VI. IN THE FUNCTION YOU CAN FIND POTENTIAL CRIMINAL CONSEQUENCES ARISING FROM A BOUNCED PAY DAY LOAN CHECK, MIGHT THREATENING ORIMPLYING A THREAT OFPROSECUTION BUT VIOLATE IOWA CODE § 537.7103 IF THE PAYDAY LOAN PROVIDER NEVER PRESSES CRIMINAL CHARGES?
Inasmuch because it’s our interpretation of Chap. 533D and 537 that default for a check loan will not implicate the unlawful procedure, threatening unlawful effects for non-payment of this loan would break the Iowa commercial collection agency methods Act. Iowa Code § 537.7103.
Nonetheless, in case it really is determined that it’s theoretically feasible to invoke the unlawful procedure regarding the payday advances in certain circumstances, it might nonetheless never be permissible for the financial institution to regularly make such threats. Continue reading