House Study Bill 550 



                                       SENATE/HOUSE FILE       
                                       BY  (PROPOSED ATTORNEY
                                            GENERAL BILL)


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

                                      A BILL FOR

  1 An Act making specified revisions to the consumer credit code to
  2    conform to federal statutory updates and prohibit the transfer
  3    of ownership of a motor vehicle pursuant to a consumer rental
  4    purchase agreement.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 5344DP 82
  7 rn/nh/5

PAG LIN



  1  1    Section 1.  Section 537.1302, Code 2007, is amended to read
  1  2 as follows:
  1  3    537.1302  DEFINITION == TRUTH IN LENDING ACT.
  1  4    As used in this chapter, "Truth in Lending Act" means Title
  1  5 1 of the Consumer Credit Protection Act, in subchapter 1 of 15
  1  6 U.S.C. ch. 41, as amended to and including January 1, 1998
  1  7 2008, and includes regulations issued pursuant to that Act
  1  8 prior to January 1, 1998 2008.
  1  9    Sec. 2.  Section 537.3604, subsection 7, Code 2007, is
  1 10 amended to read as follows:
  1 11    7.  "Personal property" means any property that is not real
  1 12 property under the laws of this state when it is made
  1 13 available for a consumer rental purchase agreement.  For the
  1 14 purposes of this part, "personal property" does not include a
  1 15 motor vehicle, a manufactured home, or a manufactured or
  1 16 mobile home as defined in section 321.1.
  1 17                           EXPLANATION
  1 18    This bill modifies provisions of the consumer credit code
  1 19 contained in Code chapter 537.  The bill updates references to
  1 20 the federal Truth in Lending Act to reflect amendments made
  1 21 and regulations issued prior to January 1, 2008.  The bill
  1 22 also modifies the definition of personal property contained in
  1 23 a portion of the chapter relating to consumer rental purchase
  1 24 agreements to exclude from the definition property in the form
  1 25 of a motor vehicle, a manufactured home, or a manufactured or
  1 26 mobile home as defined in the referenced Code section.
  1 27 LSB 5344DP 82
  1 28 rn/nh/5