Bill Text: IA HSB100 | 2023-2024 | 90th General Assembly | Introduced


Bill Title: A bill for an act relating to real estate loan charges.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2023-01-26 - Subcommittee: Kniff McCulla, Kressig and Nordman. H.J. 200. [HSB100 Detail]

Download: Iowa-2023-HSB100-Introduced.html
House Study Bill 100 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON LUNDGREN) A BILL FOR An Act relating to real estate loan charges. 1 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 2 TLSB 1780YC (3) 90 es/rn
H.F. _____ Section 1. Section 535.8, Code 2023, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 9. A lender who makes a loan in which 3 the points and fees the borrower is charged by all lenders in 4 connection with the loan do not exceed the amounts specified in 5 12 C.F.R. §1026.43(e)(3) shall be considered in compliance with 6 this section. 7 EXPLANATION 8 The inclusion of this explanation does not constitute agreement with 9 the explanation’s substance by the members of the general assembly. 10 This bill relates to real estate loan charges. 11 The bill aligns a state lender with federal regulations 12 regarding minimum standards for transactions secured by a 13 dwelling. The bill provides that a lender making a loan to a 14 borrower in which the total fees and charges do not exceed the 15 amounts listed under 12 C.F.R. §1026.43(e)(3) regarding limits 16 on points and fees for qualified mortgages shall be considered 17 compliant with Code section 535.8 regarding loan charges. 18 -1- LSB 1780YC (3) 90 es/rn 1/ 1
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