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Iowa Passes Higher Maximum Interest Rates on Regulated Loans
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Iowa Passes Higher Maximum Interest Rates on Regulated Loans
Iowa recently amended its law to change its maximum interest rate or charges on regulated loans to 3% per month (36% per year). Prior to this amendment, the maximum interest rate or charges was tiered based on the loan’s unpaid principal balance, with a maximum of 3% per month allowed only on loans with an unpaid principal balance of $150 or less. Also amended was the service charge amount allowed on consumer credit transactions, which now wil…
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