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