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Iowa Collection Agency



Account Adjustment Bureau or AAB is a commercial Iowa Collection Agency. We offer commercial collection services for Iowa or IA debt collection recovery. AAB should be your first choice for an Iowa collection agency.

It should be noted that in Iowa a person who has engaged in a pattern and practice of providing loans with illegal interest rates (considered loan sharking), could face the prospect of criminal prosecution in regard to this type of ongoing lending practice in Iowa.

Iowa may require an Iowa Collection Agency license to collect commercial debt in their state, if the collection agency collects more than $25,000 in the preceding calendar year in Iowa, or if the total collected during the current calendar year exceeds $25,000 in Iowa.

Below you will find summary points on Iowa Collection Agency regulations and Laws to consider that affect an Iowa collection agency. It is recommended to consider these points and ask questions when placing commercial debt for collection with an Iowa collection agency.

Iowa Collection Laws



NOTE: The Iowa collection information below is summary in nature and subject to change. While we make every effort to insure accuracy, the information below should not be considered legal advice or to be one hundred percent accurate. No warranty is expressed or implied and AAB assumes no liability for its use.

Iowa Collection Interest Rates



Iowa Legal Rate: 5% per annum
Contract Rate: 2 percent above the monthly average ten-year constant maturity Interest rate of United States government notes and bonds as published by the board of governors of the federal reserve system for the calendar month second preceding the month during which the maximum rate based thereon will be effective, rounded to the nearest one-fourth of one percent per year.
Corporate Rate: Any Rate
Legal Rate: 6% (Maximum permitted by law without an agreement)
Contract Rate: 8% (exceptions exist)
Judgment: 2 percent over rate equal to the one-year treasury constant maturity published by the federal reserve in the H15 Report settled immediately prior to the date of the judgment
Usury % Cap: 12% (Personal – Consumer)

An Iowa Collection Agency can only apply interest as stated above.

Iowa Statute of Limitations



Oral Contracts: 5 Years
Written Contracts: 10 Years
Judgment: 10 Years
Foreign Judgments: Up to 20 Years

Bad or NSF Check collection charges in Iowa


In Iowa: Service surcharge, not to exceed $30. The surcharge authorized shall not be assessed unless the holder clearly and conspicuously posts a notice at the usual place of payment, or in the billing statement of the holder, stating that a surcharge will be assessed and the amount of the surcharge. However, the surcharge shall not be assessed against the maker if the reason for the dishonor of the check, draft, or order is that the maker has stopped payment

Iowa Collection Agency Laws


Iowa Collection Agency Licensing: YES if a debt collector collects more than $25,000 in the preceding calendar year, or if the total collected during the current calendar year exceeds $25,000
Exception: A foreign debt collector does not need to obtain a certificate of authority from the Secretary of State in order to secure or collect debts in Iowa.
Bond: Not Required

The Information above on commercial debt collection and Iowa Collection Agency Laws is provided to assist any potential Client searching for an Iowa collection agency. We encourage potential Clients to request a free consultation on our commercial services when considering AAB as your Iowa collection agency.
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