Bill Text: IA SF2125 | 2017-2018 | 87th General Assembly | Introduced

Iowa Senate Bill 2125 (Prior Session Legislation)

Introduced

Bill Title: A bill for an act relating to delayed deposit services by limiting the annual percentage rate for fees, and making penalties applicable.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-30 - Subcommittee: Zumbach, Guth, and Lykam. S.J. 183. [SF2125 Detail]

Download: Iowa-2017-SF2125-Introduced.html


Senate File 2125 - Introduced




                                 SENATE FILE       
                                 BY  CHELGREN

                                      A BILL FOR

  1 An Act relating to delayed deposit services by limiting the
  2    annual percentage rate for fees, and making penalties
  3    applicable.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 5964XS (1) 87
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PAG LIN



  1  1    Section 1.  Section 533D.9, subsection 2, paragraph b, Code
  1  2 2018, is amended to read as follows:
  1  3    b.  The annual percentage rate as computed pursuant to the
  1  4 federal Truth in Lending Act.  The annual percentage rate shall
  1  5 not exceed thirty=six percent.
  1  6                           EXPLANATION
  1  7 The inclusion of this explanation does not constitute agreement with
  1  8 the explanation's substance by the members of the general assembly.
  1  9    Current law allows a person licensed to operate a delayed
  1 10 deposit services business to charge certain fees, charges,
  1 11 and penalties in connection with a delayed deposit services
  1 12 transaction. This bill limits the annual percentage rate
  1 13 applicable to a delayed deposit services transaction to 36
  1 14 percent, as computed pursuant to the federal Truth in Lending
  1 15 Act. A violation of the bill may result in an administrative
  1 16 fine of not more than $5,000 for each violation and the cost of
  1 17 investigation.
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