Bill Text: IA SSB3077 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to points and fees charged on loans by mortgage bankers.(See SF 2287.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-02-08 - Committee report approving bill, renumbered as SF 2287. [SSB3077 Detail]
Download: Iowa-2023-SSB3077-Introduced.html
Senate
Study
Bill
3077
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
BROWN)
A
BILL
FOR
An
Act
relating
to
points
and
fees
charged
on
loans
by
mortgage
1
bankers.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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S.F.
_____
Section
1.
Section
535.8,
subsection
2,
Code
2024,
is
1
amended
to
read
as
follows:
2
2.
If
a
lender
that
is
a
financial
institution
as
defined
3
in
section
537.1301
makes
a
loan
in
which
the
points
and
fees
4
the
borrower
is
charged
by
all
lenders
in
connection
with
5
the
loan
do
not
exceed
the
amounts
specified
in
12
C.F.R.
6
§1026.43(e)(3),
the
loan
shall
not
be
subject
to
the
provisions
7
of
subsection
4
,
paragraphs
“a”
,
“b”
,
and
“d”
,
or
subsection
5
.
8
If
a
lender
that
is
a
mortgage
banker
licensed
under
section
9
535B.5
or
registered
under
section
535B.3
makes
a
loan
in
which
10
the
points
and
fees
the
borrower
is
charged
by
all
lenders
in
11
connection
with
the
loan
do
not
exceed
the
amounts
specified
12
in
12
C.F.R.
§1026.43(e)(3)
,
the
loan
shall
not
be
subject
to
13
the
provisions
of
subsection
4,
paragraph
“a”
,
or
subsection
14
5
.
This
subsection
applies
to
the
financial
institution
lender
15
that
originates
the
loan
and
to
subsequent
purchasers
of
the
16
loan
originated
by
the
financial
institution.
17
EXPLANATION
18
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
19
the
explanation’s
substance
by
the
members
of
the
general
assembly.
20
This
bill
relates
to
points
and
fees
charged
on
loans
by
21
mortgage
bankers.
Under
current
law,
if
a
lender
that
is
a
22
mortgage
banker
makes
a
loan
in
which
the
points
and
fees
23
the
borrower
is
charged
by
all
lenders
in
connection
with
24
the
loan
do
not
exceed
the
amounts
specified
in
12
C.F.R.
25
§1026.43(e)(3),
the
loan
shall
not
be
subject
to
the
provisions
26
of
Code
section
535.8(5).
Under
the
bill,
the
loan
shall
also
27
not
be
subject
to
Code
section
535.8(4)(a).
28
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