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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