Text: S03425                            Text: S03427
Text: S03400 - S03499                   Text: S Index
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Senate Amendment 3426

Amendment Text

PAG LIN
  1  1    Amend House File 611 as follows:
  1  2    #1.  Page 1, by striking line 8 and inserting the
  1  3 following:  "of any other state found by the
  1  4 administrator to provide protection to consumers that
  1  5 is equal to or greater than that provided by the laws
  1  6 of this state, or pursuant to the laws of the United
  1  7 States which authorizes".
  1  8    #2.  Page 1, by striking lines 13 through 20 and
  1  9 inserting the following:
  1 10    "Sec.    .  Section 537.2202, subsection 3, Code
  1 11 1997, is amended to read as follows:
  1 12    3.  If the billing cycle is monthly, the charge may
  1 13 not exceed an amount which, on a corresponding annual
  1 14 basis, is equal to one point sixty-five percent the
  1 15 greater of nineteen and eight hundredths percent or
  1 16 the prime rate plus six percent.  For purposes of this
  1 17 subsection, "prime rate" means the rate of interest as
  1 18 determined and published by the superintendent of
  1 19 banking pursuant to section 535.2, subsection 3,
  1 20 paragraph "a".  If the billing cycle is not monthly,
  1 21 the maximum charge for the billing cycle shall bear
  1 22 the same relation to the applicable monthly maximum
  1 23 charge as the number of days in the billing cycle
  1 24 bears to three hundred sixty-five divided by twelve.
  1 25 A billing cycle is monthly if the closing date of the
  1 26 cycle is the same date each month or does not vary by
  1 27 more than four days from the regular date."
  1 28    #3.  Page 1, by striking lines 21 through 26 and
  1 29 inserting the following:
  1 30    "Sec.    .  Section 537.2402, subsection 3, Code
  1 31 1997, is amended to read as follows:
  1 32    3.  If the billing cycle is monthly, the charge
  1 33 shall not exceed an amount which, on a corresponding
  1 34 annual basis, is equal to one and sixty-five
  1 35 hundredths percent of the maximum amount pursuant to
  1 36 subsection 2 the greater of nineteen and eight
  1 37 hundredths percent or the prime rate plus six percent.
  1 38 For purposes of this subsection, "prime rate" means
  1 39 the rate of interest as determined and published by
  1 40 the superintendent of banking pursuant to section
  1 41 535.2, subsection 3, paragraph "a".  If the billing
  1 42 cycle is not monthly, the maximum charge for the
  1 43 billing cycle shall bear the same relation to the
  1 44 applicable monthly maximum charge as the number of
  1 45 days in the billing cycle bears to three hundred
  1 46 sixty-five divided by twelve.  A billing cycle is
  1 47 monthly if the closing date of the cycle is the same
  1 48 date each month or does not vary by more than four
  1 49 days from the regular date."
  1 50    #4.  Page 1, line 27, by striking the figures "3,
  2  1 5," and inserting the following:  "5".
  2  2    #5.  Page 2, line 3, by inserting after the word
  2  3 "agreement." the following:  "An over-limit charge
  2  4 shall not be imposed if the creditor has authorized
  2  5 the transaction or transactions which result in the
  2  6 cardholder's balance exceeding the limit established
  2  7 for the cardholder under the agreement."
  2  8    #6.  Page 2, by inserting after line 17 the
  2  9 following:
  2 10    "Sec.    .  NEW SECTION.  537.3502  OPEN-END CREDIT
  2 11 FOR DOOR-TO-DOOR SALES – PROHIBITED ACTS.
  2 12    A seller, as defined in section 555A.1, shall not
  2 13 finance or offer to finance, or arrange or offer to
  2 14 arrange financing of a door-to-door sale, as defined
  2 15 in section 555A.1, through open-end credit.  A
  2 16 contract made in violation of this section is void.
  2 17 This section applies to any person who attempts to
  2 18 circumvent the prohibition in this section by any
  2 19 means.
  2 20    Sec.    .  Section 537.5201, subsection 1,
  2 21 paragraph w, Code 1997, is amended to read as follows:
  2 22    w.  Door-to-door sales under section 537.3501 and
  2 23 537.3502."
  2 24    #7.  By renumbering as necessary.  
  2 25 
  2 26 
  2 27                               
  2 28 STEVEN D. HANSEN 
  2 29 HF 611.301 77
  2 30 mj/cf/28
     

Text: S03425                            Text: S03427
Text: S03400 - S03499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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