Bill Text: IA HF2170 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act relating to the notice provided to persons subject to a surcharge assessed for the return of a dishonored financial instrument.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-07 - Subcommittee, Windschitl, Kajtazovic, and J. Smith. H.J. 216. [HF2170 Detail]
Download: Iowa-2011-HF2170-Introduced.html
House
File
2170
-
Introduced
HOUSE
FILE
2170
BY
KRESSIG
A
BILL
FOR
An
Act
relating
to
the
notice
provided
to
persons
subject
to
a
1
surcharge
assessed
for
the
return
of
a
dishonored
financial
2
instrument.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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H.F.
2170
Section
1.
Section
554.3512,
subsection
2,
Code
2011,
is
1
amended
to
read
as
follows:
2
2.
The
surcharge
authorized
by
this
section
subsection
3
1
shall
not
be
assessed
unless
the
holder
clearly
and
4
conspicuously
posts
a
notice
at
the
usual
place
of
payment,
5
or
in
the
billing
statement
of
the
holder,
stating
provides
6
notice
that
a
surcharge
will
be
assessed
and
the
amount
of
7
the
surcharge.
The
notice
shall
be
posted
at
the
usual
place
8
of
payment,
published
on
the
billing
statement
of
the
holder,
9
or
published
on
an
internet
site
where
electronic
payment
is
10
made.
However,
the
surcharge
shall
not
be
assessed
against
the
11
maker
if
the
reason
for
the
dishonor
of
the
check,
draft,
or
12
order
is
that
the
maker
has
stopped
payment
pursuant
to
section
13
554.4403
.
14
EXPLANATION
15
This
bill
amends
a
provision
in
the
uniform
commercial
16
code
(Code
section
554.3512)
which
authorizes
the
holder
of
a
17
dishonored
check
or
similar
financial
instrument
to
assess
a
18
surcharge
against
its
maker
not
to
exceed
$30.
However,
in
19
order
to
assess
the
surcharge,
there
must
be
a
notice
posted
20
at
the
place
of
payment
or
published
on
the
holder’s
billing
21
statement,
indicating
the
surcharge
amount.
The
bill
provides
22
that
the
same
notice
must
be
published
on
the
internet
site
23
where
electronic
payment
is
made.
24
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