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