Iowa Admin. Code r. 189-5.6

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 189-5.6 - Method of payment of fees

Except as provided in paragraph 5.4(3)"b, " a credit union may offer a borrower the option of paying the fee for a debt cancellation product in a single payment or on a weekly, monthly or other periodic payment schedule. If a credit union offers the borrower the option to finance the single payment by adding the single payment to the amount financed, the credit union must also disclose to the borrower, in accordance with rule 189-5.7 (533), whether, and, if so, the time period during which, the borrower may cancel the arrangement and receive a refund.