Text: SF02431 Text: SF02433 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
Get Version To Print
PAG LIN 1 1 Section 1. Section 537.2501, subsection 1, paragraph g, 1 2 Code Supplement 1995, is amended to read as follows: 1 3 g. A surcharge of not more than five percent of the amount 1 4 of the face value of the payment instrument or twenty dollars, 1 5 whichever is greater, for each dishonored payment instrument 1 6 provided that the fee is clearly and conspicuously disclosed 1 7 in thecardholder agreementcontract. However, the amount of 1 8 the surcharge shall not exceed twenty dollars unless the 1 9 check, draft, or order was presented twice or the maker does 1 10 not have an account with the drawee. If the check, draft, or 1 11 order was presented twice or the maker does not have an 1 12 account with the drawee, the amount of the surcharge shall not 1 13 exceed fifty dollars. The surcharge shall not be assessed 1 14 against the maker if the reason for the dishonor of the 1 15 instrument is that the maker has stopped payment pursuant to 1 16 section 554.4403. 1 17 EXPLANATION 1 18 This bill amends section 537.2501, relating to permissible 1 19 charges and fees on consumer credit transactions, by providing 1 20 that the permissible surcharge which may be assessed for a 1 21 dishonored payment instrument related to a cardholder 1 22 agreement may also be assessed for a dishonored payment 1 23 instrument related to other consumer credit transactions as 1 24 long as the fee is clearly and conspicuously disclosed in the 1 25 contract associated with such transaction. 1 26 LSB 4284SV 76 1 27 mj/cf/24
Text: SF02431 Text: SF02433 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Mar 21 03:20:03 CST 1996
URL: /DOCS/GA/76GA/Legislation/SF/02400/SF02432/960304.html
jhf