Bill Text: IA HF263 | 2019-2020 | 88th General Assembly | Enrolled
Bill Title: A bill for an act relating to application fees for certain consumer loans. (Formerly HSB 34.) Effective 7-1-19.
Spectrum: Committee Bill
Status: (Passed) 2019-05-10 - Signed by Governor. H.J. 1080. [HF263 Detail]
Download: Iowa-2019-HF263-Enrolled.html
House
File
263
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Enrolled
House
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263
AN
ACT
RELATING
TO
APPLICATION
FEES
FOR
CERTAIN
CONSUMER
LOANS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
537.2501,
subsection
1,
paragraph
j,
Code
2019,
is
amended
to
read
as
follows:
j.
For
a
consumer
loan
where
the
amount
financed
does
not
exceed
three
thousand
dollars
and
the
term
of
the
loan
does
not
exceed
twelve
months,
a
bank,
credit
union
incorporated
pursuant
to
state
or
federal
law,
or
a
federally
chartered
or
out-of-state
chartered
savings
bank
or
savings
and
loan
association
may
charge
an
additional
application
fee
not
to
exceed
the
lesser
of
ten
percent
of
the
amount
financed
or
thirty
dollars.
If
the
loan
is
not
approved,
the
application
fee
shall
not
exceed
the
lesser
of
ten
percent
of
the
amount
applied
for
by
the
applicant
or
thirty
dollars
The
fee
permitted
pursuant
to
this
paragraph
may
be
charged
solely
to
applicants
who
are
approved
or
to
all
applicants
.
The
fee
permitted
pursuant
to
this
paragraph
shall
not
be
charged
in
connection
with
a
loan
used
for
the
purchase
of
a
motor
House
File
263,
p.
2
vehicle,
or
for
a
loan
where
the
borrower’s
dwelling
is
used
as
security.
______________________________
LINDA
UPMEYER
Speaker
of
the
House
______________________________
CHARLES
SCHNEIDER
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
263,
Eighty-eighth
General
Assembly.
______________________________
CARMINE
BOAL
Chief
Clerk
of
the
House
Approved
_______________,
2019
______________________________
KIM
REYNOLDS
Governor
