House
Study
Bill
100
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
LUNDGREN)
A
BILL
FOR
An
Act
relating
to
real
estate
loan
charges.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
TLSB
1780YC
(3)
90
es/rn
H.F.
_____
Section
1.
Section
535.8,
Code
2023,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
9.
A
lender
who
makes
a
loan
in
which
3
the
points
and
fees
the
borrower
is
charged
by
all
lenders
in
4
connection
with
the
loan
do
not
exceed
the
amounts
specified
in
5
12
C.F.R.
§1026.43(e)(3)
shall
be
considered
in
compliance
with
6
this
section.
7
EXPLANATION
8
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
9
the
explanation’s
substance
by
the
members
of
the
general
assembly.
10
This
bill
relates
to
real
estate
loan
charges.
11
The
bill
aligns
a
state
lender
with
federal
regulations
12
regarding
minimum
standards
for
transactions
secured
by
a
13
dwelling.
The
bill
provides
that
a
lender
making
a
loan
to
a
14
borrower
in
which
the
total
fees
and
charges
do
not
exceed
the
15
amounts
listed
under
12
C.F.R.
§1026.43(e)(3)
regarding
limits
16
on
points
and
fees
for
qualified
mortgages
shall
be
considered
17
compliant
with
Code
section
535.8
regarding
loan
charges.
18
-1-
LSB
1780YC
(3)
90
es/rn
1/
1