Bill Text: IA HSB243 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act requiring the licensure of small dollar installment loan businesses, and providing criminal and civil penalties.
Spectrum: Committee Bill
Status: (N/A - Dead) 2020-01-22 - Subcommittee: Maxwell, Hagenow and Wolfe. H.J. 125. [HSB243 Detail]
Download: Iowa-2019-HSB243-Introduced.html
House
Study
Bill
243
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
HEIN)
A
BILL
FOR
An
Act
requiring
the
licensure
of
small
dollar
installment
loan
1
businesses,
and
providing
criminal
and
civil
penalties.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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H.F.
_____
Section
1.
NEW
SECTION
.
536B.1
Title.
1
This
chapter
shall
be
known
and
may
be
cited
as
the
“Iowa
2
Small
Dollar
Installment
Loan
Act”
.
3
Sec.
2.
NEW
SECTION
.
536B.2
Definitions.
4
As
used
in
this
chapter,
unless
the
context
otherwise
5
requires:
6
1.
“Annual
percentage
rate”
means
the
measure
of
the
cost
7
of
credit,
expressed
as
a
yearly
rate,
that
relates
the
amount
8
extended
to
a
consumer
on
a
small
dollar
installment
loan
to
9
the
amount
and
timing
of
payments
made,
as
computed
under
the
10
federal
Truth
in
Lending
Act.
11
2.
“Consumer”
means
an
individual
who
obtains
a
small
dollar
12
installment
loan.
13
3.
“Federal
Truth
in
Lending
Act”
means
as
defined
in
14
section
537.1302.
15
4.
“Finance
charge”
means
the
amount
payable
by
a
consumer
16
incident
to
or
as
a
condition
of
the
extension
of
a
small
17
dollar
installment
loan
but
excluding
other
fees
allowed
under
18
section
536B.22.
19
5.
“Licensee”
means
a
person
licensed
pursuant
to
this
20
chapter.
21
6.
“Person”
means
the
same
as
defined
in
section
533D.2.
22
7.
“Regularly
engaged
in
the
business”
means
any
of
the
23
following:
24
a.
Advertising
to
or
making
any
other
solicitation
to
a
25
resident
of
this
state
to
offer
a
small
dollar
installment
loan
26
within
this
state.
27
b.
Making
three
or
more
small
dollar
installment
loans
28
within
a
calendar
year
to
residents
of
this
state.
29
8.
“Small
dollar
installment
loan”
is
a
loan
in
which
all
of
30
the
following
are
applicable:
31
a.
The
debt
is
incurred
for
a
personal,
family,
or
household
32
purpose.
33
b.
The
debt
is
not
less
than
five
hundred
dollars
and
not
34
more
than
one
thousand
dollars.
35
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_____
c.
The
debt
is
unsecured.
1
d.
The
lender
holds
the
consumer’s
check
or
checks
2
for
a
specified
period,
or
obtains
the
consumer’s
written
3
authorization
to
debit
the
consumer’s
account,
other
than
as
4
a
result
of
default,
under
an
agreement,
either
express
or
5
implied,
for
a
specified
period,
before
the
lender
does
any
of
6
the
following:
7
(1)
Offers
the
check
or
checks
for
deposit
or
presentment.
8
(2)
Exercises
the
consumer’s
written
authorization
to
debit
9
the
consumer’s
account.
10
e.
The
debt
is
payable
in
biweekly,
semimonthly,
or
monthly
11
payment
installments,
in
accordance
with
the
dates
that
the
12
consumer
is
scheduled
to
receive
income
payments.
13
f.
The
debt
is
subject
to
prepayment
in
whole
or
in
part
at
14
any
time
without
penalty.
15
g.
The
term
length
of
the
loan
is
not
less
than
six
months
16
and
not
more
than
twelve
months.
17
9.
“Small
dollar
installment
loan
business”
means
a
person
18
who
advertises
to
make,
solicit,
or
hold
the
person
out
to
make
19
a
small
dollar
installment
loan
to
a
consumer
in
this
state.
20
10.
“Superintendent”
means
the
superintendent
of
banking
21
within
the
banking
division
of
the
department
of
commerce.
22
Sec.
3.
NEW
SECTION
.
536B.3
Exemptions.
23
This
chapter
shall
not
apply
to
any
of
the
following:
24
1.
A
person
who
does
business
under
the
authority
of
a
25
law
of
this
state,
or
any
other
state
while
regulated
by
a
26
state
agency
of
that
other
state,
or
of
the
United
States,
27
relating
to
banks,
savings
banks,
trust
companies,
savings
and
28
loan
associations,
profit
sharing
and
pension
trusts,
credit
29
unions,
insurance
companies,
or
receiverships
if
the
person
30
is
regulated
by
the
other
law
or
under
the
jurisdiction
of
a
31
court.
32
2.
A
person
who
is
not
regularly
engaged
in
the
business
of
33
making
a
small
dollar
installment
loan.
34
3.
A
person
who
is
licensed
pursuant
to
another
law
of
this
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H.F.
_____
state
to
the
extent
that
the
person’s
activities
are
governed
1
by
that
law.
2
4.
A
consumer
loan
to
the
extent
provided
under
chapter
3
533D,
535C,
536,
536A,
536C,
or
537.
4
Sec.
4.
NEW
SECTION
.
536B.4
License
required
——
application
5
process
——
display.
6
1.
A
person
shall
not
operate
a
small
dollar
installment
7
loan
business
in
this
state
unless
the
person
is
physically
8
located
in
this
state
and
licensed
by
the
superintendent
as
9
provided
in
this
chapter.
10
2.
An
applicant
for
a
license
shall
submit
an
application
to
11
the
superintendent
on
forms
prescribed
by
the
superintendent.
12
The
forms
shall
contain
such
information
as
the
superintendent
13
may
prescribe.
14
3.
The
application
required
by
this
section
shall
be
15
submitted
with
the
following:
16
a.
An
application
fee
of
one
hundred
dollars.
17
b.
A
surety
bond
executed
by
a
surety
company
authorized
to
18
do
business
in
this
state
in
the
sum
of
twenty-five
thousand
19
dollars,
which
bond
shall
be
continuous
in
nature
until
20
canceled
by
the
surety.
A
surety
shall
provide
at
least
21
thirty
days’
notice
in
writing
to
the
licensee
and
to
the
22
superintendent
indicating
the
surety’s
intent
to
cancel
the
23
bond
and
the
effective
date
of
the
cancellation.
The
surety
24
bond
shall
be
for
the
benefit
of
the
citizens
of
this
state
and
25
shall
be
conditioned
upon
the
licensee’s
willingness
to
comply
26
with
this
chapter,
the
faithful
performance
by
the
licensee
27
of
the
duties
and
obligations
pertaining
to
the
small
dollar
28
installment
loan
business
so
licensed,
and
the
prompt
payment
29
of
any
judgment
recovered
against
the
licensee.
The
surety’s
30
liability
under
this
chapter
is
limited
to
the
amount
of
the
31
bond
regardless
of
the
number
of
years
the
bond
is
in
effect.
32
4.
The
superintendent
shall
issue
a
license
to
an
applicant
33
if
the
superintendent
finds
all
of
the
following:
34
a.
The
experience,
character,
and
general
fitness
of
the
35
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H.F.
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applicant
and
its
officers,
directors,
shareholders,
partners,
1
or
members
are
such
as
to
warrant
a
finding
that
the
applicant
2
will
conduct
the
small
dollar
installment
loan
business
3
honestly,
fairly,
and
efficiently.
4
b.
The
applicant
and
its
officers,
directors,
shareholders,
5
partners,
or
members
have
not
been
convicted
of
a
felony
in
6
this
state,
or
convicted
of
a
crime
in
another
jurisdiction
7
which
would
be
a
felony
in
this
state.
8
c.
The
applicant
is
financially
responsible
and
will
conduct
9
the
small
dollar
installment
loan
business
pursuant
to
this
10
chapter
and
other
applicable
laws.
11
d.
The
applicant
has
unencumbered
assets
of
at
least
12
twenty-five
thousand
dollars
available
for
operating
the
small
13
dollar
installment
loan
business.
14
5.
The
superintendent
shall
approve
or
deny
an
application
15
for
a
license
by
written
order
not
more
than
ninety
days
after
16
the
filing
of
an
application.
An
order
of
the
superintendent
17
issued
pursuant
to
this
section
may
be
appealed
pursuant
to
18
chapter
17A.
19
6.
a.
A
license
issued
pursuant
to
this
chapter
shall
20
be
conspicuously
posted
at
the
licensee’s
place
of
business.
21
A
license
shall
remain
in
effect
until
the
next
succeeding
22
January
1,
unless
earlier
suspended
or
revoked
by
the
23
superintendent.
24
b.
A
license
shall
be
renewed
annually
by
filing
with
the
25
superintendent
on
or
before
December
1
an
application
for
26
renewal
containing
such
information
as
the
superintendent
may
27
require
to
indicate
any
material
change
in
the
information
28
contained
in
the
original
application
or
succeeding
renewal
29
applications
and
a
renewal
fee
of
two
hundred
fifty
dollars.
30
c.
The
superintendent
may
assess
a
late
fee
of
ten
dollars
31
per
day
for
applications
submitted
and
accepted
for
processing
32
after
December
1.
33
7.
The
superintendent
may
authorize
applicants
and
34
licensees
to
be
licensed
through
a
nationwide
licensing
system
35
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and
to
pay
the
corresponding
system
processing
fees.
The
1
superintendent
may
establish
by
rule
or
order
new
requirements
2
as
necessary,
including
but
not
limited
to
requirements
that
3
applicants,
including
officers
and
directors
and
those
who
have
4
control
of
the
applicant,
submit
to
fingerprinting
and
criminal
5
history
checks.
6
8.
For
the
purposes
of
this
section
and
in
order
to
reduce
7
the
points
of
contact
which
the
federal
bureau
of
investigation
8
may
be
required
to
maintain
for
purposes
of
subsection
7,
9
the
superintendent
may
use
the
nationwide
licensing
system
10
as
a
channeling
agent
for
requesting
information
from
and
11
distributing
information
to
the
United
States
department
of
12
justice
or
other
governmental
agency,
or
to
or
from
any
other
13
source
so
directed
by
the
superintendent.
14
Sec.
5.
NEW
SECTION
.
536B.5
Surrender
of
license.
15
A
licensee
may
surrender
a
small
dollar
installment
loan
16
license
by
delivering
to
the
superintendent
written
notice
that
17
the
license
is
surrendered.
The
surrender
does
not
affect
the
18
licensee’s
civil
or
criminal
liability
for
acts
committed
prior
19
to
such
surrender,
the
liability
of
the
surety
on
the
bond,
or
20
entitle
such
licensee
to
a
return
of
any
part
of
the
annual
21
license
fee.
The
superintendent
may
establish
procedures
for
22
the
disposition
of
the
books,
accounts,
and
records
of
the
23
licensee
and
may
require
such
action
as
deemed
necessary
for
24
the
protection
of
the
makers
of
checks
which
are
outstanding
at
25
the
time
of
surrender
of
the
license.
26
Sec.
6.
NEW
SECTION
.
536B.6
Change
in
circumstances
——
27
notification
of
superintendent.
28
A
licensee
is
to
notify
the
superintendent
in
writing
29
within
thirty
days
of
the
occurrence
of
a
material
development
30
affecting
the
licensee,
including
but
not
limited
to
any
of
the
31
following:
32
1.
Filing
for
bankruptcy
or
reorganization.
33
2.
Reorganization
of
the
business.
34
3.
Commencement
of
license
revocation
or
any
other
civil
or
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criminal
proceedings
by
any
other
state
or
jurisdiction.
1
4.
The
filing
of
a
criminal
indictment
or
complaint
against
2
the
licensee
or
any
of
the
licensee’s
officers,
directors,
3
shareholders,
partners,
members,
employees,
or
agents.
4
5.
A
felony
conviction
against
the
licensee
or
any
of
5
the
licensee’s
officers,
directors,
shareholders,
partners,
6
members,
employees,
or
agents.
7
Sec.
7.
NEW
SECTION
.
536B.7
Continued
operation
after
8
change
in
ownership
——
approval
of
superintendent
required.
9
1.
The
prior
written
approval
of
the
superintendent
10
is
required
for
the
continued
operation
of
a
small
dollar
11
installment
loan
business
whenever
a
change
in
control
of
a
12
licensee
is
proposed.
The
person
requesting
such
approval
13
shall
pay
to
the
superintendent
a
fee
of
one
hundred
dollars.
14
Control
in
the
case
of
a
corporation
means
direct
or
indirect
15
ownership
of,
or
the
right
to
control,
ten
percent
or
more
16
of
the
voting
shares
of
the
corporation,
or
the
ability
of
17
a
person
to
elect
a
majority
of
the
directors
or
otherwise
18
effect
a
change
in
policy.
Control
in
the
case
of
any
other
19
entity
means
any
change
in
the
principals
of
the
organization,
20
whether
active
or
passive.
The
superintendent
may
require
21
information
deemed
necessary
to
determine
whether
a
new
22
application
is
required.
Costs
incurred
by
the
superintendent
23
in
investigating
a
change
of
control
request
shall
be
paid
by
24
the
person
requesting
such
approval.
25
2.
A
license
issued
pursuant
to
this
chapter
is
not
26
transferable
or
assignable.
27
Sec.
8.
NEW
SECTION
.
536B.8
Principal
place
of
business
——
28
branch
offices
authorized.
29
1.
Except
as
provided
in
subsection
2,
a
licensee
may
30
operate
a
small
dollar
installment
loan
business
only
at
an
31
office
designated
as
its
principal
place
of
business
in
the
32
application.
The
licensee
shall
maintain
its
books,
accounts,
33
and
records
at
its
designated
principal
place
of
business.
A
34
licensee
may
change
the
location
of
its
designated
principal
35
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H.F.
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place
of
business
with
the
prior
written
approval
of
the
1
superintendent.
The
superintendent
shall
establish
forms
and
2
procedures
for
determining
whether
the
change
of
location
3
should
be
approved.
4
2.
A
licensee
may
operate
branch
offices
only
in
the
same
5
county
in
which
the
licensee’s
designated
principal
place
of
6
business
is
located.
The
licensee
may
establish
a
branch
7
office
or
change
the
location
of
a
branch
office
with
the
prior
8
written
approval
of
the
superintendent.
The
superintendent
9
shall
establish
forms
and
procedures
for
determining
whether
10
the
location
of
a
branch
office
should
be
approved.
11
3.
A
fee
of
twenty-five
dollars
shall
be
paid
to
the
12
superintendent
for
each
request
made
pursuant
to
subsection
13
1
or
2
for
a
change
of
location.
For
each
new
branch
office
14
established,
a
fee
of
two
hundred
fifty
dollars
shall
be
paid
15
to
the
superintendent.
16
Sec.
9.
NEW
SECTION
.
536B.9
Notice
of
name
change.
17
A
licensee
shall
notify
the
superintendent
thirty
days
in
18
advance
of
the
effective
date
of
a
change
in
the
name
of
the
19
licensee.
With
the
notice
of
change,
the
licensee
shall
submit
20
a
fee
of
twenty-five
dollars
per
license
to
the
superintendent.
21
Sec.
10.
NEW
SECTION
.
536B.10
Other
business
operations
22
at
same
site
——
restrictions.
23
1.
A
licensee
may
operate
a
small
dollar
installment
loan
24
business
at
a
location
where
any
other
business
is
operated
or
25
in
association
or
conjunction
with
any
other
business
with
the
26
written
approval
of
the
superintendent
and
consistent
with
both
27
of
the
following
requirements:
28
a.
The
books,
accounts,
and
records
of
the
small
dollar
29
installment
loan
business
are
kept
and
maintained
separate
30
and
apart
from
the
books,
accounts,
and
records
of
the
other
31
business.
32
b.
The
other
business
is
not
of
a
type
which
would
tend
33
to
enable
the
concealment
of
acts
engaged
in
to
evade
the
34
requirements
of
this
chapter.
If
the
superintendent
determines
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upon
investigation
that
the
other
business
is
of
a
type
which
1
would
conceal
such
acts
the
superintendent
shall
order
the
2
licensee
to
cease
the
operation
of
the
small
dollar
installment
3
loan
business
at
the
location.
4
2.
The
department
may
order
the
licensee
to
cease
operations
5
of
the
business
if
it
fails
to
obtain
written
approval
of
the
6
superintendent
before
operating
a
business
in
association
or
7
conjunction
with
services
provided
under
this
chapter.
8
Sec.
11.
NEW
SECTION
.
536B.11
Examination
of
records
by
9
superintendent
——
fees.
10
1.
The
superintendent
shall
examine
the
books,
accounts,
11
and
records
of
each
licensee
at
least
once
a
year
and
as
needed
12
to
secure
information
required
pursuant
to
this
chapter
and
to
13
determine
whether
any
violations
of
this
chapter
have
occurred.
14
The
licensee
shall
pay
the
cost
of
the
examination.
15
2.
The
superintendent
may
examine
or
investigate
complaints
16
or
reports
concerning
alleged
violations
of
this
chapter
or
17
any
rule
adopted
or
order
issued
by
the
superintendent.
The
18
superintendent
may
order
the
actual
cost
of
the
examination
or
19
investigation
to
be
paid
by
the
person
who
is
the
subject
of
20
the
examination
or
investigation,
whether
or
not
the
alleged
21
violator
is
licensed.
22
3.
The
superintendent
shall
determine
the
cost
of
the
23
examination
or
investigation
based
upon
the
actual
cost
of
the
24
operation
of
the
finance
bureau
of
the
banking
division
of
25
the
department
of
commerce,
including
the
proportionate
share
26
of
administrative
expenses
in
the
operation
of
the
banking
27
division
attributable
to
the
finance
bureau
as
determined
by
28
the
superintendent,
incurred
in
the
discharge
of
duties
imposed
29
upon
the
superintendent
by
this
chapter.
30
4.
Failure
to
pay
the
examination
or
investigation
fee
31
within
thirty
days
of
receipt
of
demand
from
the
superintendent
32
shall
subject
the
licensee
to
a
late
fee
of
up
to
five
percent
33
of
the
amount
of
the
examination
or
investigation
fee
for
each
34
day
the
payment
is
delinquent.
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5.
The
superintendent
may
disclose
information
to
1
representatives
of
other
state
or
federal
regulatory
2
authorities.
The
superintendent
may
release
summary
complaint
3
information
so
long
as
the
information
does
not
specifically
4
identify
the
complainant.
The
superintendent
may
prepare
5
and
circulate
reports
reflecting
financial
information
and
6
examination
results
for
all
licensees
on
an
aggregate
basis,
7
including
other
information
considered
pertinent
to
the
purpose
8
of
each
report
for
general
statistical
information.
The
9
superintendent
may
prepare
and
circulate
reports
provided
10
by
law.
The
superintendent
may
release
the
reports
and
11
correspondence
in
the
course
of
an
enforcement
proceeding
or
12
a
hearing
held
by
the
superintendent.
The
superintendent
may
13
also
provide
this
information
to
the
attorney
general
for
14
purposes
of
enforcing
this
chapter
or
the
consumer
fraud
Act,
15
section
714.16.
16
6.
The
superintendent
may
receive
documents,
materials,
17
or
other
information,
including
otherwise
confidential
and
18
privileged
documents,
materials,
or
other
information,
through
19
a
nationwide
licensing
system
and
from
other
local,
state,
20
federal,
or
international
regulatory
agencies,
the
conference
21
of
state
bank
supervisors
and
its
affiliates
and
subsidiaries,
22
the
national
association
of
consumer
credit
administrators
23
and
its
affiliates
and
subsidiaries,
and
any
other
regulator
24
association,
and
shall
maintain
as
confidential
and
privileged
25
any
such
document,
material,
or
other
information
received
26
with
notice
or
the
understanding
that
it
is
confidential
or
27
privileged
under
the
laws
of
the
jurisdiction
that
is
the
28
source
of
the
document,
material,
or
other
information.
29
Sec.
12.
NEW
SECTION
.
536B.12
Disciplinary
action.
30
1.
The
superintendent
may,
after
notice
and
hearing
31
pursuant
to
chapter
17A,
take
disciplinary
action
against
a
32
licensee
if
the
superintendent
finds
any
of
the
following:
33
a.
The
licensee
or
any
of
its
officers,
directors,
34
shareholders,
partners,
or
members
has
violated
this
chapter,
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any
rule
adopted
by
the
superintendent,
or
any
other
state
or
1
federal
law
applicable
to
the
conduct
of
its
business.
2
b.
The
licensee
has
failed
to
pay
a
license
fee
required
3
under
this
chapter
or
to
maintain
in
effect
the
bond
or
bonds
4
required
under
this
chapter.
5
c.
A
fact
or
condition
existing
which,
if
it
had
existed
6
at
the
time
of
the
original
application
for
the
license,
would
7
have
resulted
in
the
denial
of
issuance
of
a
license.
8
d.
The
licensee
has
abandoned
its
place
of
business
for
a
9
period
of
sixty
days
or
more.
10
e.
The
licensee
fails
to
pay
an
administrative
penalty
or
11
the
cost
of
investigation
as
ordered
by
the
superintendent.
12
f.
The
licensee
has
violated
an
order
of
the
superintendent.
13
2.
The
superintendent
may
impose
one
or
more
of
the
14
following
disciplinary
actions
against
a
licensee:
15
a.
Revoke
a
license.
16
b.
Suspend
a
license
until
further
order
of
the
17
superintendent
or
for
a
specified
period
of
time.
18
c.
Impose
a
period
of
probation
under
specified
conditions.
19
d.
Impose
civil
penalties
in
an
amount
not
to
exceed
five
20
thousand
dollars
for
each
violation.
21
e.
Issue
a
citation
and
warning
respecting
licensee
22
behavior.
23
f.
Order
the
licensee
to
pay
restitution.
24
3.
The
superintendent
may
order
an
emergency
suspension
25
of
a
licensee’s
license
pursuant
to
section
17A.18A.
A
26
written
order
containing
the
facts
or
conduct
which
warrants
27
the
emergency
action
shall
be
timely
sent
to
the
licensee
by
28
restricted
certified
mail.
Upon
issuance
of
the
suspension
29
order,
the
licensee
must
also
be
notified
of
the
right
to
an
30
evidentiary
hearing.
A
suspension
proceeding
shall
be
promptly
31
instituted
and
determined.
32
4.
Except
as
provided
in
this
section,
a
license
shall
33
not
be
revoked
or
suspended
except
after
notice
and
a
hearing
34
thereon
in
accordance
with
chapter
17A.
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5.
A
licensee
may
surrender
a
license
by
delivering
to
the
1
superintendent
written
notice
of
surrender,
but
a
surrender
2
does
not
affect
the
licensee’s
civil
or
criminal
liability
for
3
acts
committed
before
the
surrender.
4
6.
A
revocation,
suspension,
or
surrender
of
a
license
does
5
not
impair
or
affect
the
obligation
of
a
preexisting
lawful
6
contract
between
the
licensee
and
any
person,
including
a
7
debtor.
8
Sec.
13.
NEW
SECTION
.
536B.13
Cease
and
desist
order
——
9
injunction.
10
1.
If
the
superintendent
believes
that
any
person
has
11
engaged
in
or
is
about
to
engage
in
an
act
or
practice
12
constituting
a
violation
of
this
chapter
or
any
rule
adopted
13
or
order
issued
by
the
superintendent,
the
superintendent
may
14
issue
and
serve
on
the
person
a
cease
and
desist
order.
Upon
15
entry
of
a
cease
and
desist
order
the
superintendent
shall
16
promptly
notify
in
writing
all
persons
to
whom
the
order
is
17
directed
that
it
has
been
entered
and
the
reasons
for
the
18
order.
Any
person
to
whom
the
order
is
directed
may
request
19
in
writing
a
hearing
within
fifteen
business
days
after
the
20
date
of
the
issuance
of
the
order.
Upon
receipt
of
the
written
21
request,
the
matter
shall
be
set
for
hearing
within
fifteen
22
business
days
of
the
receipt
by
the
superintendent,
unless
23
the
person
requesting
the
hearing
consents
to
a
later
date.
24
If
a
hearing
is
not
requested
within
fifteen
business
days
25
and
none
is
ordered
by
the
superintendent,
the
order
of
the
26
superintendent
shall
automatically
become
final
and
remain
in
27
effect
until
modified
or
vacated
by
the
superintendent.
If
28
a
hearing
is
requested
or
ordered,
the
superintendent,
after
29
notice
and
hearing,
shall
issue
written
findings
of
fact
and
30
conclusions
of
law
and
shall
affirm,
vacate,
or
modify
the
31
order.
32
2.
The
superintendent
may
vacate
or
modify
an
order
if
33
the
superintendent
finds
that
the
conditions
which
caused
34
its
entry
have
changed
or
that
it
is
otherwise
in
the
public
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interest
to
do
so.
Any
person
aggrieved
by
a
final
order
of
the
1
superintendent
may
appeal
the
order
as
provided
in
chapter
17A.
2
3.
If
it
appears
that
a
person
has
engaged
in
or
is
engaging
3
in
an
act
or
practice
in
violation
of
this
chapter,
the
4
attorney
general
may
initiate
an
action
in
the
district
court
5
to
enjoin
such
acts
or
practices
and
to
enforce
compliance
with
6
this
chapter.
Upon
a
showing
of
a
violation
of
this
chapter,
7
a
permanent
or
temporary
injunction,
restraining
order,
or
8
writ
of
mandamus
shall
be
granted
or
a
receiver
or
conservator
9
may
be
appointed
to
oversee
the
person’s
assets.
The
attorney
10
general
shall
not
be
required
to
post
a
bond.
11
Sec.
14.
NEW
SECTION
.
536B.14
Administrative
penalty.
12
1.
If
the
superintendent
finds,
after
notice
and
hearing
13
as
provided
in
this
chapter,
that
a
person
has
violated
this
14
chapter,
a
rule
adopted
pursuant
to
this
chapter,
or
an
order
15
of
the
superintendent,
the
superintendent
may
order
the
person
16
to
pay
an
administrative
fine
of
not
more
than
five
thousand
17
dollars
for
each
violation,
in
addition
to
the
costs
of
18
investigation.
19
2.
If
a
person
fails
to
pay
an
administrative
fine
and
the
20
costs
of
investigation
ordered
pursuant
to
subsection
1,
a
21
lien
in
the
amount
of
the
fine
and
costs
may
be
imposed
upon
22
all
assets
and
property
of
the
person
in
this
state
and
may
be
23
recovered
in
a
civil
action
by
the
superintendent.
Failure
of
24
the
person
to
pay
the
fine
and
costs
constitutes
a
separate
25
violation
of
this
chapter.
26
Sec.
15.
NEW
SECTION
.
536B.15
Criminal
violation
——
27
operation
of
business
without
license
——
injunction.
28
A
person
required
to
be
licensed
under
this
chapter
who
29
operates
a
small
dollar
installment
loan
business
in
this
state
30
without
first
obtaining
a
license
under
this
chapter
or
while
31
such
license
is
suspended
or
revoked
by
the
superintendent
is
32
guilty
of
a
serious
misdemeanor.
In
addition
to
the
criminal
33
penalty
provided
for
in
this
section,
the
superintendent
34
may
also
commence
an
action
to
enjoin
the
operation
of
the
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business.
1
Sec.
16.
NEW
SECTION
.
536B.16
Impairment
of
preexisting
2
loan.
3
1.
The
revocation,
suspension,
surrender,
expiration,
or
4
alteration
of
a
license
provided
under
this
chapter
shall
not
5
impair
or
affect
any
of
the
following:
6
a.
The
obligation
of
a
lawful
preexisting
small
dollar
7
installment
loan
between
a
small
dollar
installment
loan
8
business
and
a
consumer.
9
b.
The
ability
or
right
of
a
small
dollar
installment
loan
10
business
to
service
a
preexisting
small
dollar
installment
loan
11
from
outside
this
state.
12
2.
If
this
chapter
or
any
part
of
this
chapter
is
modified,
13
amended,
or
repealed,
resulting
in
a
cancellation
or
alteration
14
of
any
small
dollar
installment
loan
business
license
or
15
right
of
a
licensee
under
this
chapter,
that
cancellation
or
16
alteration
shall
not
impair
or
affect
the
obligation
of
any
17
preexisting
contract
between
a
small
dollar
installment
loan
18
business
and
any
consumer.
19
Sec.
17.
NEW
SECTION
.
536B.17
Restrictions.
20
1.
A
licensee
shall
not
knowingly
advertise,
display,
21
distribute,
broadcast,
or
televise,
or
cause
or
allow
to
be
22
advertised,
displayed,
distributed,
broadcast,
or
televised,
in
23
any
manner,
any
false,
misleading,
or
deceptive
statement
or
24
representation
with
regard
to
the
rates,
terms,
or
conditions
25
of
a
small
dollar
installment
loan.
To
the
extent
applicable,
26
all
advertising
shall
comply
with
the
advertising
requirements
27
specified
in
the
federal
Truth
in
Lending
Act.
28
2.
a.
A
licensee
shall
not
provide
a
small
dollar
29
installment
loan
with
an
annual
percentage
rate
greater
than
30
that
provided
in
10
U.S.C.
§987(b),
to
any
of
the
following:
31
(1)
A
member
of
the
United
States
armed
forces
who
is
on
32
active
duty
under
a
call
or
order
that
does
not
specify
a
33
period
of
thirty
days
or
less.
34
(2)
A
person
on
active
national
guard
duty
or
armed
forces
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military
reserve
active
duty.
1
(3)
A
dependent
as
defined
in
10
U.S.C.
§987(i).
2
b.
A
licensee
shall
not
provide
a
small
dollar
installment
3
loan
to
a
consumer
unless
the
consumer
has
signed
a
statement,
4
to
be
included
as
part
of
the
loan,
attesting
to
whether
or
not
5
the
consumer
is
a
military
member
or
a
dependent
as
defined
6
in
10
U.S.C.
§987(i).
The
statement
shall
be
in
the
form
as
7
prescribed
by
the
superintendent
by
rule.
8
c.
An
unsecured
consumer
loan
made
in
violation
of
10
U.S.C.
9
§987
is
void
and
its
terms
and
conditions
unenforceable.
10
Sec.
18.
NEW
SECTION
.
536B.18
Rules.
11
The
superintendent
may
adopt
rules
to
administer
this
12
chapter.
13
Sec.
19.
NEW
SECTION
.
536B.19
Noncompliance.
14
1.
A
small
dollar
installment
loan
that
is
provided
by
15
a
person
who
is
required
to
be
licensed
under
this
chapter
16
but
who
is
not
licensed
is
void
and
its
terms
and
conditions
17
unenforceable.
18
2.
Except
as
provided
in
subsection
1
and
section
536B.17,
19
subsection
2,
failure
to
comply
with
this
chapter
shall
20
not
affect
the
validity
or
enforceability
of
a
small
dollar
21
installment
loan.
22
Sec.
20.
NEW
SECTION
.
536B.20
Disclosures.
23
1.
To
the
extent
applicable,
a
licensee
shall
comply
with
24
the
disclosure
requirements
as
set
forth
in
the
federal
Truth
25
in
Lending
Act.
26
2.
A
licensee
shall
conspicuously
display
a
sign
printed
27
in
at
least
twelve-point
bold
font
type
at
each
desk
in
the
28
licensed
office
and
licensed
branch
office
where
small
dollar
29
installment
loan
transactions
are
conducted
with
the
following
30
disclosure:
31
Notice:
Before
signing
any
loan
documents
or
otherwise
32
committing
to
a
loan,
you
may
take
copies
of
those
documents
33
away
from
the
small
dollar
installment
loan
business’s
place
34
of
business
for
review.
35
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3.
A
licensee
providing
electronic
small
dollar
installment
1
loans
shall
conspicuously
display
the
following
disclosure
on
2
the
licensee’s
internet
site:
3
Notice:
Before
signing
any
loan
documents
or
otherwise
4
committing
to
a
loan,
please
read
our
terms
and
conditions
5
carefully.
6
4.
A
licensee
who
fails
to
provide
disclosures
as
required
7
under
this
section
shall
be
subject
to
a
civil
penalty
not
to
8
exceed
three
hundred
dollars
for
each
violation.
9
Sec.
21.
NEW
SECTION
.
536B.21
Finance
charge.
10
1.
A
licensee
may
charge
a
finance
charge
on
a
small
dollar
11
installment
loan
at
a
rate
not
to
exceed
twenty
percent
of
the
12
first
five
hundred
dollars
loaned,
plus
seven
and
one-half
13
percent
of
any
amount
in
excess
of
five
hundred
dollars
loaned.
14
The
finance
charge
shall
be
deemed
fully
earned
as
of
the
date
15
of
the
small
dollar
installment
loan
transaction
and
shall
not
16
be
refundable
or
prorated
in
the
event
of
prepayment.
17
2.
This
section
does
not
authorize
the
compounding
of
a
18
finance
charge.
19
Sec.
22.
NEW
SECTION
.
536B.22
Other
fees
and
charges.
20
1.
In
addition
to
a
finance
charge
authorized
under
section
21
536B.21,
a
licensee
may
collect
any
of
the
following
fees
or
22
charges:
23
a.
A
monthly
maintenance
fee
on
each
small
dollar
24
installment
loan
at
a
rate
not
to
exceed
eleven
dollars
and
25
twenty-five
cents
per
one
hundred
dollars
loaned.
Such
fee
26
shall
be
refundable
to
the
consumer
on
a
pro
rata
basis
upon
27
prepayment
in
full
prior
to
the
maturity
date
of
the
loan.
28
b.
A
delinquency
charge
if
an
installment
is
not
paid
in
29
full
within
seven
days,
equal
to
five
percent
of
the
amount
of
30
the
installment.
31
c.
Court
costs
and
reasonable
attorney
fees
if
the
small
32
dollar
installment
loan
is
referred
for
collection
to
an
33
attorney
other
than
an
employee
of
the
licensee.
34
d.
A
dishonored
check
service
fee
if
a
licensee
receives
35
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_____
a
check,
draft,
negotiable
order
of
withdrawal,
or
similar
1
instrument
that
is
not
paid
or
is
not
honored
by
a
depository
2
institution,
equal
to
the
actual
charges
assessed
by
the
3
depository
institution.
4
2.
A
licensee
shall
not
directly
or
indirectly
charge,
5
contract
for,
or
receive
any
other
amount
in
connection
with
6
a
small
dollar
installment
loan
except
as
provided
in
this
7
chapter.
8
EXPLANATION
9
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
10
the
explanation’s
substance
by
the
members
of
the
general
assembly.
11
This
bill
creates
new
Code
chapter
536B
to
require
licensure
12
of
persons
who
wish
to
provide
small
dollar
installment
loans
13
to
residents
of
the
state.
14
The
bill
defines
“small
dollar
installment
loan”
to
mean
15
a
loan
that
is
incurred
for
a
personal,
family,
or
household
16
purpose,
is
not
less
than
$500
and
not
more
than
$1,000,
is
17
unsecured,
is
held
for
a
specified
period,
is
payable
in
18
biweekly,
semimonthly,
or
monthly
payment
installments,
is
19
subject
to
prepayment
in
whole
or
in
part
at
any
time
without
20
penalty,
and
is
for
a
term
length
of
a
minimum
of
six
months
and
21
a
maximum
of
12
months.
22
The
bill
exempts
the
following
persons
from
the
requirements
23
of
the
bill:
a
person
who
does
business
under
any
law
relating
24
to
banks,
savings
banks,
trusts,
savings
and
loan
associations,
25
profit
sharing
and
pension
trusts,
credit
unions,
insurance
26
companies,
or
receiverships,
a
person
who
is
not
regularly
27
engaged
in
the
business
of
making
small
dollar
installment
28
loans,
as
defined
in
the
bill,
a
person
who
is
licensed
29
pursuant
to
another
Iowa
Code
chapter
to
the
extent
that
30
the
person’s
activities
are
governed
by
that
Code
chapter,
31
or
a
consumer
loan
with
a
finance
charge
as
permitted
under
32
specified
law.
33
The
bill
prohibits
a
person
from
operating
a
small
dollar
34
installment
loan
business
in
the
state
unless
the
person
is
35
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_____
physically
located
in
the
state
and
is
licensed
pursuant
to
1
the
bill.
The
bill
requires
an
application
for
a
license
2
to
include
an
application
fee
of
$100
and
a
surety
bond,
as
3
described
in
the
bill.
The
superintendent
of
banking
shall
4
issue
a
license
pursuant
to
the
bill
if
the
superintendent
5
finds
all
of
the
following:
the
experience,
character,
and
6
general
fitness
of
the
applicant
is
such
as
to
warrant
a
7
finding
that
the
applicant
will
conduct
the
small
dollar
8
installment
loan
business
honestly,
fairly,
and
efficiently;
9
the
applicant
has
not
been
convicted
of
a
felony;
the
10
applicant
is
financially
responsible;
and
the
applicant
has
11
unencumbered
assets
of
at
least
$25,000
available
for
operating
12
the
business.
The
superintendent
shall
approve
or
deny
an
13
application
for
a
license
by
written
order
within
90
days
of
14
filing.
15
The
bill
requires
a
license
issued
pursuant
to
the
bill
to
be
16
conspicuously
posted
at
the
licensee’s
place
of
business.
A
17
license
is
valid
until
the
next
succeeding
January
1,
unless
18
earlier
suspended
or
revoked.
The
bill
provides
that
a
license
19
shall
be
renewed
annually
by
filing
a
renewal
application
with
20
the
superintendent
on
or
before
December
1.
The
superintendent
21
may
assess
a
late
fee
of
$10
per
day
for
a
late
renewal
22
application.
The
bill
allows
the
superintendent
to
license
23
applicants
through
a
nationwide
licensing
system
and
to
use
24
such
system
as
a
channeling
agent
with
the
federal
government.
25
The
bill
provides
that
a
licensee
may
surrender
a
license
by
26
delivering
written
notice
to
the
superintendent.
The
surrender
27
shall
not
affect
the
licensee’s
criminal
or
civil
liability
28
for
acts
committed
prior
to
the
surrender,
the
liability
of
29
the
surety
bond,
or
payment
of
the
annual
license
fee.
The
30
superintendent
may
establish
procedures
for
the
disposition
of
31
the
surrendered
licensee’s
books,
accounts,
and
records
and
may
32
require
any
action
necessary
for
the
protection
of
outstanding
33
makers
of
checks.
34
The
bill
requires
a
licensee
to
notify
the
superintendent
35
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_____
in
writing
within
30
days
upon
any
of
the
following:
filing
1
for
bankruptcy
or
reorganization;
reorganization
of
the
2
business;
commencement
of
license
revocation
or
any
other
civil
3
or
criminal
proceedings
by
any
other
state
or
jurisdiction;
4
the
filing
of
a
criminal
indictment
or
complaint
against
the
5
licensee
or
any
other
specified
persons;
or
a
felony
conviction
6
against
the
licensee
or
any
other
specified
persons.
7
The
bill
requires
prior
written
approval
of
the
8
superintendent
for
the
continued
operation
of
a
small
dollar
9
installment
loan
business
whenever
a
change
in
control
10
of
a
licensee
is
proposed,
as
described
in
the
bill.
The
11
person
requesting
such
approval
shall
pay
a
$100
fee
to
12
the
superintendent,
as
well
as
any
costs
incurred
by
the
13
superintendent
in
investigating
a
change
in
control
request.
14
A
license
issued
pursuant
to
the
bill
is
not
transferable
or
15
assignable.
16
The
bill
provides
that
a
licensee
may
operate
a
small
dollar
17
installment
loan
business
only
at
its
designated
principal
18
place
of
business,
where
the
licensee
shall
maintain
its
books,
19
accounts,
and
records.
A
licensee
may
change
the
location
of
20
its
principal
place
of
business
with
the
prior
written
approval
21
of
the
superintendent.
A
licensee
may
establish
branch
offices
22
in
the
same
county
in
which
the
principal
place
of
business
is
23
located,
with
the
prior
written
approval
of
the
superintendent.
24
A
licensee
shall
notify
the
superintendent
30
days
in
advance
25
of
a
change
in
the
name
of
the
licensee.
A
licensee
shall
26
pay
a
$25
fee
to
the
superintendent
for
a
request
to
change
27
the
location
of
a
principal
place
of
business,
to
establish
a
28
branch
office,
or
to
provide
notice
of
a
name
change.
29
The
bill
permits
a
licensee
to
operate
a
small
dollar
30
installment
loan
business
at
a
location
where
any
other
31
business
is
operated
with
the
written
approval
of
the
32
superintendent,
so
long
as
the
licensee’s
books,
accounts,
and
33
records
are
kept
separate
and
apart
from
the
other
business,
34
and
the
other
business
is
not
of
a
type
which
would
tend
35
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H.F.
_____
to
enable
the
concealment
of
acts
engaged
in
to
evade
the
1
requirements
of
the
bill.
2
The
bill
requires
the
superintendent
to
examine
the
books,
3
accounts,
and
records
of
each
licensee
at
least
once
a
year
4
and
as
needed
to
secure
information
required
by
the
bill
and
5
to
determine
whether
any
violations
of
the
bill
have
occurred.
6
The
licensee
shall
pay
the
cost
of
the
examination.
The
7
superintendent
may
also
examine
or
investigate
complaints
or
8
reports
concerning
alleged
violations
of
the
bill,
and
may
9
order
the
actual
cost
of
the
examination
or
investigation
as
10
specified
in
the
bill
be
paid
by
the
person
subject
to
such
11
examination
or
investigation.
Failure
to
pay
the
examination
12
or
investigation
fee
within
30
days
of
receipt
of
demand
shall
13
subject
the
licensee
to
a
late
fee
of
up
to
5
percent
of
the
14
amount
of
the
fee
for
each
day
the
payment
is
delinquent.
15
The
superintendent
may
disclose
information
to
other
state
16
or
federal
regulatory
authorities
and
may
receive
documents,
17
materials,
or
other
information
through
a
nationwide
licensing
18
system
and
from
other
regulatory
agencies,
as
provided
in
the
19
bill.
20
The
bill
permits
the
superintendent
to
take
disciplinary
21
action
against
a
licensee,
after
notice
and
hearing,
if
the
22
superintendent
finds
any
of
the
following:
the
licensee
or
any
23
other
specified
person
has
violated
any
provision
of
the
bill,
24
any
rule
adopted
by
the
superintendent,
or
any
other
applicable
25
state
or
federal
law;
the
licensee
has
failed
to
pay
a
license
26
fee
or
to
maintain
in
effect
the
required
surety
bond;
a
fact
27
or
condition
existing
which
would
have
resulted
in
the
initial
28
denial
of
issuance
of
a
license;
the
licensee
has
abandoned
its
29
place
of
business
for
60
days
or
more;
or
the
licensee
fails
30
to
pay
an
administrative
penalty
or
the
cost
of
investigation
31
as
ordered.
The
superintendent
may
impose
one
or
more
of
the
32
following
disciplinary
actions
against
a
licensee:
revoke
a
33
license;
suspend
a
license;
impose
a
period
of
probation
under
34
specified
conditions;
impose
civil
or
administrative
penalties
35
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H.F.
_____
in
an
amount
not
to
exceed
$5,000
per
violation;
issue
a
1
citation
and
warning;
or
order
the
licensee
to
pay
restitution.
2
The
superintendent
may
also
order
an
emergency
suspension
of
3
a
license
as
provided
in
the
bill.
The
bill
provides
that
a
4
license
shall
not
be
revoked
or
suspended
except
after
notice
5
and
a
hearing.
6
The
bill
permits
the
superintendent
to
issue
a
cease
and
7
desist
order
on
any
person
the
superintendent
believes
is
8
engaged
in
or
is
about
to
engage
in
a
violation
of
the
bill
9
or
any
rule
or
order
issued
by
the
superintendent.
The
10
bill
provides
procedures
for
notice
and
hearing
for
the
11
issuance
of
a
cease
and
desist
order,
as
provided
in
the
bill.
12
After
notice
and
hearing,
if
so
requested
or
ordered,
the
13
superintendent
shall
affirm,
vacate,
or
modify
the
order.
The
14
superintendent
may
vacate
or
modify
an
order
if
conditions
15
which
caused
its
entry
have
changed
or
if
it
is
otherwise
16
in
the
public
interest
to
do
so.
The
bill
also
permits
the
17
attorney
general
to
initiate
action
in
district
court
if
it
18
appears
a
person
has
engaged
in
or
will
engage
in
a
violation
19
of
the
bill,
as
provided
in
the
bill.
20
The
bill
provides
that
a
person
who
operates
a
small
dollar
21
installment
loan
business
in
the
state
without
first
obtaining
22
a
license
or
while
such
license
is
suspended
or
revoked
is
23
guilty
of
a
serious
misdemeanor.
A
serious
misdemeanor
is
24
punishable
by
confinement
for
no
more
than
one
year
and
a
fine
25
of
at
least
$315
but
not
more
than
$1,875.
In
addition,
the
26
superintendent
may
commence
an
action
to
enjoin
the
operation
27
of
the
business.
28
The
bill
provides
that
the
revocation,
suspension,
29
surrender,
cancellation,
or
alteration
of
a
license
will
not
30
impair
or
affect
the
validity
of
a
preexisting
small
dollar
31
installment
loan
or
the
ability
of
a
lender
to
service
a
32
preexisting
loan
outside
of
this
state.
33
The
bill
prohibits
a
licensee
from
advertising
in
any
false
34
or
misleading
manner
with
regards
to
the
rates
or
terms
of
35
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H.F.
_____
a
small
dollar
installment
loan
and
requires
a
licensee
to
1
comply
with
the
advertising
requirements
in
the
federal
Truth
2
in
Lending
Act.
A
licensee
cannot
provide
a
small
dollar
3
installment
loan
to
a
military
member
or
dependent,
as
defined
4
in
10
U.S.C.
§987(i),
with
an
annual
percentage
rate
greater
5
than
that
provided
in
10
U.S.C.
§987(b).
Before
a
licensee
6
may
provide
a
small
dollar
installment
loan,
the
consumer
must
7
sign
a
statement
attesting
to
whether
or
not
the
consumer
is
a
8
military
member
or
dependent.
A
loan
made
in
violation
of
10
9
U.S.C.
§987
is
void
and
its
terms
and
conditions
unenforceable.
10
The
bill
requires
a
licensee
to
comply
with
the
disclosure
11
requirements
in
the
federal
Truth
in
Lending
Act.
A
licensee
12
must
display
a
disclosure
sign,
as
described
in
the
bill,
at
13
each
desk
in
the
licensed
office
and
each
licensed
branch
14
office
and
on
the
licensee’s
internet
site
if
the
licensee
15
provides
electronic
small
dollar
installment
loans.
A
licensee
16
who
fails
to
do
so
is
subject
to
a
civil
penalty
not
to
exceed
17
$300
for
each
violation.
18
The
bill
allows
a
licensee
to
charge
a
finance
charge,
as
19
defined
in
the
bill,
on
a
small
dollar
installment
loan
at
20
a
rate
not
to
exceed
20
percent
of
the
first
$500
loaned,
21
plus
7.5
percent
of
any
amount
in
excess
of
$500
loaned.
The
22
finance
charge
shall
be
deemed
fully
earned
as
of
the
date
of
23
the
loan
transaction
and
shall
not
be
refundable
or
prorated
24
in
the
event
of
prepayment.
A
licensee
is
not
permitted
to
25
compound
a
finance
charge.
In
addition
to
a
finance
charge,
a
26
licensee
may
collect
a
monthly
maintenance
fee,
a
delinquency
27
charge,
court
costs
and
reasonable
attorney
fees,
and
a
28
dishonored
check
service
fee,
as
described
in
the
bill.
A
29
licensee
is
prohibited
from
collecting
any
other
charges
or
30
fees
in
connection
with
conducting
small
dollar
installment
31
loan
transactions.
32
-21-
LSB
2103YC
(1)
88
gh/rn
21/
21