Text: HF02177                           Text: HF02179
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 2178

Partial Bill History

Bill Text

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 4 of this section
  1  8 if the creditor gives notice as required by subsection 2 of
  1  9 this 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

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