Senate Study Bill 3038 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 1,19981 7 2008, and includes regulations issued pursuant to that Act 1 8 prior to January 1,19982008. 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