Text: SF02281 Text: SF02283 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 537.3205, Code 1995, is amended by
1 2 adding the following new subsection:
1 3 NEW SUBSECTION. 6. Notwithstanding subsections 1 through
1 4 5, a creditor is not required to deliver or mail to the
1 5 consumer a written disclosure of a change in the terms of an
1 6 open-end credit account if the change involves a decrease in
1 7 the rate of the finance charge, a decrease in a delinquency
1 8 charge, or a decrease in an over-limit charge.
1 9 EXPLANATION
1 10 This bill provides that a creditor is not required to
1 11 deliver or mail to the consumer a written disclosure of a
1 12 change in the terms of an open-end credit account if the
1 13 change involves a decrease in the rate of the finance charge,
1 14 a decrease in a delinquency charge, or a decrease in an over-
1 15 limit charge. Section 537.3205 currently provides that a
1 16 creditor may make a change in the terms of an open-end credit
1 17 account applying to any balance incurred after the effective
1 18 date of the change only if the creditor delivers or mails to
1 19 the consumer a written disclosure of the change at least 60
1 20 days before the effective date of the change, whether or not
1 21 such change is authorized by a prior agreement.
1 22 LSB 3826SV 76
1 23 mj/sc/14
Text: SF02281 Text: SF02283 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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