Text: S05079 Text: S05081 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2107 as follows: 1 2 #1. By striking everything after the enacting 1 3 clause and inserting the following: 1 4 "Section 1. NEW SECTION. 524.218A PRODUCTION OF 1 5 RECORDS. 1 6 1. A state bank shall provide upon request in 1 7 writing from a borrower, the authorized agent or 1 8 trustee of the borrower, or a person holding a power 1 9 of attorney granted by the borrower, a reasonable 1 10 number of copies of any loan or credit payoff 1 11 statement relating to any extension of credit made to 1 12 the borrower. The loan or credit payoff statement 1 13 must be provided within thirty business days of the 1 14 written request. The state bank may charge a 1 15 reasonable fee for this service which shall not exceed 1 16 the cost of providing a copy or copies of any or all 1 17 requested loan or credit payoff statements. 1 18 2. The superintendent may provide by rule for 1 19 sanctions for noncompliance, and shall establish a 1 20 maximum charge for copying which shall not exceed the 1 21 cost of providing the service, and shall include the 1 22 labor expended to locate the record and perform the 1 23 copying, at the rate usual and customary for 1 24 performing work of a clerical nature. 1 25 Sec. 2. Section 524.1204, Code Supplement 2001, is 1 26 amended by adding the following new unnumbered 1 27 paragraph: 1 28 NEW UNNUMBERED PARAGRAPH. National banks doing 1 29 business in this state shall comply with the 1 30 production of records requirements in section 1 31 524.218A. 1 32 Sec. 3. NEW SECTION. 533.40 PRODUCTION OF 1 33 RECORDS. 1 34 1. A credit union regulated under this chapter and 1 35 doing business in this state, including a federal 1 36 credit union, shall provide upon request in writing 1 37 from a borrower, the authorized agent or trustee of 1 38 the borrower, or a person holding a power of attorney 1 39 granted by the borrower, a reasonable number of copies 1 40 of any loan or credit payoff statement relating to any 1 41 extension of credit made to the borrower. The loan or 1 42 credit payoff statement must be provided within thirty 1 43 business days of the written request. The credit 1 44 union may charge a reasonable fee for this service 1 45 which shall not exceed the cost of providing a copy or 1 46 copies of any or all requested loan or credit payoff 1 47 statements. 1 48 2. The superintendent may provide by rule for 1 49 sanctions for noncompliance, and shall establish a 1 50 maximum charge for copying which shall not exceed the 2 1 cost of providing the service, and shall include the 2 2 labor expended to locate the record and perform the 2 3 copying, at the rate usual and customary for 2 4 performing work of a clerical nature. 2 5 Sec. 4. NEW SECTION. 534.410 PRODUCTION OF 2 6 RECORDS. 2 7 1. An association or savings bank doing business 2 8 in this state, including a federal savings and loan 2 9 association incorporated under the federal Home 2 10 Owners' Loan Act of 1933, 12 U.S.C. } 1461-1468, as 2 11 amended, shall provide upon request in writing from a 2 12 borrower, the authorized agent or trustee of the 2 13 borrower, or a person holding a power of attorney 2 14 granted by the borrower, a reasonable number of copies 2 15 of any loan or credit payoff statement relating to any 2 16 extension of credit made to the borrower. The loan or 2 17 credit payoff statement must be provided within thirty 2 18 business days of the written request. The association 2 19 or savings bank may charge a reasonable fee for this 2 20 service which shall not exceed the cost of providing a 2 21 copy or copies of any or all requested loan or credit 2 22 payoff statements. 2 23 2. The superintendent may provide by rule for 2 24 sanctions for noncompliance and shall establish a 2 25 maximum charge for copying which shall not exceed the 2 26 cost of providing the service, and shall include the 2 27 labor expended to locate the record and perform the 2 28 copying, at the rate usual and customary for 2 29 performing work of a clerical nature. 2 30 Sec. 5. NEW SECTION. 535B.17 PRODUCTION OF 2 31 RECORDS. 2 32 1. A licensee or other mortgagee who services 2 33 mortgages on residential real estate doing business in 2 34 this state shall provide upon request in writing from 2 35 a borrower, the authorized agent or trustee of the 2 36 borrower, or a person holding a power of attorney 2 37 granted by the borrower a reasonable number of copies 2 38 of any loan or credit payoff statement relating to any 2 39 extension of credit made to the borrower. The 2 40 requested documents must be provided within thirty 2 41 business days of the written request. The licensee or 2 42 other mortgagee who services mortgages on residential 2 43 real estate may charge a reasonable fee for this 2 44 service which shall not exceed the cost of providing a 2 45 copy of any or all documents. 2 46 2. The administrator may provide by rule for 2 47 sanctions for noncompliance, and shall establish a 2 48 maximum charge for copying which shall not exceed the 2 49 cost of providing the service, and shall include the 2 50 labor expended to locate the record and perform the 3 1 copying, at the rate usual and customary for 3 2 performing work of a clerical nature. 3 3 Sec. 6. NEW SECTION. 536.17 PRODUCTION OF 3 4 RECORDS. 3 5 1. A licensee doing business in this state shall 3 6 provide upon request in writing from a borrower, the 3 7 authorized agent or trustee of the borrower, or a 3 8 person holding a power of attorney granted by the 3 9 borrower, a reasonable number of copies of any loan or 3 10 credit payoff statement relating to any extension of 3 11 credit made to the borrower. The loan or credit 3 12 payoff statement must be provided within thirty 3 13 business days of the written request. The licensee 3 14 may charge a reasonable fee for this service which 3 15 shall not exceed the cost of providing a copy or 3 16 copies of any or all requested loan or credit payoff 3 17 statements. 3 18 2. The superintendent may provide by rule for 3 19 sanctions for noncompliance, and shall establish a 3 20 maximum charge for copying which shall not exceed the 3 21 cost of providing the service, and shall include the 3 22 labor expended to locate the record and perform the 3 23 copying, at the rate usual and customary for 3 24 performing work of a clerical nature. 3 25 Sec. 7. Section 536A.23, Code Supplement 2001, is 3 26 amended by adding the following new subsection: 3 27 NEW SUBSECTION. 6. Industrial loan companies 3 28 licensed under this chapter shall comply with the 3 29 production of records requirements in section 536.17. 3 30 Sec. 8. NEW SECTION. 537.1111 PRODUCTION OF 3 31 RECORDS. 3 32 1. A person subject to the requirements of this 3 33 chapter, as provided in section 537.6102, shall 3 34 provide upon request in writing from a borrower, the 3 35 authorized agent or trustee of the borrower, or a 3 36 person holding a power of attorney granted by the 3 37 borrower, a reasonable number of copies of any loan or 3 38 credit payoff statement relating to any extension of 3 39 credit made to the borrower. The loan or credit 3 40 payoff statement must be provided within thirty 3 41 business days of the written request. The person may 3 42 charge a reasonable fee for this service which shall 3 43 not exceed the cost of providing a copy or copies of 3 44 any or all requested loan or credit payoff statements. 3 45 2. The administrator may provide by rule for 3 46 sanctions for noncompliance, and shall establish a 3 47 maximum charge for copying which shall not exceed the 3 48 cost of providing the service, and shall include the 3 49 labor expended to locate the record and perform the 3 50 copying, at the rate usual and customary for 4 1 performing work of a clerical nature." 4 2 4 3 4 4 4 5 JOHN W. JENSEN 4 6 SF 2107.702 79 4 7 jj/cls
Text: S05079 Text: S05081 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
© 2002 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Feb 27 03:35:57 CST 2002
URL: /DOCS/GA/79GA/Legislation/S/05000/S05080/020226.html
jhf