Senate File 347 - Enrolled

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  1  1                                             SENATE FILE 347
  1  2
  1  3                             AN ACT
  1  4 RELATING TO THE AUTHORITY OF CREDITORS AND CREDIT UNIONS IN
  1  5    CONSUMER CREDIT OR CREDIT UNION TRANSACTIONS.
  1  6
  1  7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  8
  1  9    Section 1.  Section 533.4, Code 2007, is amended by adding
  1 10 the following new subsections:
  1 11    NEW SUBSECTION.  29.  Sell, to persons in the field of
  1 12 membership, negotiable checks, including traveler's checks;
  1 13 money orders; and other similar money transfer instruments
  1 14 including international and domestic electronic fund
  1 15 transfers.
  1 16    NEW SUBSECTION.  30.  Cash checks and money orders, and
  1 17 receive international and domestic electronic fund transfers,
  1 18 for persons in the field of membership.
  1 19    Sec. 2.  Section 537.2501, subsection 1, Code 2007, is
  1 20 amended by adding the following new paragraph:
  1 21    NEW PARAGRAPH.  j.  For a consumer loan where the amount
  1 22 financed does not exceed three thousand dollars and the term
  1 23 of the loan does not exceed twelve months, a bank, savings
  1 24 bank, savings and loan association, or credit union
  1 25 incorporated pursuant to state or federal law may charge an
  1 26 additional application fee not to exceed the lesser of ten
  1 27 percent of the amount financed or thirty dollars.  If the loan
  1 28 is not approved, the application fee shall not exceed the
  1 29 lesser of ten percent of the amount applied for by the
  1 30 applicant or thirty dollars.  The fee permitted pursuant to
  1 31 this paragraph shall not be charged in connection with a loan
  1 32 used for the purchase of a motor vehicle, or for a loan where
  1 33 the borrower's dwelling is used as security.
  1 34    Sec. 3.  IMPLEMENTATION OF LAW.  The provisions of this Act
  1 35 amending section 533.4 shall be deemed to amend section
  2  1 533.301, relating to powers of credit unions, if enacted in
  2  2 2007 Iowa Acts, Senate File 557, or successor legislation, and
  2  3 the Code editor shall harmonize the provisions as necessary.
  2  4
  2  5
  2  6                                                             
  2  7                               JOHN P. KIBBIE
  2  8                               President of the Senate
  2  9
  2 10
  2 11                                                             
  2 12                               PATRICK J. MURPHY
  2 13                               Speaker of the House
  2 14
  2 15    I hereby certify that this bill originated in the Senate and
  2 16 is known as Senate File 347, Eighty=second General Assembly.
  2 17
  2 18
  2 19                                                             
  2 20                               MICHAEL E. MARSHALL
  2 21                               Secretary of the Senate
  2 22 Approved                , 2007
  2 23
  2 24
  2 25                                
  2 26 CHESTER J. CULVER
  2 27 Governor