Senate File 99 - Introduced SENATE FILE BY BOLKCOM Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to reporting requirements for delayed deposit 2 services and making penalties applicable. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2236XS 82 5 rn/gg/14 PAG LIN 1 1 Section 1. NEW SECTION. 533D.17 REPORTING. 1 2 1. Licensees shall file information with the 1 3 superintendent annually by January 31 of each year, showing 1 4 information for the previous calendar year, regarding all of 1 5 the following: 1 6 a. Total resources, assets, and liabilities of the 1 7 licensee at the beginning and end of the year at each 1 8 location. 1 9 b. Balance sheets showing annual income, expense, gain, 1 10 loss, and a reconciliation of surplus or net worth, and the 1 11 ratios of the profits to the assets reported. 1 12 c. The total number of delayed deposit transactions made 1 13 at each location. 1 14 d. The total number of loans outstanding at the end of the 1 15 year. 1 16 e. The total number of unique customers at each location, 1 17 as compared to total number of loans, and total number of 1 18 transactions that each repeat customer at each location made 1 19 in a year. 1 20 f. The minimum, maximum, and average dollar amount of 1 21 checks in delayed deposit transactions at each location. 1 22 g. The number of unique customers who reached the five 1 23 hundred dollar loan maximum under section 533D.10, subsection 1 24 1. 1 25 h. The total amount of money subject to delayed deposit 1 26 transactions at each location. 1 27 i. The average term of a delayed deposit transaction at 1 28 each location and the average adjusted percentage rate of 1 29 interest. 1 30 j. The total fees earned at each location. 1 31 k. The total amount of nonsufficient funds fees charged 1 32 and collected. 1 33 l. The total amount of bad debt incurred at each location, 1 34 including the total of returned checks, the total of checks 1 35 recovered, and the total of checks charged off. 2 1 m. Affiliate relationships, if any, of each licensee with 2 2 any financial institutions. 2 3 n. Verification that the licensee has not used the 2 4 criminal process or caused it to be used in the collection of 2 5 any loan during the year. 2 6 2. The superintendent may also collect any other 2 7 information as the superintendent determines is necessary for 2 8 adequate analysis of the delayed deposit services industry. 2 9 3. The superintendent may adopt rules pursuant to chapter 2 10 17A related to these reporting requirements. 2 11 EXPLANATION 2 12 This bill creates new Code section 533D.17, which requires 2 13 persons licensed to conduct a delayed deposit services 2 14 business to report, and the superintendent of banking to 2 15 collect, certain information regarding delayed deposit 2 16 transactions, including affiliate relationships with other 2 17 financial institutions. 2 18 LSB 2236XS 82 2 19 rn:nh/gg/14