66 “Cardholder” means an individual to who a charge card is released. Iowa Code § 537.1301(7); a “charge card” is a “card or unit given under an arrangement pursuant to which a card-issuer provides cardholder the privilege of buying or property that is leasing solutions, getting loans or perhaps acquiring credit through the card provider or other individuals. ” Iowa Code § 537.1301(16). The application of the word “cardholder” as a modifying that is adjective” limits the universe of consumer credit agreements pursuant to which the surcharge is permissible.
67 “A statute should really be construed making sure that effect is provided to all its provisions, making sure that no component is going to be inoperative or superfluous. ” 2A Sutherland Statutory Construction Sec. 46.06 (5th Ed. )
68 See also note 63, above. There being no legislative history, there’s absolutely no formal record as to the reasons card providers could have been singled off become allowed the NSF surcharge but, out-of-state nationwide banking institutions which issue the most of bank cards from their property base in just one of an extremely few deregulated states (such as for example Delaware and Southern Dakota), had started regularly imposing significant NSF costs, along side belated charges and over-the-limit (OTL) charges and greater rates of interest in the mid-80s. Continue reading