All persons subject to the notification and fees section of
the Iowa consumer credit code must pay the following fees:
(1)Annual fees. All
creditors and debt collectors, including assignees, who are required to file
notification statements shall pay to the administrator an annual fee of $50.
This fee shall be paid with the filing of the first notification and on or
before January 31 of each succeeding year.
(2)Volume fees.
a.
Sellers, lessors and
lenders.
(1) Amount of fee. Sellers,
lessors and lenders must also pay an additional fee at the time of filing of
$10 for each $100,000, or part thereof exceeding $10,000, of the average unpaid
balances of obligations arising from consumer credit transactions entered into
or modified by the person in this state and held on the last day of each
calendar month during the preceding calendar year and held by the seller,
lessor or lender. Lessors must pay an identical amount on the unpaid scheduled
periodic payments for consumer leases. Sellers, lessors and lenders must also
pay this amount on unpaid balances held by an immediate or remote assignee who
has not filed notification. The unpaid balances of assigned obligations held by
an assignee who has not filed a notification statement are presumed to be the
unpaid balances of the assigned obligations at the time of their assignment by
the seller, lessor or lender. Sellers, lessors and lenders who assign
obligations to a party exempt under subrule 22.2(2) need not pay volume fees on
these obligations after they have been assigned.
(2) Method of calculation. The average unpaid
balance arising from consumer credit transactions for the preceding calendar
year is determined by totaling the unpaid consumer credit balances held at the
end of each month, including unpaid scheduled periodic payments under consumer
leases. Included in this amount are consumer credit transactions assigned to
assignees who have not filed notification statements. This total is then
divided by 12. The volume fee is determined by taking this amount and assessing
$10 on each $100,000 of outstanding credit. Volume amounts exceeding $100,000
by more than $10,000 are counted as an additional $100,000 for the purpose of
assessing the volume fee (e.g., an average unpaid balance of $511,000 would
generate a $60 volume fee: $ 10 for each $ 100,000 in volume, and $10 for the
additional $11,000).
b.
Assignees.
(1) Amount of
fee. Assignees must also pay an additional fee at the time of filing of $10 for
each $100,000, or part thereof exceeding $ 10,000, of the average unpaid
balances of obligations arising from consumer credit transactions entered into
or modified in this state, taken by the person by assignment and held by the
person on the last day of each calendar month during the preceding calendar
year. Assignees must pay an identical amount on assignments of unpaid scheduled
periodic payments of consumer leases.
(2) Method of calculation. The average unpaid
balances arising from consumer credit transactions for the preceding calendar
year is determined by totaling the unpaid balances at the end of each month,
including unpaid scheduled periodic payments under consumer leases. This amount
is then divided by 12. The volume fee is determined by taking this total and
assessing $10 on each $100,000 of outstanding credit. Volume amounts exceeding
$ 100,000 by more than $ 10,000 are counted as an additional $ 100,000 for the
purpose of assessing the volume fee.
c.
Debt collectors. Debt
collectors subject to the notification and fees section of the credit code who
are not engaged in consumer credit transactions are exempt from the assessment
of volume fees.
(3)
Method of payment. The annual fee and applicable volume fees
are to be included with the notification statement and filed within 30 days
after April 24, 1991, and thereafter on or before January 31 of each year. The
fees should be made payable to Iowa Consumer Credit Administration Fund.
Creditors shall pay volume fees in the first year of
administration of the notification and fees section. These fees shall be
calculated on the average unpaid consumer balances for the 1990 calendar year.
Creditors may request consideration of alternative methods of calculating
volume fees for 1990 if they can demonstrate that their records are not kept in
a manner permitting them to calculate the fees as required, and that the
alternative method proposed would approximate or exceed the volume fees that
would be paid according to the statutory calculation method. All creditors
shall comply with the statutory volume fee calculation method beginning with
the 1992 notification and fee period.
Notes
Iowa Admin. Code r. 61-22.5
Amended by
IAB
March 11, 2020/Volume XLII, Number 19, effective
4/15/2020
