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House File 611

Partial Bill History

Bill Text

PAG LIN
  1  1                                           HOUSE FILE 611
  1  2 
  1  3                             AN ACT
  1  4 RELATING TO PERMISSIBLE CHARGES WHICH MAY BE CONTRACTED
  1  5    FOR AND RECEIVED WITH RESPECT TO OPEN-END CREDIT.
  1  6 
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8 
  1  9    Section 1.  Section 537.1301, subsection 42, Code 1997, is
  1 10 amended to read as follows:
  1 11    42.  "Supervised financial organization" means a person,
  1 12 other than an insurance company or other organization
  1 13 primarily engaged in an insurance business, which is
  1 14 organized, chartered, or holding an authorization certificate
  1 15 pursuant to chapter 524, 533, or 534, or pursuant to the laws
  1 16 of any other state or of the United States which authorizes
  1 17 the person to make loans and to receive deposits, including a
  1 18 savings, share, certificate or deposit account, and which is
  1 19 subject to supervision by an official or agency of this state,
  1 20 such other state, or of the United States.
  1 21    Sec. 2.  Section 537.2202, subsection 1, Code 1997, is
  1 22 amended to read as follows:
  1 23    1.  With respect to a consumer credit sale made pursuant to
  1 24 open end credit, a creditor may contract for and receive a
  1 25 finance charge not exceeding that without limitation as to
  1 26 amount or rate as permitted in this section.
  1 27    Sec. 3.  Section 537.2202, subsection 3, Code 1997, is
  1 28 amended by striking the subsection.
  1 29    Sec. 4.  Section 537.2402, subsection 1, Code 1997, is
  1 30 amended to read as follows:
  1 31    1.  If authorized to make supervised loans, a creditor may
  1 32 contract for and receive a finance charge without limitation
  1 33 as to amount or rate with respect to a loan pursuant to open-
  1 34 end credit not exceeding that as permitted in this section.
  1 35    Sec. 5.  Section 537.2402, subsections 3, 5, and 6, Code
  2  1 1997, are amended by striking the subsections.
  2  2    Sec. 6.  Section 537.2502, subsection 4, Code 1997, is
  2  3 amended to read as follows:
  2  4    4.  With respect to open-end credit obtained pursuant to a
  2  5 credit card issued by the creditor which entitles the
  2  6 cardholder to purchase or lease goods or services from at
  2  7 least one hundred persons not related to the card issuer, the
  2  8 parties may contract for a delinquency charge on any payment
  2  9 not paid in full when due, as originally scheduled or as
  2 10 deferred, in an amount up to fifteen dollars.
  2 11    Sec. 7.  Section 537.2502, subsections 7 and 8, Code 1997,
  2 12 are amended by striking the subsections.  
  2 13 
  2 14 
  2 15                                                             
  2 16                               RON J. CORBETT
  2 17                               Speaker of the House
  2 18 
  2 19 
  2 20                                                             
  2 21                               MARY E. KRAMER
  2 22                               President of the Senate
  2 23 
  2 24    I hereby certify that this bill originated in the House and
  2 25 is known as House File 611, Seventy-seventh General Assembly.
  2 26 
  2 27 
  2 28                                                             
  2 29                               ELIZABETH ISAACSON
  2 30                               Chief Clerk of the House
  2 31 Approved                , 1997
  2 32 
  2 33 
  2 34                         
  2 35 TERRY E. BRANSTAD
  3  1 Governor
     
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