House
File
260
H-1011
Amend
House
File
260
as
follows:
1
1.
Page
1,
before
line
1
by
inserting:
2
<
Section
1.
Section
535.11,
subsection
4,
Code
2019,
is
3
amended
to
read
as
follows:
4
4.
With
respect
to
an
open
account,
the
creditor
may
impose
5
a
finance
charge
not
exceeding
that
permitted
by
section
6
537.2202,
subsection
2
,
or
section
537.2402,
subsection
1
.
7
Sec.
___.
Section
536.13,
subsection
5,
Code
2019,
is
8
amended
to
read
as
follows:
9
5.
A
licensee
under
this
chapter
may
lend
any
sum
of
money
10
not
exceeding
the
threshold
amount
as
defined
in
section
11
537.1301
in
amount
and
may
charge,
contract
for,
and
receive
12
on
the
loan
interest
or
charges
at
a
rate
not
exceeding
the
13
maximum
rate
of
interest
or
charges
determined
and
fixed
by
14
the
superintendent
under
authority
of
this
section
or
pursuant
15
to
subsection
7
for
those
amounts
in
excess
of
ten
thousand
16
dollars.
With
respect
to
an
open
account,
a
licensee
under
17
this
chapter
may
charge,
contract
for,
and
receive
on
the
loan
18
interest
or
charges
at
a
rate
permitted
by
section
537.2402,
19
subsection
1.
>
20
2.
Page
1,
after
line
11
by
inserting:
21
<
Sec.
___.
Section
536.13,
subsection
7,
paragraph
d,
Code
22
2019,
is
amended
to
read
as
follows:
23
d.
Except
as
provided
in
this
subsection
,
the
provisions
24
of
the
Iowa
consumer
credit
code,
chapter
537
,
apply
to
loans
25
regulated
by
this
chapter
and
supersede
conflicting
provisions
26
of
this
chapter
.
Section
537.2402,
subsection
1
,
does
not
27
apply
to
loans
regulated
by
this
chapter
.
28
Sec.
___.
Section
536A.23,
subsection
1,
Code
2019,
is
29
amended
by
adding
the
following
new
paragraph:
30
NEW
PARAGRAPH
.
f.
Paragraphs
“a”
and
“b”
of
this
subsection
31
do
not
apply
to
licensees
under
this
chapter
who
are
permitted
32
to
make
supervised
loans
as
defined
in
section
537.1301.
33
Sec.
___.
Section
537.1301,
subsection
46,
unnumbered
34
paragraph
1,
Code
2019,
is
amended
to
read
as
follows:
35
-1-
HF260.783
(3)
88
gh/rn
1/
2
#1.
#2.
“Supervised
loan”
means
a
consumer
loan,
including
a
loan
1
made
pursuant
to
open-end
credit,
in
which
the
rate
of
the
2
finance
charge,
calculated
according
to
the
actuarial
method,
3
exceeds
the
rate
of
finance
charge
permitted
in
chapter
535
or
4
pursuant
to
which
a
person
is
licensed
.
>
5
3.
By
renumbering
as
necessary.
6
______________________________
MOHR
of
Scott
-2-
HF260.783
(3)
88
gh/rn
2/
2
#3.