Text: SSB03040 Text: SSB03042 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 537.3308, subsection 2, paragraph e, 1 2 Code 1999, is amended to read as follows: 1 3 e. A consumer loan in which the amount financed exceeds 1 4 five thousand dollars and is secured by an interest in land, 1 5 in a motor vehicle, or in a vessel as defined in section 1 6 462A.2. 1 7 EXPLANATION 1 8 This bill provides that a consumer loan in which the amount 1 9 financed exceeds $5,000 and is secured by an interest in a 1 10 motor vehicle or in a vessel as defined in Code section 462A.2 1 11 is not subject to the refinancing provisions associated with 1 12 balloon payments. Currently, if any scheduled payment of a 1 13 consumer credit transaction is more than twice as large as the 1 14 average of earlier scheduled payments, the consumer has the 1 15 right to refinance the amount of that payment at the time it 1 16 is due without penalty, and under terms no less favorable to 1 17 the consumer than the terms of the original transaction. 1 18 LSB 5882SC 78 1 19 mj/cls/14
Text: SSB03040 Text: SSB03042 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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