322.19 - FINANCE CHARGES -- AMOUNT.

        322.19  FINANCE CHARGES -- AMOUNT.         1.  Notwithstanding the provisions of any other existing law, a      retail installment transaction may include a finance charge not in      excess of the following rates:         Class 1.  Any new motor vehicle designated by the manufacturer by      a year model not earlier than the year in which the sale is made, an      amount equivalent to one and three-fourths percent per month simple      interest on the declining balance of the amount financed.         Class 2.  Any new motor vehicle not in Class 1 and any used motor      vehicle designated by the manufacturer by a year model of the same or      not more than two years prior to the year in which the sale is made,      an amount equivalent to two percent per month simple interest on the      declining balance of the amount financed.         Class 3.  Any used motor vehicle not in Class 2 and designated by      the manufacturer by a year model more than two years prior to the      year in which the sale is made, an amount equivalent to two and      one-fourth percent per month simple interest on the declining balance      of the amount financed.         2.  For purposes of this chapter, "amount financed" means as      defined in section 537.1301.  However, notwithstanding section      322.33, subsection 3, the amount financed may also include additional      charges for the following, which shall not be included in the finance      charge:         a.  A service contract as defined in section 516E.1.         b.  Voluntary debt cancellation coverage, whether insurance or      debt waiver, which may be excluded from the finance charge under the      federal Truth in Lending Act as defined in section 537.1302.  
         Section History: Early Form
         [C58, 62, 66, 71, 73, 75, 77, 79, 81, § 322.19; 82 Acts, ch 1153,      § 1, 18(1)] 
         Section History: Recent Form
         2003 Acts, ch 8, §22; 2005 Acts, ch 70, §1         Referred to in § 322.20, 537.2201