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Text: SF02431                           Text: SF02433
Text: SF02400 - SF02499                 Text: SF Index
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Senate File 2432

Partial Bill History

Bill Text

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 the cardholder agreement contract.  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
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