 Acts, ch 26, §3         Referred to in § 537.2401, 537.2402