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| 1 | 1 | House File 627 - Introduced HOUSE FILE 627 BY NORDMAN A BILL FOR An Act relating to annual percentage rates for delayed deposit 1 service transactions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2722YH (2) 91 nls/ko | |
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| 3 | 3 | H.F. 627 Section 1. NEW SECTION . 533D.9A Annual percentage rate 1 restriction. 2 1. Notwithstanding subsection 3, a licensee shall not 3 impose an annual percentage rate greater than thirty-six 4 percent in connection with a delayed deposit service 5 transaction. 6 2. A delayed deposit service transaction made in violation 7 of this section shall be void, and the licensee making the 8 delayed deposit service transaction shall not collect, receive, 9 or retain any principal, interest, fees, or other charges in 10 connection with the delayed deposit service transaction. 11 3. A licensee shall not impose on an individual on active 12 military duty, or their spouse or dependents, an annual 13 percentage rate greater than the rates allowed under 10 U.S.C. 14 987 in connection with a delayed deposit service transaction. 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanations substance by the members of the general assembly. 18 This bill relates to annual percentage rates for delayed 19 deposit service transactions. 20 Under the bill, a person licensed under Code chapter 533D 21 (licensee) shall not impose an annual percentage rate greater 22 than 36 percent in connection with a delayed deposit service 23 transaction. A delayed deposit service transaction made in 24 violation of the bill shall be void, and the licensee shall not 25 collect, receive, or retain any principal, interest, fees, or 26 other charges in connection with the delayed deposit service 27 transaction. 28 For an individual on active military duty, or their spouse 29 or dependent, a licensee shall not impose an annual percentage 30 rate greater than allowable under 10 U.S.C. 987 in connection 31 with a delayed deposit service transaction. 32 -1- LSB 2722YH (2) 91 nls/ko 1/ 1 |