29A.99 Maximum rate of interest.
1. An obligation or liability bearing interest at a rate in excess of six percent per year that is incurred by a service member either individually or jointly with the service member’s spouse before the service member enters military service shall not bear interest at a rate in excess of six percent per year during the service member’s period of military service. Interest that would otherwise be incurred but for the prohibition in this section is forgiven. The amount of any periodic payment due from a service member under the terms of the instrument that created an obligation or liability covered by this section shall be reduced by the amount of the interest forgiven under this section that is allocable to the period for which such payment is made.
2. In order for an obligation or liability of a service member to be subject to the interest rate limitation in this section, the service member shall provide to the creditor written notice and a copy of the military orders calling the service member to military service and any orders further extending military service, not later than one hundred eighty days after the date of the service member’s termination or release from military service. Upon receipt of written notice and a copy of orders calling a service member to military service, the creditor shall treat the debt in accordance with this section, effective as of the date on which the service member is called to military service.
3. A court may grant a creditor relief from the limitations of this section if, in the opinion of the court, the ability of the service member to pay interest upon the obligation or liability at a rate in excess of six percent per year is not materially affected by reason of the service member’s military service.
4. As used in this section, the term “interest” includes service charges, renewal charges, fees, or any other charges, except for bona fide insurance, with respect to an obligation or liability.
2002 Acts, ch 1117, §33, 40; 2006 Acts, ch 1143, §2
Referred to in §29A.105
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Section 29A.2 - Army national guard and air national guard created.
Section 29A.3 - Units of guard.
Section 29A.3A - Civil air patrol.
Section 29A.4 - Organization — armament — equipment and discipline.
Section 29A.5 - Government, discipline and uniforming.
Section 29A.6 - Military forces of state.
Section 29A.7 - Commander in chief.
Section 29A.8 - State active duty.
Section 29A.8A - National guard duty.
Section 29A.11 - Adjutant general — appointment and term.
Section 29A.12 - Powers and duties.
Section 29A.12A - Morale, welfare, and recreation activity.
Section 29A.13 - Appropriated funds.
Section 29A.14 - Support and facilities improvement fund.
Section 29A.14A - Use of government facilities.
Section 29A.15 - State awards and decorations.
Section 29A.16 - Deputy adjutants general.
Section 29A.17 - Governor’s staff.
Section 29A.18 - United States property and fiscal officer.
Section 29A.19 - Quartermaster.
Section 29A.21 - Powers and duties.
Section 29A.22 - Fitness determined — vacation of commissions.
Section 29A.23 - Roll of retired officers and enlisted personnel.
Section 29A.24 - Unassigned list.
Section 29A.25 - Enlistments and discharges.
Section 29A.26 - State headquarters and detachment.
Section 29A.27 - Pay and allowances — injury or death benefit boards — judicial review — damages.
Section 29A.28 - Leave of absence of civil employees.
Section 29A.29 - Payment from treasury — exception.
Section 29A.30 - Inactive guard.
Section 29A.31 - Unlawful organizations.
Section 29A.33 - Per capita allowance to unit.
Section 29A.34 - Clothing and equipment.
Section 29A.35 - Use for military only.
Section 29A.36 - Injury or destruction of property.
Section 29A.37 - Bond of officers.
Section 29A.38 - Serious misdemeanors.
Section 29A.40 - False wearing of uniform.
Section 29A.42 - Trespass or interference with official acts.
Section 29A.43 - Discrimination prohibited — leave of absence — continuation of health coverage.
Section 29A.44 - Assault prohibited.
Section 29A.46 - Military court or commission.
Section 29A.47 - Arrests and subpoenas.
Section 29A.48 - Commitment and fines.
Section 29A.49 - Military jails.
Section 29A.51 - Suit or proceeding — defense.
Section 29A.52 - Malice must be proved.
Section 29A.53 - Call by president of U.S.
Section 29A.54 - Senior commander allowances.
Section 29A.56 - Special police.
Section 29A.57 - Armory board.
Section 29A.58 - Armories leased.
Section 29A.60 - Property exempt from taxation.
Section 29A.62 - Immunity from prosecution.
Section 29A.63 - Jurisdiction presumed.
Section 29A.64 - Custom and usage.
Section 29A.66 - Applicable powers and duties.
Section 29A.67 - Chief of staff.
Section 29A.68 - Applicable provisions.
Section 29A.69 - Officers and duties.
Section 29A.70 - Immunity and exemption.
Section 29A.71 - Pay and allowances.
Section 29A.73 - Immunity from national service.
Section 29A.74 - Death of principal — effect.
Section 29A.76 - Express revocation or termination.
Section 29A.77 - Posthumous grants.
Section 29A.79 - Emergency helicopter ambulance.
Section 29A.91 - Applicability.
Section 29A.92 - Reopening default judgments.
Section 29A.93 - Stay of proceedings.
Section 29A.94 - Fines and penalties on contracts.
Section 29A.95 - Exercise of rights not to affect future financial transactions.
Section 29A.96 - Stay of execution of judgment.
Section 29A.97 - Duration of stays.
Section 29A.98 - Statutes of limitations affected by military service.
Section 29A.99 - Maximum rate of interest.
Section 29A.100 - Dependent benefits.
Section 29A.101 - Termination of lease or rental agreement — exceptions.
Section 29A.101A - Termination of lease by service member — penalty.
Section 29A.102 - Installment contracts.
Section 29A.103 - Mortgage foreclosures.
Section 29A.103A - Professional liability insurance.