Print
Senate File 503 - EnrolledAn Actproviding for the deferral of unpaid installments and
deferral charges for certain interest-bearing consumer
credit transactions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 537.2503, subsection 1, Code 2017, is
amended to read as follows:
1. a. Before or after default in payment of a scheduled
installment of a precomputed consumer credit transaction, the
parties to the transaction may agree in writing to a deferral
of all or part of one or more unpaid installments and the
creditor may make at the time of deferral and receive at that
time or at any time thereafter a deferral charge which is
not in excess of one and one-half percent per month for the
period of time for which it is deferred, but not to exceed the
rate of finance charge which was required to be disclosed in
the transaction to the consumer pursuant to section 537.3201
applied to each amount deferred for the period for which it
is deferred. In computing a deferral charge for one or more
months, any month may be counted as one-twelfth of a year and
in computing a deferral charge for part of a month, a day shall
be counted as one three hundred sixty-fifth of a year.
b. With respect to an interest-bearing consumer credit
transaction not pursuant to an open-end credit arrangement
and other than a consumer lease or consumer rental purchase
agreement, the parties to the transaction may agree in writing
to a deferral of all or part of one or more unpaid installments
in addition to any interest accrued pursuant to the terms of
the consumer credit transaction. The creditor may make at
the time of deferral and receive at that time or at any time
thereafter a deferral charge which shall not exceed thirty
dollars per deferred installment.
______________________________
JACK WHITVERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 503, Eighty-seventh General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorgh/rn/nh
deferral charges for certain interest-bearing consumer
credit transactions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 537.2503, subsection 1, Code 2017, is
amended to read as follows:
1. a. Before or after default in payment of a scheduled
installment of a precomputed consumer credit transaction, the
parties to the transaction may agree in writing to a deferral
of all or part of one or more unpaid installments and the
creditor may make at the time of deferral and receive at that
time or at any time thereafter a deferral charge which is
not in excess of one and one-half percent per month for the
period of time for which it is deferred, but not to exceed the
rate of finance charge which was required to be disclosed in
the transaction to the consumer pursuant to section 537.3201
applied to each amount deferred for the period for which it
is deferred. In computing a deferral charge for one or more
months, any month may be counted as one-twelfth of a year and
in computing a deferral charge for part of a month, a day shall
be counted as one three hundred sixty-fifth of a year.
b. With respect to an interest-bearing consumer credit
transaction not pursuant to an open-end credit arrangement
and other than a consumer lease or consumer rental purchase
agreement, the parties to the transaction may agree in writing
to a deferral of all or part of one or more unpaid installments
in addition to any interest accrued pursuant to the terms of
the consumer credit transaction. The creditor may make at
the time of deferral and receive at that time or at any time
thereafter a deferral charge which shall not exceed thirty
dollars per deferred installment.
______________________________
JACK WHITVERPresident of the Senate______________________________
LINDA UPMEYERSpeaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 503, Eighty-seventh General Assembly.______________________________
W. CHARLES SMITHSONSecretary of the SenateApproved _______________, 2017______________________________
TERRY E. BRANSTADGovernorgh/rn/nh