Text: SF00340 Text: SF00342 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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. With respect to open-end credit
1 4 obtained pursuant to a credit card issued by the creditor
1 5 which entitles the cardholder to purchase or lease goods or
1 6 services from less than one hundred persons not related to the
1 7 card issuer, the parties may contract for a delinquency charge
1 8 on any payment not paid in full within thirty days after its
1 9 due date, as originally scheduled or as deferred, in an amount
1 10 not to exceed ten dollars. A delinquency charge shall not be
1 11 collected more than once on any one payment, regardless of the
1 12 length of time the payment remains delinquent.
1 13 EXPLANATION
1 14 This bill provides that the parties to an open-end credit
1 15 arrangement involving credit cards issued by the creditor
1 16 which entitles the cardholder to purchase or lease goods or
1 17 services from less than 100 persons who are not related to the
1 18 card issuer may contract for a delinquency charge on any
1 19 payment not paid in full within 30 days after its due date, as
1 20 originally scheduled or as deferred, in an amount not to
1 21 exceed $10. The delinquency charge authorized under this sub-
1 22 section shall only be collected once on any one payment,
1 23 regardless of how long the payment remains delinquent.
1 24 LSB 1569SV 76
1 25 mj/jw/5
Text: SF00340 Text: SF00342 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: Senate Bills and Amendments (76th General Assembly)
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Mon Mar 4 09:39:45 CST 1996
URL: /DOCS/GA/76GA/Legislation/SF/00300/SF00341/950315.html
jhf