Text: S03545                            Text: S03547
Text: S03500 - S03599                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3546

Amendment Text

PAG LIN
  1  1    Amend Senate File 484 as follows:
  1  2    #1.  Page 44, by inserting after line 16 the
  1  3 following:
  1  4    "Sec.    .  Section 537.2504, unnumbered paragraph
  1  5 1, Code 1995, is amended to read as follows:
  1  6    With respect to a consumer credit transaction in
  1  7 which the rate of finance charge required to be
  1  8 disclosed in the transaction pursuant to section
  1  9 537.3201 does not exceed eighteen percent per year,
  1 10 other than a consumer lease or a consumer rental
  1 11 purchase agreement, the creditor may, by agreement
  1 12 with the consumer, refinance the unpaid balance and
  1 13 may contract for and receive a finance charge based on
  1 14 the amount financed resulting from the refinancing at
  1 15 a rate not exceeding that permitted by the provisions
  1 16 on finance charge for consumer credit sales other than
  1 17 open end credit in section 537.2201 if a consumer
  1 18 credit sale is refinanced, the provisions on finance
  1 19 charge for a consumer loan other than a supervised
  1 20 loan in section 537.2401, subsection 1, or the
  1 21 provisions on finance charge for a supervised loan not
  1 22 pursuant to open end credit in section 537.2401,
  1 23 subsection 2, as applicable, if a consumer loan is
  1 24 refinanced.  With respect to a consumer credit
  1 25 transaction in which the rate of finance charge
  1 26 required to be disclosed in the transaction to the
  1 27 consumer pursuant to section 537.3201 exceeds eighteen
  1 28 percent per year, other than a consumer lease or a
  1 29 consumer rental purchase agreement, the creditor may
  1 30 by agreement with the consumer, refinance the unpaid
  1 31 balance and may contract for and receive a finance
  1 32 charge based on the amount financed resulting from the
  1 33 refinancing at a rate of finance charge not to exceed
  1 34 that which was required to be disclosed in the
  1 35 original transaction to the consumer rate permitted
  1 36 for consumer credit sales pursuant to section 537.3201
  1 37 537.2201 or the rate permitted for consumer loans
  1 38 pursuant to section 537.2401, whichever is greater.
  1 39 For the purpose of determining the finance charge
  1 40 permitted, the amount financed resulting from the
  1 41 refinancing consists of:" 
  1 42 
  1 43 
  1 44                              
  1 45 JOHN W. JENSEN
  1 46 SF 484.202 76
  1 47 tj/jj
     

Text: S03545                            Text: S03547
Text: S03500 - S03599                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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