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