Text: HF02177 Text: HF02179 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 535.11, subsections 1, 3, 4, and 5, 1 2 Code 1999, are amended to read as follows: 1 3 1. Except where the parties have agreed in writing for the 1 4 payment of a different finance charge or rate of interest, a 1 5 creditor may charge a finance charge on the unpaid balances of 1 6 an account receivable or a consumer loan at a rate not 1 7 exceeding that permitted by subsection 3 or 4of this section1 8 if the creditor gives notice as required by subsection 2of1 9this section. 1 10 3. With respect to an account other than an open account, 1 11 the creditor may impose a finance charge not exceeding that 1 12 permitted by section 537.2201, subsections 2 to 5, or section 1 13 537.2401, as applicable. 1 14 4. With respect to an open account, the creditor may 1 15 impose a finance charge not exceeding that permitted by 1 16 section 537.2202, subsection 2, or section 537.2402, as 1 17 applicable. 1 18 5. As used in this section, "finance charge" means as 1 19 defined in section 537.1301;and"account receivable" means a 1 20 debt arising from the retail sale of goods or services or both 1 21 on credit; "consumer loan" means as defined in section 1 22 537.1301; and "open account" means an account receivable 1 23 consisting of debt arising from the extension of open-end 1 24 credit, as defined in section 537.1301. 1 25 EXPLANATION 1 26 This bill amends Code section 535.11 to include consumer 1 27 loans with respect to the finance charge which may be charged 1 28 to certain accounts receivable. The bill specifically 1 29 includes consumer loans under this section and provides that, 1 30 with respect to a consumer loan not pursuant to open-end 1 31 credit, the creditor may impose a finance charge not exceeding 1 32 that permitted under section 537.2401, and with respect to a 1 33 consumer loan pursuant to open-end credit, a creditor may 1 34 impose a finance charge not to exceed that permitted under 1 35 Code section 537.2402. 2 1 LSB 5064HH 78 2 2 mj/as/5
Text: HF02177 Text: HF02179 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Feb 16 03:35:17 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/02100/HF02178/000208.html
jhf