It seems that the legislature intended that the ICCC prohibition against standard fees under § 537.3402 and/or its listing that is exclusive of extra charges under § 537.5102, apply to insulate credit borrowers against punitive NSF check fees. 60
May 1, 1995, the legislature enacted 95 functions, ch. 137. Part 2 of this Act amended Article 3 associated with the Uniform Commercial Code (Chapter 554), the basic legislation regulating checks, to allow NSF surcharges of $20 – $50 in some circumstances. 61 area 3 of 95 functions, ch. 137 also amended Article 3 associated with the UCC, to authorize a rigid treble damages remedy that is civil dishonor. 62 but, Section 1 of 95 functions, ch. 137 suggests that the legislature would not genuinely believe that Sections 2 and parts 3 would use as being a basic matter to ICCC deals. 63 (in reality, Informal Advisories with this workplace interpreting the predecessor UCC legislation authorizing NSF fees had interpreted it
- Iowa Code § 537.3402: “Except for reasonable costs incurred in realizing for a safety interest, the agreement with regards to a credit deal aside from a customer rent may well not offer any costs as outcome of standard because of the consumer apart from those authorized by this chapter. A supply in breach for this area is unenforceable. “
58 “Default” beneath the ICCC is failure to create a repayment within I 0 times of the time needed because of the contract, Iowa Code § 537.5109( We ), or failure to see or watch some other covenant which materially impairs the buyer’s possibility to spend amounts due. § 537.5109(2).
59 Iowa Code § 537.2501.
60 No area of the ICCC would be to impliedly be deemed repealed by subsequent legislation if such construction could be reasonably prevented. Iowa Code § 537.1104.