Senate Study Bill 3065 - Introduced SENATE/HOUSE FILE _____ BY (PROPOSED ATTORNEY GENERAL BILL) A BILL FOR An Act providing for increases in monetary limits applicable to 1 motor vehicle-related credit transactions pursuant to the 2 consumer credit code. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5247DP (4) 84 rn/nh

S.F. _____ H.F. _____ Section 1. Section 537.1301, subsection 13, paragraph a, 1 Code 2011, is amended to read as follows: 2 a. Except as provided in paragraph “b” , a consumer credit 3 sale is a sale of goods, services, or an interest in land in 4 which all of the following are applicable: 5 (1) Credit is granted either pursuant to a seller credit 6 card or by a seller who regularly engages as a seller in credit 7 transactions of the same kind. 8 (2) The buyer is a person other than an organization. 9 (3) The goods, services , or interest in land are purchased 10 primarily for a personal, family , or household purpose. 11 (4) Either the debt is payable in installments or a finance 12 charge is made. 13 (5) With respect to a sale of goods or services, the amount 14 financed does not exceed twenty-five thousand dollars. 15 (6) With respect to a sale of a motor vehicle, the amount 16 financed does not exceed fifty thousand dollars. 17 Sec. 2. Section 537.1301, subsection 14, paragraph a, 18 subparagraph (4), Code 2011, is amended to read as follows: 19 (4) The amount payable under the lease does not exceed 20 twenty-five thousand dollars or, if the lease is a motor 21 vehicle lease, the amount payable under the lease does not 22 exceed fifty thousand dollars . 23 Sec. 3. Section 537.1301, subsection 15, paragraph a, 24 subparagraph (5), Code 2011, is amended to read as follows: 25 (5) The amount financed does not exceed twenty-five 26 thousand dollars or, if the loan is obtained to finance the 27 purchase of a motor vehicle, the amount financed does not 28 exceed fifty thousand dollars . 29 EXPLANATION 30 This bill increases the jurisdictional monetary limit 31 applicable to motor vehicle-related credit transactions 32 contained in the Iowa consumer credit code. Currently, in 33 the definitions of consumer credit sale, consumer lease, 34 and consumer loan, the applicable maximum monetary limit is 35 -1- LSB 5247DP (4) 84 rn/nh 1/ 2

S.F. _____ H.F. _____ $25,000. The bill increases this limit to $50,000 with respect 1 to consumer credit sales, leases, and loans involving a motor 2 vehicle. 3 -2- LSB 5247DP (4) 84 rn/nh 2/ 2