Section 61.20.4. General conditions of sale.

Noncredit property insurance may be sold in consumer credit transactions only when the sole purpose of the transaction is to finance the sale of noncredit property insurance. This single purpose requirement is satisfied when the amount financed for the transaction includes only the premium cost for the noncredit property insurance and applicable fees or taxes. Noncredit property insurance premiums may not be included within the amount financed of a consumer credit transaction that includes consumer loans or consumer credit sales for items other than the purchase of noncredit property insurance. Noncredit property insurance may also be purchased by cash, check or credit card so long as the sale of the product meets all applicable requirements of this chapter. The credit sale of noncredit property insurance premiums must also meet applicable requirements of Iowa Code section 537.3207, “Form of insurance premium loan agreement.”