Text: HF00442 Text: HF00444 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 1 2 HOUSE FILE 443 1 3 1 4 AN ACT 1 5 RELATING TO PERMISSIBLE FEES AND CHARGES WHICH MAY BE 1 6 ASSESSED AND COLLECTED WITH RESPECT TO CERTAIN CONSUMER 1 7 CREDIT TRANSACTIONS. 1 8 1 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 10 1 11 Section 1. Section 535.10, subsection 3, Code 1999, is 1 12 amended to read as follows: 1 13 3. a. A lender may collect in connection with 1 14 establishing or renewing a home equity line of credit the 1 15 costs listed in section 535.8, subsection 2, paragraph "b", 1 16 charges for insurance as described in section 537.2501, 1 17 subsection 2, and a loan processing fee as agreed between the 1 18 borrower and the lender, and annually may collect an account 1 19 maintenance fee of not more than fifteen dollars. Fees 1 20 collected under this subsection shall be disregarded for 1 21 purposes of determining the maximum charge permitted by 1 22 subsection 4. 1 23 b. The parties to a home equity line of credit which is 1 24 not a consumer credit transaction, as defined in section 1 25 537.1301, may contract for a delinquency charge under terms no 1 26 more favorable than those permitted for open-end credit under 1 27 section 537.2502. 1 28 Sec. 2. NEW SECTION. 535.14 PROMPT PAYMENT ON LOANS 1 29 SECURED BY RESIDENTIAL REAL PROPERTY. 1 30 A lender is subject to the requirements set forth in 1 31 section 537.3206, regarding the prompt crediting of payments, 1 32 with respect to a loan secured by a lien or security interest 1 33 on owner-occupied residential real property. For purposes of 1 34 this section, "residential real property" means residential 1 35 real property as defined in section 535B.1. 2 1 Sec. 3. Section 537.2502, subsections 1, 2, and 3, Code 2 2 1999, are amended to read as follows: 2 3 1. With respect to aprecomputedconsumer credit 2 4 transaction not pursuant to an open-end credit arrangement and 2 5 other than a consumer lease or consumer rental purchase 2 6 agreement, the parties may contract for a delinquency charge 2 7 on any installment not paid in full within ten days after its 2 8 due date, as originally scheduled or as deferred, in an amount 2 9not exceeding the greater of either of the followingas 2 10 follows: 2 11 a. For a precomputed transaction, an amount not exceeding 2 12 the greater of either of the following: 2 13a.(1) Five percent of the unpaid amount of the 2 14 installment, or a maximum of twenty dollars. 2 15b.(2) The deferral charge that would be permitted to 2 16 defer the unpaid amount of the installment for the period that 2 17 it is delinquent. 2 18 b. For an interest-bearing transaction, an amount not 2 19 exceeding five percent of the unpaid amount of the 2 20 installment, or a maximum of fifteen dollars. 2 21 2. A delinquency charge under subsection 1, paragraph "a",2 22 may be collected only once on an installment however long it 2 23 remains in default. No delinquency charge may be collected 2 24 with respect to a deferred installment unless the installment 2 25 is not paid in full within ten days after its deferred due 2 26 date. A delinquency charge may be collected at the time it 2 27 accrues or at any time afterward. 2 28 3.NoA delinquency chargemayshall not be collected 2 29 under subsection 1, paragraph "a",on an installment which is 2 30 paid in full within ten days after its scheduled or deferred 2 31 installment due date even though an earlier maturing 2 32 installment or a delinquency or deferral charge on an earlier 2 33 installment may not have been paid in full. For purposes of 2 34 this subsection payments are applied first to current 2 35 installments and then to delinquent installments. 3 1 Sec. 4. Section 537.3206, Code 1999, is amended by adding 3 2 the following new subsection: 3 3 NEW SUBSECTION. 4. a. A creditor shall credit a payment 3 4 to the consumer's account as of the date of receipt, except 3 5 when a delay in crediting does not result in a finance or 3 6 other charge, including a late charge, or except as provided 3 7 in paragraph "b". For purposes of this subsection, a delay in 3 8 posting does not violate this subsection so long as the 3 9 payment is credited as of the date of receipt. 3 10 b. If a creditor specifies requirements for the consumer 3 11 to follow in making payments on the contract, payment coupon 3 12 book, payment coupon or statement, or periodic statement, but 3 13 accepts a payment that does not conform to the requirements, 3 14 the creditor shall credit the payment within two days of 3 15 receipt of such payment. 3 16 c. If a creditor fails to credit a payment as required by 3 17 this subsection in time to avoid the imposition of a finance 3 18 or other charge, including a delinquency charge, the creditor 3 19 shall adjust the consumer's account so that the charges 3 20 imposed are credited to the consumer's account during the next 3 21 payment period. 3 22 3 23 3 24 3 25 RON J. CORBETT 3 26 Speaker of the House 3 27 3 28 3 29 3 30 MARY E. KRAMER 3 31 President of the Senate 3 32 3 33 I hereby certify that this bill originated in the House and 3 34 is known as House File 443, Seventy-eighth General Assembly. 3 35 4 1 4 2 4 3 ELIZABETH ISAACSON 4 4 Chief Clerk of the House 4 5 Approved , 1999 4 6 4 7 4 8 4 9 THOMAS J. VILSACK 4 10 Governor
Text: HF00442 Text: HF00444 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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