Although Iowa is recognized as perhaps one of the most permissive states for the pay day loan industry

Although Iowa is recognized as perhaps one of the most permissive states for the pay day loan industry

Customer Protection and Iowa Pay Day Loans

You can still find some regulations that put customer protection first within the state. Pay day loans in Iowa are managed by state legislation called the Delayed Deposit State Licensing Act. The standard is set by this act for cash advance operator procedures into the state.

The Iowa Division of Banking monitors cash advance operators. Customers who believe they are a victim of a nasty loan provider’s fraudulent actions can register a complaint that is official the agency. The agency will then investigate.

So that you can run as being a cash advance operator in this state, businesses must make an application for a permit. Based on the state legislation, licenses are just provided to companies that prove a capacity to ethically act fairly and. Company licenses should also be renewed each year and circumstances such as for instance a felony conviction, bankruptcy or perhaps an indictment that is criminal influence the capacity to run within the state. Continue reading Although Iowa is recognized as perhaps one of the most permissive states for the pay day loan industry