STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 5%
• Contract Rate: 2% more than the monthly average 10 year constant maturity interest rate of United States government notes and bonds. Iowa Code Ann. § 535.2(3)(a) Any agreed upon rate of interest for purchases of real estate, home improvement loans, credit for agricultural or business purposes for more than $25,000. Iowa Code Ann. § 535.2(2)(a)
• Judgment Rate: 2% more than the one-year treasury constant maturity published by the Federal Reserve. Iowa Code Ann. § 668.13(3)
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: Upon marriage
• Contracts: Contracts for necessaries are binding unless it is disaffirmed within a reasonable time of reaching 18. Iowa Code Ann. § 599.2
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Both spouses are liable to provide for reasonable and necessary expenses of the family and may be sued jointly or separately.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: Oral, 5 years; Written, 10 years
•Judgments: Not of record, 10 years; Of record, 20 years
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.