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