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EQUITY CONTROL ASSOCIATES, LTD. v. ROOT

No. 99-1459.

638 N.W.2d 664 (2001)

EQUITY CONTROL ASSOCIATES, LTD., Appellant, v. David ROOT, Rita Root and D & R Farms, Inc., Appellees.

Supreme Court of Iowa.

Rehearing Denied February 6, 2002.

Attorney(s) appearing for the Case

Michael G. Byrne of Winston & Byrne, P.C., Mason City, for appellant.

Christopher C. Foy of Leslie, Collins & Foy, Waverly, for appellees.

TERNUS, Justice.

This case provides our court with its first opportunity to interpret and apply the Iowa Loan Brokers Act, Iowa Code chapter 535C (1995). The district court held that the appellant, Equity Control Associates, Ltd., charged an advance fee to the appellees, David and Rita Root, when it contracted with them to assist in obtaining financing for their turkey operation. Because such a fee is prohibited by Iowa...

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