When creditors want to recover money from Iowa debtors who have failed to pay, such as a failure to pay on a promissory note, they typically have to comply with state laws which require them to provide the debtors with a written notice and give them an opportunity to cure the default. Compliance with these types of statutes is critical, and there are specific steps the creditor must follow. The Iowa Consumer Credit Code outlines the process to be followed in the context of consumer credit transactions where the amount owing is less than $25,000. If the debt exceeds that amount, the Iowa Consumer Credit Code does not apply. That does not mean the lender does not need to comply with other statutes; rather, it just means the lender must look at other statutes, such as mortgage foreclosure statutes, to determine the proper road to recovery. It is very important that the lender follow the right statutory trail!