Iowa

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

 

LEGAL AGE:

• 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. 

Contacted
by BCC?