Bill Text: IA SSB3025 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act providing for increases in designated monetary limits specified in the consumer credit code.
Spectrum: Unknown
Status: (N/A - Dead) 2014-01-16 - In Judiciary [SSB3025 Detail]
Download: Iowa-2013-SSB3025-Introduced.html
Senate
Study
Bill
3025
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
ATTORNEY
GENERAL
BILL)
A
BILL
FOR
An
Act
providing
for
increases
in
designated
monetary
limits
1
specified
in
the
consumer
credit
code.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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S.F.
_____
H.F.
_____
Section
1.
Section
537.1301,
subsection
13,
paragraph
a,
1
subparagraph
(5),
Code
2014,
is
amended
to
read
as
follows:
2
(5)
With
respect
to
a
sale
of
goods
or
services,
the
amount
3
financed
does
not
exceed
twenty-five
thousand
dollars
the
4
threshold
amount
.
5
Sec.
2.
Section
537.1301,
subsection
14,
paragraph
a,
6
subparagraph
(4),
Code
2014,
is
amended
to
read
as
follows:
7
(4)
The
amount
payable
under
the
lease
does
not
exceed
8
twenty-five
thousand
dollars
the
threshold
amount
.
9
Sec.
3.
Section
537.1301,
subsection
15,
paragraph
a,
10
subparagraph
(5),
Code
2014,
is
amended
to
read
as
follows:
11
(5)
The
amount
financed
does
not
exceed
twenty-five
12
thousand
dollars
the
threshold
amount
.
13
Sec.
4.
Section
537.1301,
Code
2014,
is
amended
by
adding
14
the
following
new
subsection:
15
NEW
SUBSECTION
.
46.
“Threshold
amount”
means
the
applicable
16
threshold
amount
in
effect
during
the
period
a
consumer
credit
17
transaction
was
entered
into
as
determined
pursuant
to
12
18
C.F.R.
§226.3(b).
19
Sec.
5.
Section
554.13103,
subsection
1,
paragraph
e,
Code
20
2014,
is
amended
to
read
as
follows:
21
e.
“Consumer
lease”
means
a
lease
that
a
lessor
regularly
22
engaged
in
the
business
of
leasing
or
selling
makes
to
a
23
lessee
who
is
an
individual
and
who
takes
under
the
lease
24
primarily
for
a
personal,
family,
or
household
purpose,
if
the
25
total
payments
to
be
made
under
the
lease
contract,
excluding
26
payments
for
options
to
renew
or
buy,
do
not
exceed
the
dollar
27
amount
designated
in
section
537.1301,
subsection
14
.
28
EXPLANATION
29
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
30
the
explanation’s
substance
by
the
members
of
the
general
assembly.
31
This
bill
increases
monetary
limits
applicable
to
certain
32
consumer
credit
transactions
as
specified
in
Code
chapter
537,
33
the
consumer
credit
code.
34
Currently,
the
definitions
of
consumer
credit
sale,
consumer
35
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_____
H.F.
_____
lease,
and
consumer
loan
provide
that
the
amount
financed
or
1
payable,
as
applicable,
shall
not
exceed
$25,000.
The
bill
2
deletes
references
to
this
monetary
amount,
and
substitutes
3
instead
that
the
amount
financed
or
payable
shall
not
exceed
4
the
“threshold
amount.”
5
The
term
“threshold
amount”
is
defined
to
mean
the
6
applicable
threshold
amount
in
effect
during
the
period
a
7
consumer
credit
transaction
was
entered
into
as
determined
8
pursuant
to
a
provision
of
the
federal
Truth
in
Lending
Act
9
referenced
in
the
bill.
The
referenced
provision
relates
10
to
the
calculation
of
a
threshold
amount
in
connection
with
11
extensions
of
credit
which
are
exempt
from
regulation
under
the
12
federal
Act.
13
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