Text: S03093 Text: S03095 Text: S03000 - S03099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 318 as follows: 1 2 #1. By striking everything after the enacting 1 3 clause and inserting the following: 1 4 "Section 1. Section 535.10, subsection 3, Code 1 5 1999, is amended to read as follows: 1 6 3. a. A lender may collect in connection with 1 7 establishing or renewing a home equity line of credit 1 8 the costs listed in section 535.8, subsection 2, 1 9 paragraph "b", charges for insurance as described in 1 10 section 537.2501, subsection 2, and a loan processing 1 11 fee as agreed between the borrower and the lender, and 1 12 annually may collect an account maintenance fee of not 1 13 more than fifteen dollars. Fees collected under this 1 14 subsection shall be disregarded for purposes of 1 15 determining the maximum charge permitted by subsection 1 16 4. 1 17 b. The parties to a home equity line of credit 1 18 which is not a consumer credit transaction, as defined 1 19 in section 537.1301, may contract for a delinquency 1 20 charge under terms no more favorable than those 1 21 permitted for open-end credit under section 537.2502. 1 22 Sec. 2. NEW SECTION. 535.14 PROMPT PAYMENT ON 1 23 LOANS SECURED BY RESIDENTIAL REAL PROPERTY. 1 24 A lender is subject to the requirements set forth 1 25 in section 537.3206, regarding the prompt crediting of 1 26 payments, with respect to a loan secured by a lien or 1 27 security interest on owner-occupied residential real 1 28 property. For purposes of this section, "residential 1 29 real property" means residential real property as 1 30 defined in section 535B.1. 1 31 Sec. 3. Section 537.2502, subsections 1, 2, and 3, 1 32 Code 1999, are amended to read as follows: 1 33 1. With respect to aprecomputedconsumer credit 1 34 transaction not pursuant to an open-end credit 1 35 arrangement and other than a consumer lease or 1 36 consumer rental purchase agreement, the parties may 1 37 contract for a delinquency charge on any installment 1 38 not paid in full within ten days after its due date, 1 39 as originally scheduled or as deferred, in an amount 1 40not exceeding the greater of either of the following1 41 as follows: 1 42 a. For a precomputed transaction, an amount not 1 43 exceeding the greater of either of the following: 1 44a.(1) Five percent of the unpaid amount of the 1 45 installment, or a maximum of twenty dollars. 1 46b.(2) The deferral charge that would be permitted 1 47 to defer the unpaid amount of the installment for the 1 48 period that it is delinquent. 1 49 b. For an interest-bearing transaction, an amount 1 50 not exceeding five percent of the unpaid amount of the 2 1 installment, or a maximum of fifteen dollars. 2 2 2. A delinquency charge under subsection 1,2 3paragraph "a",may be collected only once on an 2 4 installment however long it remains in default. No 2 5 delinquency charge may be collected with respect to a 2 6 deferred installment unless the installment is not 2 7 paid in full within ten days after its deferred due 2 8 date. A delinquency charge may be collected at the 2 9 time it accrues or at any time afterward. 2 10 3.NoA delinquency chargemayshall not be 2 11 collected under subsection 1, paragraph "a",on an 2 12 installment which is paid in full within ten days 2 13 after its scheduled or deferred installment due date 2 14 even though an earlier maturing installment or a 2 15 delinquency or deferral charge on an earlier 2 16 installment may not have been paid in full. For 2 17 purposes of this subsection payments are applied first 2 18 to current installments and then to delinquent 2 19 installments. 2 20 Sec. 4. Section 537.3206, Code 1999, is amended by 2 21 adding the following new subsection: 2 22 NEW SUBSECTION. 4. a. A creditor shall credit a 2 23 payment to the consumer's account as of the date of 2 24 receipt, except when a delay in crediting does not 2 25 result in a finance or other charge, including a late 2 26 charge, or except as provided in paragraph "b". For 2 27 purposes of this subsection, a delay in posting does 2 28 not violate this subsection so long as the payment is 2 29 credited as of the date of receipt. 2 30 b. If a creditor specifies requirements for the 2 31 consumer to follow in making payments on the contract, 2 32 payment coupon book, payment coupon or statement, or 2 33 periodic statement, but accepts a payment that does 2 34 not conform to the requirements, the creditor shall 2 35 credit the payment within two days of receipt of such 2 36 payment. 2 37 c. If a creditor fails to credit a payment as 2 38 required by this subsection in time to avoid the 2 39 imposition of a finance or other charge, including a 2 40 delinquency charge, the creditor shall adjust the 2 41 consumer's account so that the charges imposed are 2 42 credited to the consumer's account during the next 2 43 payment period." 2 44 #2. Title page, by striking lines 1 through 3 and 2 45 inserting the following: "An Act relating to 2 46 permissible fees and charges which may be assessed and 2 47 collected with respect to certain consumer credit 2 48 transactions." 2 49 2 50 3 1 3 2 3 3 NEAL SCHUERER 3 4 SF 318.303 78 3 5 mj/cf
Text: S03093 Text: S03095 Text: S03000 - S03099 Text: S Index Bills and Amendments: General Index Bill History: General Index
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