Senate
File
503
-
Enrolled
Senate
File
503
AN
ACT
PROVIDING
FOR
THE
DEFERRAL
OF
UNPAID
INSTALLMENTS
AND
DEFERRAL
CHARGES
FOR
CERTAIN
INTEREST-BEARING
CONSUMER
CREDIT
TRANSACTIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
537.2503,
subsection
1,
Code
2017,
is
amended
to
read
as
follows:
1.
a.
Before
or
after
default
in
payment
of
a
scheduled
installment
of
a
precomputed
consumer
credit
transaction,
the
parties
to
the
transaction
may
agree
in
writing
to
a
deferral
of
all
or
part
of
one
or
more
unpaid
installments
and
the
creditor
may
make
at
the
time
of
deferral
and
receive
at
that
time
or
at
any
time
thereafter
a
deferral
charge
which
is
not
in
excess
of
one
and
one-half
percent
per
month
for
the
period
of
time
for
which
it
is
deferred,
but
not
to
exceed
the
rate
of
finance
charge
which
was
required
to
be
disclosed
in
the
transaction
to
the
consumer
pursuant
to
section
537.3201
applied
to
each
amount
deferred
for
the
period
for
which
it
is
deferred.
In
computing
a
deferral
charge
for
one
or
more
months,
any
month
may
be
counted
as
one-twelfth
of
a
year
and
in
computing
a
deferral
charge
for
part
of
a
month,
a
day
shall
be
counted
as
one
three
hundred
sixty-fifth
of
a
year.
b.
With
respect
to
an
interest-bearing
consumer
credit
transaction
not
pursuant
to
an
open-end
credit
arrangement
and
other
than
a
consumer
lease
or
consumer
rental
purchase
agreement,
the
parties
to
the
transaction
may
agree
in
writing
Senate
File
503,
p.
2
to
a
deferral
of
all
or
part
of
one
or
more
unpaid
installments
in
addition
to
any
interest
accrued
pursuant
to
the
terms
of
the
consumer
credit
transaction.
The
creditor
may
make
at
the
time
of
deferral
and
receive
at
that
time
or
at
any
time
thereafter
a
deferral
charge
which
shall
not
exceed
thirty
dollars
per
deferred
installment.
______________________________
JACK
WHITVER
President
of
the
Senate
______________________________
LINDA
UPMEYER
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
503,
Eighty-seventh
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2017
______________________________
TERRY
E.
BRANSTAD
Governor