House
File
2268
-
Introduced
HOUSE
FILE
2268
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
514)
A
BILL
FOR
An
Act
relating
to
notice
provisions
in
connection
with
1
designated
consumer
lending
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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H.F.
2268
Section
1.
Section
537.3205,
subsection
1,
Code
2020,
is
1
amended
to
read
as
follows:
2
1.
Whether
or
not
a
change
is
authorized
by
prior
agreement,
3
a
creditor
may
make
a
change
in
the
terms
of
an
open-end
credit
4
account
applying
to
any
balance
incurred
after
the
effective
5
date
of
the
change
only
if
the
creditor
delivers
or
mails
to
6
the
consumer
a
written
disclosure
of
the
change
at
least
sixty
7
days
before
the
effective
date
of
the
change
in
accordance
with
8
12
C.F.R.
§1026.9
.
9
EXPLANATION
10
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
11
the
explanation’s
substance
by
the
members
of
the
general
assembly.
12
This
bill
makes
specified
changes
relating
to
consumer
13
lending
provisions.
14
The
Iowa
consumer
credit
code
contained
in
Code
chapter
15
537
currently
states
creditors
may
only
make
changes
to
the
16
terms
of
an
open-end
credit
account,
applying
to
any
balance
17
incurred
after
the
effective
date
of
the
change,
if
the
18
creditor
provides
to
the
consumer
a
written
disclosure
of
the
19
change
at
least
60
days
prior
to
the
effective
date
of
the
20
change.
The
bill
replaces
that
60-day
notification
requirement
21
by
incorporating
by
reference
federal
regulations
governing
22
the
disclosure
of
changes
to
the
terms
of
an
open-end
credit
23
account.
24
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