House Amendment 8230


PAG LIN

     1  1    Amend House File 2474 as follows:
     1  2 #1.  Page 1, after line 34 by inserting:
     1  3    <6.  Use existing public education materials that
     1  4 educate citizens of this state about the effects of
     1  5 high=cost loans on Iowa families and their financial
     1  6 stability.  The materials shall include and reflect,
     1  7 among other information, data and information available
     1  8 from the division of banking of the department of
     1  9 commerce concerning the types of loans available to
     1 10 citizens of this state, including but not limited to
     1 11 the rate of use for each type of loan, the total dollar
     1 12 cost of the loan to borrowers, the effective annual
     1 13 percentage rate applicable to the loan, the frequency
     1 14 of use by citizens of this state for each type of
     1 15 loan, and the types and availability of alternatives
     1 16 to high=cost loans.  The data and information shall
     1 17 include examples of the total cost of repayment of each
     1 18 type of loan described, the amount paid in interest and
     1 19 fees, and the length of time anticipated to repay each
     1 20 type of loan.>


                                        
          PETERSEN of Polk
          HF2474.1468 (1) 83
          rn/nh