Anderson Financial Services, LLC v. Miller

TERNUS, Chief Justice.

This case presents the question whether legislation that went into effect on July 1, 2007, capping finance charges on car title loans applies to post-July 1, 2007 advances made under pre-July 1, 2007 agreements that provided for higher interest rates on such advances. The district court held the new statute, Iowa Code section 537.2403(1) (Supp.2007), prohibited the appellant, Anderson Financial Services, LLC, from charging a contracted interest rate that exceeded the rate allowed under the new law on advances made after July 1, 2007, on pre-July 1, 2007 loan agreements.…