House File 135 - Introduced HOUSE FILE BY VAN ENGELENHOVEN Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the disclosure of the annual percentage rate 2 for a delayed deposit service transaction. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1762YH 81 5 kk/gg/14 PAG LIN 1 1 Section 1. Section 533D.9, Code 2005, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 4. In addition to the requirements of 1 4 subsection 2, a licensee shall disclose the corresponding 1 5 annual percentage rate for the delayed deposit service 1 6 transaction on all documents related to the transaction. 1 7 EXPLANATION 1 8 This bill requires a delayed deposit services licensee to 1 9 provide the corresponding annual percentage rate on all 1 10 documents related to a delayed deposit service transaction, 1 11 commonly called a "payday loan". The requirement of the bill 1 12 is in addition to existing requirements for a licensee to 1 13 disclose generally in writing to the borrower the annual 1 14 percentage rate on the first $100 of the face amount of the 1 15 check and the annual percentage rate on subsequent $100 1 16 increments borrowed, if different. 1 17 LSB 1762YH 81 1 18 kk:nh/gg/14