House File 133 - EnrolledAn Actrelating to refund payments made in connection with
motor vehicle debt cancellation coverage.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
   Section 1.  Section 537.2510, Code 2023, is amended by adding
the following new subsection:
   NEW SUBSECTION.  10.  Notwithstanding any provision of
this chapter to the contrary or an agreement between a motor
vehicle dealer licensed pursuant to section 322.4 and the
consumer, if the creditor is a financial institution as defined
in the Iowa consumer credit code, chapter 537, or the federal
Gramm-Leach-Bliley Act of 1999, 15 U.S.C. §6801 et seq., who
has purchased a retail installment contract as defined in
section 322.2, subsection 22, with voluntary debt cancellation
coverage, the only obligation of the creditor upon prepayment
in full shall be to notify the motor vehicle dealer within
thirty days of the prepayment. The motor vehicle dealer shall
promptly determine whether the consumer is eligible for a
refund of any voluntary debt cancellation coverage and shall
issue any refund required directly to the consumer within sixty
days of the dealer’s receipt of notice of the prepayment from
the creditor.
______________________________
PAT GRASSLEYSpeaker of the House
______________________________
AMY SINCLAIRPresident of the Senate
   I hereby certify that this bill originated in the House and is known as House File 133, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the House
Approved _______________, 2023______________________________
KIM REYNOLDSGovernor
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