Text: SF00317                           Text: SF00319
Text: SF00300 - SF00399                 Text: SF Index
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Senate File 318

Partial Bill History

Bill Introduced: S.J. 511
Committee Report Issued: S.J. 518
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 537.2502, subsections 1, 2, and 3, Code
  1  2 1999, are amended to read as follows:
  1  3    1.  With respect to a precomputed consumer credit
  1  4 transaction sale, a consumer loan, or a home equity line of
  1  5 credit under section 535.10, the parties may contract for a
  1  6 delinquency charge on any installment or payment not paid in
  1  7 full within ten days after its due date, as originally
  1  8 scheduled or as deferred, in an amount not exceeding the
  1  9 greater of either of the following:
  1 10    a.  Five percent of the unpaid amount of the installment or
  1 11 payment, or a maximum of twenty fifteen dollars.
  1 12    b.  The deferral charge that would be permitted to defer
  1 13 the unpaid amount of the installment or payment for the period
  1 14 that it is delinquent.
  1 15    2.  A delinquency charge under subsection 1, paragraph "a",
  1 16 may be collected only once on an installment or payment
  1 17 however long it remains in default.  No A delinquency charge
  1 18 may shall not be collected with respect to a deferred
  1 19 installment or payment unless the installment or payment is
  1 20 not paid in full within ten days after its deferred due date.
  1 21 A delinquency charge may be collected at the time it accrues
  1 22 or at any time afterward.
  1 23    3.  No A delinquency charge may shall not be collected
  1 24 under subsection 1, paragraph "a", on an installment or
  1 25 payment which is paid in full within ten days after its
  1 26 scheduled or deferred installment or payment due date even
  1 27 though an earlier maturing installment or payment or a
  1 28 delinquency or deferral charge on an earlier installment or
  1 29 payment may not have been paid in full.  For purposes of this
  1 30 subsection payments on a consumer credit sale, a consumer
  1 31 loan, or a home equity line of credit under section 535.10 are
  1 32 applied first to current installments or payments and then to
  1 33 delinquent installments or payments.  
  1 34                           EXPLANATION
  1 35    This bill amends Code section 537.2502 relating to
  2  1 delinquency charges associated with certain consumer credit
  2  2 transactions.  The bill provides that the parties to a
  2  3 consumer credit sale, a consumer loan, or a home equity line
  2  4 of credit may contract for a delinquency charge on any
  2  5 installment or payment not paid in full within 10 days after
  2  6 its due date, as originally scheduled or as deferred, in an
  2  7 amount not exceeding the greater of five percent of the unpaid
  2  8 amount of the installment or payment, or a maximum of $15; or
  2  9 a deferral charge that would be permitted to defer the unpaid
  2 10 amount of the installment or payment for the period that it is
  2 11 delinquent.  Under current law, such delinquency charge
  2 12 applies only to precomputed consumer credit transactions.  
  2 13 LSB 2155SV 78
  2 14 mj/sc/14

Text: SF00317                           Text: SF00319
Text: SF00300 - SF00399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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