House File 460

                                       HOUSE FILE       
                                       BY  JOCHUM


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the financial limitation pertaining to certain
  2    covered consumer transactions under the Iowa consumer credit
  3    code.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2729YH 80
  6 jj/sh/8

PAG LIN

  1  1    Section 1.  Section 537.1301, subsection 12, paragraph a,
  1  2 subparagraph (5), Code 2003, is amended to read as follows:
  1  3    (5)  With respect to a sale of goods or services, the
  1  4 amount financed does not exceed twenty=five fifty thousand
  1  5 dollars.
  1  6    Sec. 2.  Section 537.1301, subsection 13, paragraph a,
  1  7 subparagraph (4), Code 2003, is amended to read as follows:
  1  8    (4)  The amount payable under the lease does not exceed
  1  9 twenty=five fifty thousand dollars.
  1 10    Sec. 3.  Section 537.1301, subsection 14, paragraph a,
  1 11 subparagraph (5), Code 2003, is amended to read as follows:
  1 12    (5)  The amount financed does not exceed twenty=five fifty
  1 13 thousand dollars.
  1 14                           EXPLANATION
  1 15    This bill modifies certain definitions within the Iowa
  1 16 consumer credit code, Code chapter 537.  The current $25,000
  1 17 transaction limitation for consumer credit sales, consumer
  1 18 leases, and consumer loans is raised to $50,000 by the bill.
  1 19 LSB 2729YH 80
  1 20 jj/sh/8
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