Senate Study Bill 1250 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act modifying provisions pertaining to delayed deposit 1 services businesses, including provisions relating to fees. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2515XC (2) 85 rn/nh
S.F. _____ Section 1. Section 533D.3, subsection 3, paragraph a, Code 1 2013, is amended to read as follows: 2 a. An application fee of one two hundred dollars. 3 Sec. 2. Section 533D.3, subsection 6, paragraph b, Code 4 2013, is amended to read as follows: 5 b. A license shall be renewed annually by filing with the 6 superintendent on or before April 1 an application for renewal 7 containing such information as the superintendent may require 8 to indicate any material change in the information contained in 9 the original application or succeeding renewal applications and 10 a renewal fee of two three hundred fifty dollars. 11 Sec. 3. Section 533D.9, subsection 2, paragraph b, Code 12 2013, is amended to read as follows: 13 b. The annual percentage rate as computed pursuant to the 14 federal Truth in Lending Act. The annual percentage rate shall 15 not exceed thirty-six percent. 16 EXPLANATION 17 This bill modifies provisions applicable to delayed deposit 18 services businesses. 19 The bill increases application and licensure renewal 20 fees applicable to the operation of delayed deposit services 21 businesses by $100. These increases result in a fee of $200 22 for an application for initial licensure, and $350 for annual 23 license renewal. 24 Additionally, the bill limits the annual percentage rate 25 applicable to a delayed deposit services transaction to 36 26 percent, as computed pursuant to the federal Truth in Lending 27 Act. 28 -1- LSB 2515XC (2) 85 rn/nh 1/ 1