House File 2268 - Introduced HOUSE FILE 2268 BY COMMITTEE ON COMMERCE (SUCCESSOR TO HSB 514) A BILL FOR An Act relating to notice provisions in connection with 1 designated consumer lending provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5299HV (2) 88 ja/rn

H.F. 2268 Section 1. Section 537.3205, subsection 1, Code 2020, is 1 amended to read as follows: 2 1. Whether or not a change is authorized by prior agreement, 3 a creditor may make a change in the terms of an open-end credit 4 account applying to any balance incurred after the effective 5 date of the change only if the creditor delivers or mails to 6 the consumer a written disclosure of the change at least sixty 7 days before the effective date of the change in accordance with 8 12 C.F.R. §1026.9 . 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 This bill makes specified changes relating to consumer 13 lending provisions. 14 The Iowa consumer credit code contained in Code chapter 15 537 currently states creditors may only make changes to the 16 terms of an open-end credit account, applying to any balance 17 incurred after the effective date of the change, if the 18 creditor provides to the consumer a written disclosure of the 19 change at least 60 days prior to the effective date of the 20 change. The bill replaces that 60-day notification requirement 21 by incorporating by reference federal regulations governing 22 the disclosure of changes to the terms of an open-end credit 23 account. 24 -1- LSB 5299HV (2) 88 ja/rn 1/ 1