Senate File 2097 - Introduced SENATE FILE BY BOLKCOM, BLACK, KIBBIE, QUIRMBACH, FRAISE, DEARDEN, WOOD, HATCH, HOGG, DVORSKY, HECKROTH, SCHMITZ, RAGAN, STEWART, BEALL, CONNOLLY, and KREIMAN Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act specifying a maximum finance charge applicable to delayed 2 deposit service transactions and making penalties applicable. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6086XS 82 5 rn/nh/14 PAG LIN 1 1 Section 1. Section 533D.9, subsection 2, paragraph b, Code 1 2 2007, is amended to read as follows: 1 3 b. The annual percentage rate, not to exceed thirty=six 1 4 percent, as computed pursuant to the federal Truth in Lending 1 5 Act. 1 6 EXPLANATION 1 7 This bill restricts the maximum finance charge applicable 1 8 to a delayed deposit service transaction to an annual 1 9 percentage rate of 36 percent. Existing penalties, including 1 10 license sanctions and an administrative fine of up to $5,000 1 11 per violation contained in Code chapter 533D would be 1 12 applicable. 1 13 LSB 6086XS 82 1 14 rn/nh/14