House
File
133
-
Enrolled
House
File
133
AN
ACT
RELATING
TO
REFUND
PAYMENTS
MADE
IN
CONNECTION
WITH
MOTOR
VEHICLE
DEBT
CANCELLATION
COVERAGE.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
537.2510,
Code
2023,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
10.
Notwithstanding
any
provision
of
this
chapter
to
the
contrary
or
an
agreement
between
a
motor
vehicle
dealer
licensed
pursuant
to
section
322.4
and
the
consumer,
if
the
creditor
is
a
financial
institution
as
defined
in
the
Iowa
consumer
credit
code,
chapter
537,
or
the
federal
Gramm-Leach-Bliley
Act
of
1999,
15
U.S.C.
§6801
et
seq.,
who
has
purchased
a
retail
installment
contract
as
defined
in
section
322.2,
subsection
22,
with
voluntary
debt
cancellation
coverage,
the
only
obligation
of
the
creditor
upon
prepayment
in
full
shall
be
to
notify
the
motor
vehicle
dealer
within
thirty
days
of
the
prepayment.
The
motor
vehicle
dealer
shall
promptly
determine
whether
the
consumer
is
eligible
for
a
refund
of
any
voluntary
debt
cancellation
coverage
and
shall
issue
any
refund
required
directly
to
the
consumer
within
sixty
House
File
133,
p.
2
days
of
the
dealer’s
receipt
of
notice
of
the
prepayment
from
the
creditor.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
133,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2023
______________________________
KIM
REYNOLDS
Governor