House
Study
Bill
523
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
ATTORNEY
GENERAL
BILL)
A
BILL
FOR
An
Act
relating
to
the
consumer
credit
code
by
increasing
1
dollar
amount
limitations
for
transactions
governed
by
the
2
consumer
credit
code,
establishing
an
exemption
from
the
3
definition
of
a
consumer
loan
for
specified
debts
secured
by
4
real
property,
and
modifying
filing
fees
and
a
penalty
for
5
creditors
and
debt
collectors.
6
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
7
TLSB
5388DP
(12)
83
rn/nh
S.F.
_____
H.F.
_____
Section
1.
Section
537.1301,
subsection
13,
paragraph
a,
1
subparagraph
(5),
Code
2009,
is
amended
to
read
as
follows:
2
(5)
With
respect
to
a
sale
of
goods
or
services,
the
amount
3
financed
does
not
exceed
twenty-five
seventy-five
thousand
4
dollars.
5
Sec.
2.
Section
537.1301,
subsection
14,
paragraph
a,
6
subparagraph
(4),
Code
2009,
is
amended
to
read
as
follows:
7
(4)
The
amount
payable
under
the
lease
does
not
exceed
8
twenty-five
seventy-five
thousand
dollars.
9
Sec.
3.
Section
537.1301,
subsection
15,
paragraph
a,
10
subparagraph
(5),
Code
2009,
is
amended
to
read
as
follows:
11
(5)
The
amount
financed
does
not
exceed
12
twenty-five
seventy-five
thousand
dollars.
13
Sec.
4.
Section
537.1301,
subsection
15,
paragraph
b,
Code
14
2009,
is
amended
by
adding
the
following
new
subparagraph:
15
NEW
SUBPARAGRAPH
.
(5)
A
debt
which
is
secured
by
a
lien
on
16
real
property
with
an
amount
financed
that
exceeds
twenty-five
17
thousand
dollars.
18
Sec.
6.
Section
537.3604,
subsection
8,
paragraph
e,
Code
19
2009,
is
amended
to
read
as
follows:
20
e.
The
amount
payable
under
the
consumer
rental
purchase
21
agreement
does
not
exceed
twenty-five
seventy-five
thousand
22
dollars.
23
Sec.
7.
Section
537.6203,
subsections
1
and
4,
Code
2009,
24
are
amended
to
read
as
follows:
25
1.
a.
A
person
required
to
file
notification
who
is
a
26
creditor
shall
pay
to
the
administrator
an
annual
fee
of
27
ten
twenty
dollars.
The
fee
shall
be
paid
with
the
filing
of
28
the
first
notification
and
on
or
before
January
31
of
each
29
succeeding
year.
30
b.
A
person
required
to
file
notification
who
is
a
debt
31
collector
shall
pay
to
the
administrator
an
annual
fee
of
three
32
hundred
dollars.
The
fee
shall
be
paid
with
the
filing
of
33
the
first
notification
and
on
or
before
January
31
of
each
34
succeeding
year.
35
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2
S.F.
_____
H.F.
_____
4.
In
addition
to
the
penalties
provided
by
section
1
537.6113,
subsection
3,
the
administrator
may
collect
a
charge,
2
established
by
rule,
not
exceeding
twenty-five
fifty
dollars
3
from
each
person
required
to
pay
fees
under
this
section
who
4
fails
to
pay
the
fees
in
full
within
thirty
days
after
they
are
5
due.
6
EXPLANATION
7
This
bill
provides
for
increases
in
dollar
amount
8
limitations
specified
in
certain
sections
of
the
consumer
9
credit
code.
The
increases
relate
to
limitations
contained
10
in
Code
sections
concerning
consumer
credit
sales,
consumer
11
leases,
and
consumer
loans
with
regard
to
amounts
financed
12
or
leased,
and
regarding
the
amount
payable
under
a
consumer
13
rental
purchase
agreement,
with
an
increase
in
the
limitations
14
from
currently
specified
levels
of
$25,000
to
$75,000.
15
Further,
the
bill
establishes
an
additional
exemption
from
16
the
definition
of
“consumer
loan”
applicable
to
the
consumer
17
credit
code
contained
in
Code
chapter
537,
providing
that
a
18
consumer
loan
does
not
include
a
debt
secured
by
a
lien
on
real
19
property
with
an
amount
financed
in
excess
of
$25,000.
20
The
bill
also
increases
fees
payable
by
a
creditor
upon
the
21
required
annual
filing
of
a
notification
of
conducting
business
22
in
Iowa
from
the
current
level
of
$10
to
$20,
and
establishes
23
an
annual
filing
fee
applicable
to
debt
collectors
in
the
24
amount
of
$300.
A
penalty
applicable
for
failure
to
timely
25
file
the
notification
is
increased
from
$25
to
$50.
26
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5388DP
(12)
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