I believe that it is an Iowa Code requirement that paid notes need to be returned to the borrower within 30 days. I've tried the search engine for the Iowa General Assembly but have had no luck in locating this code requirement. Can anyone help me out with finding which part of the code requires this? Thanks in advance!

The only thing I've seen is 537.3206(3) which states "After a consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to open end credit, the person to whom the obligation was owed shall, upon request of the consumer, deliver or mail to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction."

There may be something more specific on this that I haven't seen.

Rant warning: I think the search feature on the Iowa General Assembly website is horrible. You will rarely find what you are looking for unless you already know where to find it. Not very helpful.

Are you sure you're not thinking about the requirement to release a UCC filing within 30 days? Reference Iowa Code Section 554.9513 We return all consumer paid notes as a matter of course, but like you, I can't find any regulatory requirement. Maybe IBA has an answer.