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House Study Bill 19

Conference Committee Text

PAG LIN
  1  1    Section 1.  Section 537.2502, Code 1995, is amended by
  1  2 adding the following new subsection:
  1  3    NEW SUBSECTION.  8.  If all or part of an installment is in
  1  4 default for thirty days or more, the creditor may convert a
  1  5 precomputed consumer credit transaction to one in which the
  1  6 finance charge is based on the unpaid balance.  In this event,
  1  7 the creditor shall make a rebate pursuant to the provisions
  1  8 for rebate upon prepayment, as provided in section 537.2510,
  1  9 and thereafter receive a finance charge not exceeding that
  1 10 authorized in section 537.2401.  If a lender proceeds under
  1 11 this subsection, no further delinquency or deferral charges
  1 12 shall be made.  
  1 13                           EXPLANATION
  1 14    This bill provides that if all or part of the installment
  1 15 remains unpaid for 30 days or more, the creditor may convert a
  1 16 precomputed consumer credit transaction to a transaction where
  1 17 the finance charge is based upon the unpaid balance.  
  1 18 LSB 1558HC 76
  1 19 mj/jj/8
     
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