Text: HF00482 Text: HF00484 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 554.3512, subsection 1, Code 2003, is 1 2 amended by striking the subsection and inserting in lieu 1 3 thereof the following: 1 4 1. The holder of a dishonored check, draft, or order may 1 5 assess against the maker of that check, draft, or order a 1 6 surcharge not to exceed thirty dollars. 1 7 EXPLANATION 1 8 This bill amends Code section 554.3512 in Article 3 of the 1 9 Uniform Commercial Code regulating negotiable instruments 1 10 (providing a promise to pay an amount of money payable to the 1 11 bearer upon demand or at some definite time). The bill 1 12 increases the surcharge that may be assessed against checks, 1 13 drafts, or orders which are dishonored from $20 to $30. 1 14 The bill eliminates a provision that the amount of the 1 15 surcharge could also equal 5 percent of the face value of the 1 16 instrument, which could be above the $20 surcharge amount in 1 17 current law. Finally, the bill eliminates a provision that if 1 18 the financial instrument was presented twice or the maker does 1 19 not have an account with the drawee, the amount of the 1 20 surcharge could increase to $50. 1 21 LSB 2085HV 80 1 22 da/sh/8
Text: HF00482 Text: HF00484 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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