Text: SSB01094 Text: SSB01096 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 535.2, subsection 2, paragraph a, 1 2 unnumbered paragraph 1, Code 1999, is amended to read as 1 3 follows: 1 4The following personsA person may agree in writing to pay 1 5 any rate of interest,andato the method of computing such 1 6 interest. A person so agreeing in writing shall not plead or 1 7 interpose the claim or defense of usury in any action or 1 8 proceeding, and the person agreeing to receive the interest is 1 9 not subject to any penalty or forfeiture for agreeing to 1 10 receive or for receiving the interest. This subsection 1 11 applies to all of the following: 1 12 EXPLANATION 1 13 This bill amends Code section 535.2 and provides that the 1 14 method by which interest is computed may be agreed to in 1 15 writing by the following persons: 1 16 1. A person borrowing money for the purpose of acquiring 1 17 real property or refinancing a contract for deed. 1 18 2. A person borrowing money or obtaining credit in an 1 19 amount which exceeds $25,000, exclusive of interest, for the 1 20 purpose of constructing improvements on real property, whether 1 21 or not the real property is owned by the person. 1 22 3. A vendee under a contract for deed to real property. 1 23 4. A domestic or foreign corporation, and a real estate 1 24 investment trust as defined in section 856 of the Internal 1 25 Revenue Code, and a person purchasing securities as defined in 1 26 Code chapter 502 on credit from a broker or dealer registered 1 27 or licensed under Code chapter 502 or under the Securities 1 28 Exchange Act of 1934, 15 U.S.C., ch. 78A, as amended. 1 29 5. A person borrowing money or obtaining credit for 1 30 business or agricultural purposes, or a person borrowing money 1 31 or obtaining credit in an amount which exceeds $25,000 for 1 32 personal, family, or household purposes. 1 33 Currently, the individuals identified may agree in writing 1 34 to pay any rate of interest, but the section is silent as to 1 35 the manner in which such interest is computed. 2 1 LSB 2173SC 78 2 2 mj/cf/24
Text: SSB01094 Text: SSB01096 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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